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Technotopia: Haseeb Awan on why the sun is rising on Asian startups

TechCrunch, 1/1/0001 12:00 AM PST

sunrise ocean This week’s Technotopia features Haseeb Awan, founder of a YC bitcoins startup who is creating a new way to reduce currency volatility. Haseeb is pretty bearish on the current financial markets but he sees the growth of Asia and India as a true powerhouse that will be able to use all of the cool new stuff the world is building in a very real way. You can download the podcast here or… Read More

Creditors of Puerto Rico government bank revive lawsuit over debt moratorium

Business Insider, 1/1/0001 12:00 AM PST

The Government Development Bank (GDB) is seen in San Juan, November 30, 2015.   Reuters/Alvin Baez/File Photo

By Nick Brown

SAN JUAN (Reuters) - Hedge funds who own debt at Puerto Rico's Government Development Bank are accusing the bank and the island's governor of giving preferential treatment to local creditors under a law designed to restructure GDB's debt, signaling a breakdown in a tentative restructuring deal the sides reached earlier this month.

A bondholder group that includes hedge funds Brigade, Claren Road and Fir Tree updated an existing lawsuit against the bank and Governor Alejandro Garcia Padilla late Friday, saying new amendments to a fiscal emergency law passed in April would protect local creditors over non-resident bondholders. The amendments went into effect on May 5.

Puerto Rico's legislature "once again skewed the playing field by changing the rules of the game," the group said in the updated complaint, a move that "significantly decreased the likelihood" of consummating a provisional restructuring on the table since early May.

GDB, facing $3.75 billion of debt, serves as the main depositary and liquidity source for the U.S. territory's public agencies. The bank missed most of a $422 million debt payment due May 1.

Its woes are a microcosm of wider crisis in Puerto Rico, where $70 billion of debt threatens to cripple an economy already hamstrung by staggering poverty and rampant emigration. The hedge fund group, which owns $750 million of GDB’s debt, sued the bank in April to prevent it from moving assets out of its estate as default neared. But the group stopped pursuing the lawsuit after Garcia Padilla days later signed emergency legislation creating a process for unwinding GDB.

On May 1, the group signed a tentative framework under which it would recoup as little as 47 cents on the dollar from the bank. It also signed a forbearance agreement preventing it from suing the bank as sides agreed to keep negotiating to finalize the deal and get other GDB creditors on board.

Those agreements remain in place, making Friday's new allegations unexpected, and a sign of eroding credibility of the local government in creditors' eyes. The lawsuit accuses Puerto Rico’s legislature of amending the emergency law to make sure local stakeholders, like government agencies with deposits at GDB, would recover more of their money in the event a receiver is put in place at the bank.

"The (bondholders) ... can no longer stand by as the legislature repeatedly, and with total impunity, passes laws that retroactively and unconstitutionally strip them of their rights," the group said.

A GDB spokeswoman had no immediate comment.

(Editing by Chizu Nomiyama)

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Bitcoin Price Analysis: Do Fundamentals Drive Price?

CryptoCoins News, 1/1/0001 12:00 AM PST

Bitcoin price meanders near its low, apparently acquainting itself with long-term support. Chart technicals to one side today, as we consider the question “Do fundamentals drive price?” This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code […]

The post Bitcoin Price Analysis: Do Fundamentals Drive Price? appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The New Banking Standard

CoinDesk, 1/1/0001 12:00 AM PST

In this op-ed, bitcoin enthusiast Martin Hagelstrom touches on the slow but steady embrace of blockchain by the world's banks.

College Student Arrested For Dealing Drugs Bought On The Darknet

CryptoCoins News, 1/1/0001 12:00 AM PST

Investigators for the Monroe County, Pa. Drug Task Force arrested a student at East Stroudsburg University in East Stroudsburg, Pa. for selling drugs from his dorm room which he purchased on the darknet, according to darkwebnews.com. Authorities claim the student, Michael Mancini, used and sold LSD that he bought on the darknet. Mancini reportedly accessed […]

The post College Student Arrested For Dealing Drugs Bought On The Darknet appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The Quick Death Of The Zero-Fee Bitcoin Transaction

CryptoCoins News, 1/1/0001 12:00 AM PST

Zero-fee transactions were the norm in 2011, the exception in 2012, increasingly rare since, and now finally gone. pic.twitter.com/jO9GPlGTiK — Arvind Narayanan (@random_walker) May 15, 2016 The increasing amounts of Bitcoin transactions have slowly led to an increase in Bitcoin fees as miners favor the transactions with fees as priority transactions. This means that it […]

The post The Quick Death Of The Zero-Fee Bitcoin Transaction appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

BitCoinIRA.com Launches Revolutionary “Bitcoin IRA” Investment Product Exclusively for Retirement Accounts

CryptoCoins News, 1/1/0001 12:00 AM PST

Bitcoin Press Releases: BitCoinIRA.com Launches Revolutionary “Bitcoin IRA” Investment Product Exclusively for Retirement Accounts A first-of-its-kind, the “Bitcoin IRA” offered by BitCoinIRA.com, is specifically tailored for inclusion with IRA and 401(k) Plans. BitCoinIRA.com, a financial conduit pioneering the use of bitcoin as a retirement tool, today announced its official launch of the “Bitcoin IRA.” The […]

The post BitCoinIRA.com Launches Revolutionary “Bitcoin IRA” Investment Product Exclusively for Retirement Accounts appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

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