Why Bitcoin is the largest Ponzi scheme in human history

During the late ’90s, Silicon Valley venture capitalists and New York City investment bankers used phrases such as “monetising eyeballs”, “stickiness”, and “B2C” to justify the ridiculous valuations of Internet companies. They claimed that conventional methods were inapplicable in valuing the dot-com companies — which had no revenue — because they were entering into an entirely new economy.

Believing these people and being afraid to miss out on the gold rush, small-time investors, grandma and grandpa, and barbers and taxi drivers invested their life savings in companies such as Pets.com, Webvan, and eToys. The bubble burst, and they lost everything. Through a transfer of wealth in the billions of dollars from Main Street to Wall Street, venture capitalists, unscrupulous CEOs, and bankers had effectively enriched themselves at the expense of hundreds of thousands of ordinary investors, leaving them to despair about their futures.

History is repeating itself now with Bitcoin. This time, it isn’t just Main Street US that is about to lose its shirt; it is the developing world. Technology has made it possible for hypesters in Silicon Valley, China, and New York City to fleece anyone, anywhere, who has a bank account and an Internet connection.

The story that Bitcoin victims are being sold is one in which, on the basis that we cannot trust government-issued currencies, Bitcoin is the future of money. One hypester calls Bitcoin “a gift from God to help humanity sort out the mess it has made with its money”. A PayPal director predicts that Bitcoin’s price will reach $1 million in the next five to 10 years; asset managers say it is the new gold. read more »

Former Keppel lawyer cooperated with U.S. in Brazil bribery probe – documents

A former lawyer at Keppel Corp Ltd’s oil rig building business secretly pleaded guilty and cooperated with U.S. authorities before the Singapore-based company agreed to pay $422 million to settle charges it bribed Brazilian officials, according to court documents.

Jeffery Chow, a former senior member of Keppel Offshore & Marine Ltd’s legal department, cut a deal to help prosecutors in their probe of Keppel and other former executives, according to the documents unsealed on Tuesday in federal court in Brooklyn.

Chow, 59, pleaded guilty on Aug. 29 to conspiring to violate the Foreign Corrupt Practices Act as part of his deal to cooperate. He admitted to drafting contracts that were used to make bribe payments, according to court records. read more »

Accused of Slowing Old iPhones, Apple Offers Battery Discounts

Facing a barrage of criticism after acknowledging the existence of a feature that can reduce the processing power of old iPhones, Apple said Thursday that it would reduce the price of battery replacements to regain customers’ trust.

The company’s mea culpa came just eight days after Apple said it had released a feature about a year ago meant to help prevent older devices — such as iPhone 6 models and iPhone SE — from unexpectedly shutting down. read more »

The $80 Billion Train Project Caught in Scandal

A scandal threatens to put the brakes on Japan’s plan to build the world’s fastest train. To surpass the nation’s famous bullet train, the project incorporates magnetic-levitation technology that promises to cut journey times from Tokyo to Osaka by more than half, to just over an hour. The $80 billion project carries the government’s added hopes of exporting the maglev technology.

What is the scandal?

It centers on possible collusion on contracts for the project by four of the giants of Japan’s construction industry -- Kajima Corp., Shimizu Corp., Obayashi Corp. and Taisei Corp. The Tokyo District Public Prosecutors Office and the Japan Fair Trade Commission raided their headquarters earlier this month following reports that the four companies were under investigation for possible antitrust violations related to maglev contracts. read more »