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CoinWeek News Wire for January 26, 2018: Buy the Book Before You Buy the Bitcoin …

CoinWeek News Wire - Bitcoin BS

By Coinweek Coin News Wire ….

Coin News Wire for January 26, 2018

Brain Food

1.) This is the reason why only dead people can be featured on American currency

In 1866, Congress issued an act stating that no living person can be portrayed on American currency. Our Founding Fathers believed it was unpatriotic for living people’s likenesses to be placed on money in circulation … George Washington declined to have his portrait on the first U.S. silver dollar. (However, he is now featured on both the dollar bill and the quarter.)


The archaeologists have concluded that these gold coins go back to the early Ganga period and are one of the rarest finds in recent years. What makes these coins special is the fact that they have inscriptions with names of the rulers

Bitcoin & Cryptocurrency

3.) Bitcoin And Socioeconomics Are At Odds

Over the past century the world has dropped the gold standard, and the reasons for that lead one to think cryptocurrencies will not be our new payment system.

Our modern social democratic economies need the ability to print money in order to finance the social spending they were elected to carry out.

In the future, our fiat U.S. dollars, British pounds, and euros might very well be exchanged through blockchain technology, but the Bitcoin and cryptocurrency fad will be long forgotten

4.) This is what determines the price of Bitcoin

The price at any moment is a natural result of the trading that happens on cryptocurrency exchanges in a process called price discovery. For example, consider Coinbase.com – a popular hub, or brokerage, for people who want to buy or sell Bitcoin. If you purchase there, the entity selling you the cryptocurrency is actually Coinbase itself. Coinbase.com has a sister site, called GDAX, which stands for Global Digital Asset Exchange–that’s a marketplace for professional traders and institutions, and that’s where the price discovery happens. The price of the last trade on GDAX is the value of Bitcoin there at the moment, and that’s also the basis for the price you see on Coinbase.com

Broken Bitcoin

5.) When Trading in Bitcoin, Keep the Tax Man in Mind

Come April, people who have bought and sold bitcoin — or any of the other digital currencies that have quickly sprouted across the web — will be expected to report any profits on their federal tax returns

6.) This Is What the Average Bitcoin Owner Looks Like

Those few Bitcoin investors are of a fairly consistent demographic. An overwhelming 71 percent of them are male. The majority — 58 percent — are young, between the ages of 18 and 34 years old. And unlike the broader U.S. population, nearly half of them are minorities

7.) Bitcoin is “first sign of greed since Great Recession”

“It’s indicative of rising risk appetites which will drive equity markets higher almost regardless of what happens with bitcoin,” Chiavarone said this week on CNBC’s “Trading Nation.”

8.) World Gold Council bashes cryptocurrency as ‘no substitute for gold’

In the wake of cryptocurrencies last year emerging as a market darling, delivering extreme gains to risk-tolerant investors, the World Gold Council (WGC) has come out in defence of gold, saying that, while cryptocurrencies may become an established part of the financial system, gold remains fundamentally different

9.) Bitcoin: If currency crashed, plunge would harm its investors but not economy

Bitcoin’s overall market value, when compared with stocks, bonds and gold, is so tiny that a total collapse wouldn’t cause major harm to the economy or financial system

10.) Here’s How a Bitcoin Crash Could Bring Down the Entire Stock Market

Conventional wisdom says that even if the Bitcoin bubble pops, as it’s been threatening to lately, the damage won’t spill over into the broad stock market.

Still, there are three plausible ways the bursting of the Bitcoin bubble could gore the aging bull market in stocks, which is about to turn 9 years old in March

11.) Researchers find that one person caused bitcoin to spike from $150 to $1,000 in 2013

In a paper titled “Price Manipulation in the Bitcoin Ecosystem,” published in the Journal of Monetary Economics, Neil Gandal, JT Hamrick, Tyler Moore and Tali Oberman describe the ways in which suspicious activity on the Mt. Gox bitcoin currency exchange impacted the value of the cryptocurrency in 2013.

As reported by TechCrunch, their research calls attention to the potential risk of price manipulation and fraud withing cryptocurrencies.

“If bitcoin wants to be taken seriously it probably shouldn’t be this easy or legal to manipulate the markets,” writes John Biggs for the publication.

Under the Radar

12.) Mandela Centenary Coin Unveiled

South Africa celebrates the centenary of the birth of Nelson Mandela throughout 2018; the commemoration begins this month with the announcement of a new design for the R5 coin that celebrates the life and work of Madiba

13.) Tsawwassen artist’s work is used on commemorative coin

Tsawwassen marine artist John Horton has seen his work used for another commemorative coin from the Royal Canadian Mint.

This latest coin, launched last week, recognizes the 240th anniversary of British explorer Captain James Cook’s arrival at the summer village of the Nuu-chah-nulth at Nootka Sound

14.) Russian Coin Honors — Some Say Co-Opts — Bard Vysotsky

Vysotsky has been revered since the 1960s, when he gave voice to a generation of Soviet citizens straining under the tight control of the authorities.

