Chinese Caution Banks to simply Say No to Bitcoins as Values Tumble

The cryptocurrency tumbled in value (Image: Information Week as Chinese and Dutch authorities forbade their banks from accepting Bitcoins late last week
It’s very nearly come to symbolize the war between planned society and also the maverick movement away about them late last week from it, but whatever your views on Bitcoins the world’s most popular cryptocurrency and much in the news of late the news was not good. After weeks of skyrocketing value hikes that took the digital money from about $60 per Bitcoin last March to more than $1,200 in late November, a stern caution through the central Chinese bank perhaps not to cope with the currency caused a tumble that, as of press time, had Bitcoins poised between $731 and $737 in US dollars.
Meaningless Currency
The caution came after the bank noted that the cryptocurrency has no ‘real meaning’, lacks any backing that is legal shouldn’t be dealt with by the Asian country’s banking institutions at all. Also noted and most likely more at the base of the Chinese banking system’s disdain for the money were the present high-profile connection between Bitcoins and cash laundering and illegal products procurement, specially on internet sites like Silk path, which ended up being recently seized and shut down by the FBI, just to reopen a month later ‘under new management.’
Ahead of the publicly issued warning, Bitcoins were gaining in popularity with the Chinese as elsewhere where they were mainly traded on exchange internet sites like FiatLeak. The authorities that are chinese not specifically banned the money for private usage, but have cautioned people to keep yourself informed associated with risks associated with using it.
Nevertheless Has Some Fans, Though
The banking warnings may also be the result of China’s strict controls on capital movement, which authorities set in place to contain extreme Chinese wealth from being able to easily be moved into foreign bank accounts and out of the Chinese regulatory oversight although some mainstream approbation of the digital financial format continues China’s largest mobile phone provider China Telecom even launched a Samsung promotion that could be bought with Bitcoins, as did the Chinese version of Google, Baidu, for firewall service payments. Because Bitcoins are outside of the normal banking that is chinese, users can buy a huge sum in Chinese yuan and then turn around and convert those into U.S. dollars.
It appears that a lot of the increase of Bitcoin values on the previous year and particularly last month’s seven-fold jump was based on what was perceived as the currency’s potential in the Chinese market; it’s subsequent tumble obviously is based on the viewpoint that is opposite. Because Bitcoins have no inherent value and are not linked with anything like gold, their entire market value is essentially determined by individual perceptions.
In only one time that is two-hour late last week, Bitcoins plummeted 28 percent in value, and no data recovery is viewed as of right now.
In areas outside of China, the news headlines are at both ends associated with the spectrum; Virgin Galactic said recently it would accept the currency for the planned space travel real-money-casino.club with regular citizens (so look for lots of Asians up to speed) and if you want a Master’s Degree in Digital Currency, you can get one at the University of Nicosia in Cyprus, as well as spend your entire tuition within the cryptocurrency.
The FBI and Dept. of Homeland Security might be offering some courses too, but you’ll probably be taking them from as part of your prison cell you being a Bitcoin investor on the newly revamped Silk Road 2.0 if they catch. And the banking that is dutch has a similar view as the Chinese one, noting which should Bitcoins fail or simply disappear online there is absolutely no Federal Reserve-type system in place to guarantee your money whatsoever.
Former Golden Nugget Owner Kicked to the Curb by Nevada Regulators
Former Golden Nuggett owner Tim Poster shown here in his more youthful and thinner days probably wasn’t quite this jubilant at his licensing that is recent suitability in Carson City, Nevada (Image: piclookers.com)
UPDATED 18, 2013 december:
It looks like Tim Poster has indeed filed an appeal regarding his suitability that is recent hearing the Nevada Gaming Commission.
Word is that he is gunning for the reversal in his benefit (which will nevertheless keep him unable to obtain a real gaming license per se) to ensure that they can return to their former position as chief running officer of the Wynn Las Vegas Hotel and Casino on the Strip.
The Nevada Attorney General states Poster will need a majority that is simple from the commissioners if he could be to reverse their prior 3-0 vote that happened on Dec. 4.
He will have to achieve that with just four of the five commissioners present, as John Moran Jr. will be recused; their son, J.T. Moran III, is acting as one of Poster’s solicitors. Isn’t it ironic.
It’s anticipated that Poster will come back at some of the allegations made against him during the lengthy hearing that took invest Carson City; however the previous Golden Nugget owner will likely have their work cut right out for him combatting issues raised that included concealing evidence and a past relationship with strip club owner Rick Rizzolo, who is purported to have Mafia connections.
Without the suitability designation, Poster can only continue being employed as a consultant within the gaming industry.
Ah, the good ol’ days, when having Mafia hookups in Las Vegas had been all you needed seriously to succeed. Days past be seemingly very long in the rear-view mirror, and now the tables have actually turned, as regulators every-where are getting very persnickety about the hint that is slightest of the semblance of a relationship with anyone shady whenever you want in your past in the event that you occur to be looking for casino licensing now.
