What’s mine is yours; what’s yours is mined

(I was going to turn this into a tweetstorm, but it’s a bit over the line for what would be a reasonable-length tweetstorm and also I am an old fart who thinks tweetstorming is unwieldy. Am I the only one who thinks tweetstorms are kind of annoying? Apparently I am.) The big news in bitcoin-land today is the nine-figure-USD evaporation of the Mycoin exchange in Hong Kong (the SCMP article is paywalled but also worth a read) which turned out to have been a ponzi scheme.

A staggering failure of Economics 101

It’s not often that you find out about developments in the Aussie housing market from Canadian ex-finance-ministers, but Garth Turner ran an interesting piece yesterday about Senator Nick Xenophon’s proposals to make housing “more affordable”. In short, he says “we tried that and it backfired”:  I confess. Once I thought like you. I even supported realtors years ago when they cooked up this scheme to allow kids to dip into their retirement funds to buy a first home.

Blast you Chris Hayes why must you be so reasonable

When I found out Chris Hayes was interviewing Michael Lewis on his show tonight, and they were going to talk about Lewis’s controversial new book Flash Boys, I was jazzed - I was ready to unleash hell on them for peddling alarmist rubbish and scaring people away from equity markets. (It’s a slow Wednesday night, what else am I going to do?) But no. The interview was sensible (though can we stop using the word “rigging”?

Trading while insolvent is apparently fine if you’re a bitcoin exchange

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.

Bad Ideas: “Be A Stockbroker!”, Sez SGX

The SGX wants Singaporeans to quit their jobs and become stockbrokers.  Singapore Exchange (SGX) is partnering NTUC’s e2i (Employment and Employability Institute) to draw more Singaporeans to the stockbroking profession and equip new joiners with the necessary skills. “A career as a licensed broker offers Singaporeans the opportunity to be an entrepreneur, a financial professional and a front-liner in the exciting world of markets and investments.” … said Lynn Gaspar, Senior Vice President of SGX who oversees SGX Academy.