Some Russians saw irony in the idea of a government that critics say is determined to quash dissent and stifle individualism honoring Vysotsky, suggesting his memory was being co-opted by the state

15.) Book donated to Goodwill with $10,000 in silver coins inside

A hollow book donated to a Northern Illinois Goodwill was far from empty.

Ten thousand dollars in never-circulated silver coins was found by a donation attendant at the Goodwill Northern Illinois’ Machesney Park, WREX-13 reports

Crime & Punishment

coin_crime_alert16.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

USPS Package

A USPS package being shipped from Pennsylvania to Florida has been reported stolen. The package contained the following coins.

  1. 1875 20CENT Commercial Unc., Obverse & Reverse electric blue tone
  2. 1893-S Morgan Dollar
  3. 1900 O/CC Morgan Dollar, Brilliant AU, Scarce VAM over mint mark variety
  4. 1907 Liberty Head Type $2.5D Gold, Choice Unc, Deep brilliant Luster

Leads have been developed in this case.

Request for Information

The Numismatic Crime Information Center is looking for information on a company identified as Florida Coin Gallery.

Please contact the NCIC’s Doug Davis if you have any questions or information about any of the cases above. You can reach him at (817) 723-7231 or email him at [email protected].

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The Numismatic Crime Information Center is a 501 (c)(3) non-profit corporation. P.O. Box 14080 Arlington, Texas 76094.

17.) Objectors appeal $7.5 mln settlement over TD Bank coin counters

Two users of TD Bank’s “Penny Arcade” coin counting machine are asking a federal appeals court to overturn a $7.5 million settlement resolving eight proposed class actions alleging that the machines short-changed consumers across the country

18.) Police recover unique Roman coin stolen over 30 years ago

The collection of coins were part of a haul of 65 coins found in 1985 inside a clay pot unearthed during expansion works at the Nossa Senhora da Piedade Sanctuary in Sanfins do Douro, in Alijó. Despite the theft having been widely covered in the regional press at the time, the coins were never found, which police now know is because they had been taken straight out of Portugal and sold at a market in Vitória, Spain

19.) 2 questioned in Nebraska woman’s death face fraud charges

A grand jury has leveled 14 counts against 51-year-old Aubrey Trail and 23-year-old Bailey Boswell for allegedly defrauding two people of more than $400,000.

20.) Fake £50 bank note warning issued by Police after counterfeit cash deals

Devon and Cornwall Police officers in Falmouth reported that three young females used two counterfeit £50 Bank of Ireland notes in a shop on Friday, January 19

Investigators allege that Trial used a false name in November 2015 when he convinced a Kansas couple of entering a joint venture to purchase a gold coin, with the understanding they would later sell the coin and split the profits. However, the coin wasn’t worth what Trial claimed, said Assistant U.S. Attorney Steven Russell.

21.) Police arrest two for counterfeiting millions in NIS 5 coins

“We’ve never encountered such quality forging of five-shekel coins, or of any coin. Usually it’s ten-shekel coins that are forged.”

Banknote News

22.) Banknote and currency manager of the year: Norges Bank

When Norges Bank started drafting plans for a new banknote series back in 2012, no-one could have predicted governor Øystein Olsen would appear in a cameo role alongside three men dressed in yellow raincoats holding fish in a promotional music video. But it perhaps should not have come as a surprise, since staff at the Norwegian central bank also adopted a philosophy to break many design principles as they set about introducing a new series of banknotes

23.) Area around Reserve bank of India printing facility declared ‘Restricted Zone’

In the wake of recent burglaries being reported in the residential quarters of the Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL), the district administration had written to the state government to declare the area a ‘Prohibited Zone’ under provisions of the Official Secrets Act, 1923

24.) Banknote and currency services provider of the year: Landqart

While paper (cotton) offered a wider range of security features, and was familiar with consumers, polymer gave central banks increased durability and a more secure substrate.

That debate changed in 2012 when Swiss banknote provider Landqart introduced Durasafe – banknotes that combine two outer layers of cotton with a central core of transparent polymer

Gold, Precious Metals & Bullion

25.) Russia Adds A Record 223 Tons Of Gold In 2017

Since June 2015, the Central Bank of Russia has added over 558 tons of gold, and December’s 9.3 ton addition brings the official Russian gold holdings to 1838.211 tons; the sixth most of any nation, close behind the People’s Bank of China. In dollar terms, Russia’s gold reserves are now worth $76.647 billion and constitute 17.7% of overall Russian reserves

26.) ANZ sees gold heading toward $1,400 by year-end

[The ANZ is] mainly attributing the move to further weakness in the US dollar as well as rising risks of a correction in the equities market

27.) LBMA Considers Blockchain to Underpin Gold Bar Integrity

This is particularly relevant to ensure that bars are exactly what their markings purport them to be and have thus been produced to the high standard associated with LBMA accredited refiners.

