Tag Archives: finance

Goldman Sachs Launches ‘US Coin’ Cryptocurrency

Justin Danneman
perc360.com
(September 30, 2018)

“This is the Fedcoin”

Goldman Sachs startup Circle, the Boston-based crypto finance company, has gone live with its stablecoin called the US Dollar Coin, or USDC.

This is the first cryptocurrency released by a major financial institution.

In order to avoid instability and inflation inherent to other unregulated cryptocurrencies, the value of the USDC will be tied to the dollar, according to CNBC.

“It unlocks an incredible amount of power for the dollar,” said Jeremy Allaire, CEO of Circle. “It’s basically a dollar that operates on the (Ethereum) blockchain.”

“Ethereum is the best bet but it’s not necessarily the end game,” he said. “For now it’s specifically on Ethereum.”

The USDC will be regulated as a registered Money Services Business under U.S. money transmission laws, and as a virtual currency, it will be regulated under its New York BitLicense. Furthermore, the company said it will hold deposits on a 1:1 basis in accounts that would be audited on a monthly basis. Each entity that wishes to enroll and issue USDC is held to the same regulatory-compliant standards.

Circle has said that the USDC will initially be available on its native trading platforms like the Circle Trade and Circle’s Poloniex exchange, and later available on other platforms like KuCoin, OKCoin, CoinEx, and others.

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Bank Customers’ Belongings Go Missing From Safe Deposit Boxes

“I just got robbed from the bank.”

Editor’s Note: In a recent development suggesting major banks’ outright contempt for their “Main Street” clientele Bank of America customers in California are reporting contents missing and outright removed from their safe deposit boxes at several of the major bank’s local branches. While such institutions still consider themselves “too big to fail” (or be held criminally liable) the fact remains that any property stored in safe deposit boxes is not FDIC-insured and though kept under lock-and-key on bank grounds, is considered the sole property of the renter. This makes such activities blatant theft. 

CBS13 in Sacramento reports:

A woman says her bank let her safe deposit box vanish. And she’s not the only one.

Susan Nomi says when she went to open her Bank of America safe deposit box of 16 years, the entire box was gone.

That’s where she kept her family’s jewelry and her dad’s coin collection.

“I was in shock; I was just like what happened to my box,” said Nomi.

She says Bank of America can’t explain where her valuables went.

“They don’t have an answer. They don’t have an answer. They say thanks for letting us know,” she says.

Nomi was infuriated, especially considering she is a retired Bank of America employee of 40 years. And she’s not alone. Others have complained that Bank of America drilled their safe deposit boxes without permission or notice.

Wendy Woo says her belongings were taken out of her safe deposit box and shipped to her.

“Everything was dumped in a plastic bag,” said Woo.

She says a ring was missing a stone and a necklace was damaged in the process.

“Safe deposit box….that’s what it’s for, safe,” she said.

Another family reported getting their safe deposit contents shipped back too, but claim $17,000 in jewelry was missing.

Then another woman who just wants to be identified as Maggie says, “I just got robbed from the bank.” “They just took my stuff,” she exclaimed.

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