Of course, we’ve seen much evidence of this viewpoint in Massachusetts of late with their regulatory human anatomy, but Nevada commissioners can be just as tough whenever they want to be. And unfortunately for former Golden Nugget owner and presumably soon-to-be-former Wynn Resorts Ltd. executive Tim Poster, they wanted to be at last week’s suitability hearing regarding him getting a casino license.
Of program , since it ended up, Poster’s so-called connections with mob-related figures had been the least of his problems.
Not Suitable for Much
Mind you, this hearing had been just to ascertain suitability, not even a actual attempt to get a Nevada video gaming license per se. And it quickly spiraled in to a pillorying of types for this casino magnate boy that is bad their former ‘friends’.
Specifically, the Nevada commissioners were maybe not too worked up about the 45-year-old Poster’s past interactions with former strip club owner and reported mob affiliate Rick Rizzolo, along with his having allegedly concealed pertinent information from the commish, with his so-called sports wagering on line, or together with reputed dealings acting as a representative for an unnamed overseas Internet sports book.
The stockade can be heard by us clanging shut as we write this.
Of course, with all these controversial dilemmas to deal with, Nevada Control Board member Terry Johnson said the regulators never ever also got around to Poster’s alleged tax evasion drama.
You can probably see by now where that is going.
‘I’m not in benefit of this application,’ said Board member Shawn Reid as the hearing relocated along. ‘A withdrawal or even a referral back to staff doesn’t do it for me personally.’
Ouch.
Not Totally Place Out to Pasture
But there had been a slight glimmer of a silver lining on this stormy sky of the meeting: Poster will still be allowed to work in gaming, for as long as it’s in some kind of consulting capability it doesn’t require actual licensing. After all, the Board could have dropped the guillotine and ended his casino career completely with an out-and-out denial.
Therefore, now just what?
Well, Poster has got the option to appeal the Board’s decision he’s got until December 19 to do therefore but it seems unlikely he would submit himself to that level of additional humiliation as he would then need a unanimous vote to overturn last week’s ruling.
Aka UFC, as well as being co-owner of both Stations Casinos and its online presence, UltimatePoker); and former Wynn Resorts Ltd. exec Marc Schorr, among others besides, Team Poster has probably already left the building; the Carson City meeting showed pretty strong backing from industry luminaries such as Ultimate Gaming chairman Tom Breitling; his business partner Lorenzo Fertitta (whose resume includes dazzling bullet points like owning the Ultimate Fighting Championship. But none of them could save this ship that is sinking whom many would say threw a unique anchor overboard with previous unsavory actions that had been bound in the future to light.
Not only did Poster admit he placed unlawful recreations bets with overseas (i.e., unregulated) betting sites, he place the bullet in his own head by adding that he hadn’t realized there was anything wrong with doing so. And just to make sure his regulatory death sentence was guaranteed, he also admitted to heavy wagering on sites that had been tied to Pinnacle Sports, whose owners were indicted in New York State in 2012 for unlawful Internet activities. But wait, it gets far worse; some of these indicted were additionally Wynn and Encore high-rollers during Poster’s tenure as an executive there, which mayn’t have checked good at all. Poster was hoping to reclaim that job by moving the suitability choosing; he had a better possibility of becoming president for the United States in 2016 once it had been asserted that at least one of those whales had placed wagers with Poster.
You might think this regulatory hearing couldn’t have gone any further south from then on, however it did. Whenever Board member Johnson queried Poster as to whether or otherwise not he thought a gambling was had by him problem, Poster replied, ‘I haven’t stopped gambling since this took place. I enjoy it. It’s something I really do for recreation. Am we problem gambler? No. Does it cause problems in my own life? No.’
Denial isn’t just a river in Egypt, reported by users. Poster admitted to betting $100K on just one single big football weekend, and said Pinnacle still owes him about $800K. We’d suggest perhaps not holding your breath on ever seeing that money, Mr. Poster. He even acted as a types of sports book go-between for friends and sites that are betting getting what he called ‘rebates’ but what many of us would refer to as ‘kickbacks.’
Control Board Chairman A.G. Burnett whom we could only imagine need been stupefied that a man who had worked this extreme up in the industry could possibly be this stupid and naive chided Poster.
‘ At some point, you should have thought to yourself, ‘I shouldn’t be doing this,’ ’ Burnett said.
Even Poster’s attorneys could not save him from the gaming firing squad.
‘Tim has made a mistake, an error he admitted to and never shied away from,’ argued lead attorney Mark Clayton. ‘Tim has learned, and also this is never likely to be duplicated.’
Really? Cause it certain doesn’t sound like it.
We’re able to get on, cause there was more, but this is an one-hour soap opera show.