It is envisaged that any solution will take account of blockchain for the supply chain, and other technologies for the additional security and tagging features

28.) Insatiable appetite for gold-backed ETFs lures Perth Mint to market

With holdings in gold-backed ETFs at the highest level since 2013, New York Stock Exchange Arca is seeking to list the Perth Mint Gold ETF Trust, according to a US government filing. Gold Corp, a Western Australian state government-owned entity, will store the fund’s gold and facilitate transfers, including shipments, according to the filing. Oklahoma City-based Exchange Traded Concepts will be the administrative sponsor

29.) Chinese Physical Gold Investment Demand Surges While Americans Pile Into Stock & Crypto Bubbles

Even though China’s Hang Seng Stock Market outperformed the Dow Jones Index last year, Chinese citizens purchased the most gold bar and coin products Q1-Q3 2017 since the same period in 2013, when they took advantage of huge gold market price selloff.

According to the World Gold Council, Chinese gold bar and coin demand increased to 233 metric tons (mt) in the first three-quarters of 2017 compared to 162 mt in the same period last year. Furthermore, if we include Indian gold bar and coin demand, China and India consumed nearly half of the world’s total

30.) Ethiopia could be sitting on one of world’s great untapped gold deposits

To the west of Ethiopia near the Sudanese border lies a place called the Asosa zone. This may be the location of the oldest gold mine in the world. Dating back some 6,000 years, it provided a key source of gold to the ancient Egyptian empire, whose great wealth was famous throughout the known world. It may even have supplied the Queen of Sheba with her lavish gifts of gold when she visited King Solomon of Israel almost 3,000 years ago.

But what comes next could be on a much bigger scale

Metal Detecting, Treasure & Archaeology

31.) First World War victory medal returned to family

A First World War victory medal has been handed to its rightful owner nine years after it was uncovered in Castletown.

Neil Tom Whybrew, who lives in Peel, was presented with his grandfather Tom Steward Cubbon’s medal last week along with family members at a Manx Detectorist Society meeting held in the Manx Legion in Peel.

The campaign medal was discovered in 2009 by Ronnie Clucas of Port St Mary while metal detecting on the fields near the Witches’ Mill in Castletown.

32.) How Antiquities Have Been Weaponized in the Struggle to Preserve Culture

Surveying the reporting on Syrian antiquities over the last six years reveals a parade of errors, but it is noteworthy that most, if not all, of the errors cut in the same way: to inflate the threat ISIS poses to cultural heritage while ignoring the threat posed by other armed groups

33.) Sixpence for you thoughts: Shropshire detectorist unearths rare coins

Mr Langston, who runs the Oswestry Unearthed company, says he found an Elizabeth 1st, 1585 AD, silver hammered sixpence while metal detecting in fields around Oswestry

Medals, Tokens & Exonumia

34.) Design approved for ND veterans coin

The North Dakota Veterans Coordinating Council has approved the design for the new ‘funeral honor coin.” It’s officially called the North Dakota Commemorative Memorial Coin.

The council is comprised of three members from each of the North Dakota veterans organizations: American Legion, Veterans of Foreign Wars, Disabled American Veterans, AMVETS and Vietnam Veterans of America.

The coin will be presented to a family member of a deceased North Dakota veteran during military funeral honors

35.) Gatlinburg thanks Knoxville first responders for help during fires with memorial coin

About a dozen first responders from AMR Paramedics and Rural Metro Ambulance Service were recognized Wednesday night for their work during the Gatlinburg fires in November 2016

36.) Parkview Huntington honors lifesavers with challenge coins

On Monday, Jan. 22, in the lobby at Parkview Huntington Hospital, the local EMS group held its first-ever challenge coin ceremony. Challenge coins commemorate meritorious service. These special tokens were first handed out in the military, but are now utilized by public safety personnel, too

37.) South Dakota American Legion celebrates organization’s founding with Centennial Coin

The coin is in honor of the hundredth anniversary of the founding of the American Legion organization on September 16, 1919

Museums & Exhibits

38.) The power of money, the money of power

Back in 93-97 BC, the public treasury didn’t hire companies to chase up customers who were behind on their payments. They had a much simpler and effective method: a money collector armed with a wooden cudgel. On a tetradrachm struck in Macedonia at the time, the tools of the quaestors trade – the club and money chest – are seen on one side, with a portrait of Alexander the Great on the other. The coin is among the fascinating exhibits in “Money: Tangible Symbols in Ancient Greece,” currently on display at the Museum of Cycladic Art in Athens…

39.) Vast selection of Maltese coins and medals on display to public for first time

This collection is continuously being increased with acquisitions and donations. The exhibition is divided periodically and includes the Carthaginians, the Romans, the Medieval millennium, the Order of St John, the French, and the British. Another section includes medals, dies, proofs and accessories, while the minting process is also explained through audiovisual means

Upcoming Auctions & Events

Worthy Additions to Your Library

40.) Made for Trade: A New View of Icenian Coinage

The coinage of the Iceni in East Anglia was used as the raw material with a view to establishing its original purpose and what it can tell us about society and the use of coinage in the Late Iron Age of this region. It is believed to be one of the largest such studies ever attempted and the first of this scale for a British Iron Age coinage

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