Feb 25, 2014

Amid the fiasco of MtGox’s apparent collapse last night (acquisition? rebranding? god knows), some kind person leaked MtGox’s “Crisis Strategy Draft”. It’s an internal Powerpoint that appears to describe a plan for shutting down MtGox and relaunching it as “Gox” - a new, trustworthy Bitcoin exchange from the people who brought you this. And this. And there is _so much_ icky stuff in there. On page 2, there’s the admission that they’ve been robbed of nearly 750,000 BTC - call it $400 million and you’re not far off.

Aug 13, 2013

So despite having been away from Disneyland-with-the-death-penalty for more than a year, I can’t resist keeping up with the news from Singapore’s spectacularly dodgy S-chip stocks - the Chinese small-caps that infest the lower reaches of the SGX because it’s the only exchange that will take their listing fees. And one of them - an abalone-farming firm named Oceanus Group - dropped an absolute humdinger of an announcement a few days ago.

Apr 2, 2013

In 2010, a Florida man parted with 10,000 units of a new-fangled anarcho-currency thing called “bitcoins” in return for two hot, fresh, tasty pizzas. At the time, that was about $40 worth of these “buttcoins” (NSFW), so that was already quite an expensive pizza. (Must’ve been a pretty serious case of the munchies.) Three years later, and Bitcoin has boomed, busted, and boomed again. It’s been used by Cypriots, Iranians, dope fiends, and people who just want to buy a pizza without Big Brother knowing whether or not they like anchovies.

Dec 10, 2012

I like to think that all of JRE’s readers would be smart enough to run a mile if they saw an investment advertising returns of “20-25% per year guaranteed!”. Unfortunately, a phenomenally large number of Singaporeans and Malaysians weren’t:  KUALA LUMPUR - A gold-trading business shut down [in October] by Malaysian authorities for suspected illegalities may have raised as much as US$3 billion (S$3.66 billion) from its clients, a government official said Wednesday.

Jul 7, 2012

Walter Kurtz at Sober Look had a great piece a few weeks ago, where he wryly suggested a way to make money if you don’t like that IRS the bank’s sold you: default on the payments and sue the bank. (Note: this is not an actual way to make money, and also not a good idea if you don’t like angry traders hunting you down.) The “sue the bank” option has a long and storied history in corporate hedging circles.