The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Fort Lee NJ, a Bergen County woman was sentenced today to 27 months in prison for participating in a scheme to obtain over $300,000 by illegally charging or attempting to charge victims’ financial accounts without authorization, Acting U.S. Attorney Rachael A. Honig announced.
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Miami FL, the City of Miami has launched its own cryptocurrency called MiamiCoin. Revenue from the coin will be diverted to the city treasury. Mining the coin is less energy-intensive and less difficult than mining Bitcoin or Ethereum.iami Mayor Francis Suarez recently announced that the city of Miami will launch its own cryptocurrency called MiamiCoin (MIA). Starting this week, MiamiCoin mining is ready to be activated. Traders can trade, buy or sell the coin on California-based crypto exchange Okcoin, according to CityCoins. The Miami government will have its own wallet and a portion of the coins mined will end up in that wallet to be used to improve the city. Speculators can purchase the coin on exchanges, which will ideally raise the value of the coin. The project aims to incentivize stakeholders to participate in the city’s success. The Village of Ridgewood should give this a thought to fund the Hudson Garage .
Continue reading Miami Launches ‘MiamiCoin’ to Fund the Police
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Ridgewood NJ, May 22, 2021, marked the eleven-year anniversary of the first Bitcoin transaction, in which a Florida man paid for two pizzas with the cryptocurrency. The day has become part of folklore, not because of the transaction, but more the price: the man in question paid 10,000 Bitcoins, which today is worth over $80 million, for the two pizzas.
On May 22, 2010, now known as Bitcoin Pizza Day, Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two delivered Papa John’s pizzas. Organized on bitcointalk forum, the Florida man reached out for help. “I’ll pay 10,000 bitcoins for a couple of pizzas… like maybe 2 large ones so I have some left over for the next day,” Hanyecz wrote.
The man who took up Hanyecz’s offer and bought the two pizzas for him in exchange for the 10,000 Bitcoins. Even then the recipient of the Bitcoins got himself a bargain, paying $25 for the pizzas, while 10,000 Bitcoins were worth around $41 at the time.
We know the 22nd was Saturday but we are trying to make this a “Monday Holiday” .
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Washington DC, Technological advances are driving rapid change in the global payments landscape. The Federal Reserve is studying these developments and exploring ways that it might refine its role as a core payment services provider and as the issuing authority for U.S. currency.
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Washington DC, in what appeared to be a signal of change in US policy toward digital assets Federal Reserve Chairman Jerome Powell said on Thursday that prospective digital currencies issued by central banks must accompany cash and other types of money within a flexible payment system.
Continue reading Fed Chair Signals Shift Major Shift in Central Bank Policy Toward Crypto Currencies
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Washington DC, the FDIC named Sultan Meghji as its first Chief Innovation Officer, charged with leading the agency’s drive to promote the adoption of innovative technologies across the financial services sector.
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Ridgewood NJ, Laszlo Hanyecz said he wouldn’t spend his Bitcoins on a Tesla. Laszlo Hanyecz knows what he’s talking about, in 2010, Hanyecz paid 10,000 Bitcoins, worth about $446 million at current prices, for two pizzas.
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Washington DC, Today, U.S. Congressman Josh Gottheimer (NJ-5) called on the Department of Justice and federal agencies to redouble investigation efforts into the reported single $520,000+ bitcoin transfer to multiple alt-right groups and extremist personalities leading into the deadly failed insurrectionist attacks on the U.S. Capitol.
Bitcoin is the first digital currency exchange in the world. Money or funds are in electronic form in cryptocurrency. Bitcoin casino is a type of business that involves betting and gambling involving bitcoin instead of physical money. In this type of procedure, the safety of the players and transaction is the first priority of the casino. Thousands of other cryptocurrencies have been made besides bitcoin casino.
In the past few years, different casinos have claimed that they have thousands of online players. But trusted bitcoin casinos have gained more fame than any of them. It stands in most famous forms of cryptocurrencies. In these casinos, transactions, as well as withdrawal of money, can be done. For the people who are not interested in the cryptocurrency, other methods are also offered such as Master Card, Visa, Debit card and many others.
It comes as no surprise that investors have started to show interest in the digital financial world. This is because of their skepticism towards traditional banks and the future of paper money. Cryptocurrencies such as bitcoin caught the attention of several traders owing to their promising future profits. Even though it is easy to own and trade digital assets, you need to be aware of a couple of points. Since jumping headfirst in business guarantees failure, we are going to provide you with some information to help you make your first purchase and trade.
Continue reading What You Should Know About Cryptocurrency Trading
by Cristina Miranda
Consumer Education Specialist, FTC
Ridgewood NJ, Yesterday some high-profile people had their Twitter accounts hacked by scammers who sent out fake tweets asking followers to send money using Bitcoin – a type of cryptocurrency or digital money.
Cryptocurrency scams are now a popular way for scammers to trick people into sending money. And they pop up in many ways. Most crypto scams can appear as emails trying to blackmail someone, online chain referral schemes, or bogus investment and business opportunities. But here’s what they all have in common – and what they have in common with yesterday’s Twitter hacks: A scammer wants you to send money, or make a payment, with Bitcoin or another type of cryptocurrency. Once you do, your money is gone, and there’s generally no way to get it back.
So if you see a tweet (or a text, email, or other message on social media) that tells you to pay with Bitcoin, you know that’s a scam. Other signs that something’s a scam? They might guarantee that you’ll make money (those guarantees are false); promise that you’ll double your money quickly (again, that’s always a fake promise); or say you’ll get free money in dollars or cryptocurrency (free money? Nope, not ever).
If you spot a cryptocurrency scam, report it immediately to the FTC at ftc.gov/complaint. For more information, check out What To Know About Cryptocurrency.
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Fort Lee NJ, a Bergen County, New Jersey, woman today admitted engaging in a fraudulent scheme through which over $300,000 in purchases were charged or attempted to be charged to victims’ financial accounts without authorization, U.S. Attorney Craig Carpenito announced.
Briana Burford, 25, of Fort Lee, New Jersey, pleaded guilty before U.S. District Judge Claire C. Cecchi in Newark federal court to an information charging her with wire fraud.
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WASHINGTON DC, Jong Woo Son, 23, a South Korean national, was indicted by a federal grand jury in the District of Columbia for his operation of Welcome To Video, the largest child sexual exploitation market by volume of content. The nine-count indictment was unsealed today along with a parallel civil forfeiture action. Son has also been charged and convicted in South Korea and is currently in custody serving his sentence in South Korea. An additional 337 site users residing in Alabama, Arkansas, California, Connecticut, Florida, Georgia, Kansas, Louisiana, Maryland, Massachusetts, Nebraska, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, Washington State and Washington, D.C. as well as the United Kingdom, South Korea, Germany, Saudi Arabia, the United Arab Emirates, the Czech Republic, Canada, Ireland, Spain, Brazil and Australia have been arrested and charged.
Continue reading Two New Jersey Men And Hundreds Of Others Charged Worldwide In The Takedown Of The Largest Darknet Child Pornography Website, Which Was Funded By Bitcoin
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Ridgewood NJ , according to CPA James Brown the IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions on their income tax returns – and report them correctly – by sending “educational” letters to approximately 10,000 taxpayers who either didn’t report their crypto-transactions or may have reported them incorrectly.
The IRS said it used its compliance efforts to identify the taxpayers who may be noncompliant. Because fewer than 900 taxpayers reported virtual currency gains and losses each year on their tax returns from 2013 to 2015, the IRS stepped up enforcement of the rules. As part of that effort, the IRS got court approval in March 2018 for a summons to obtain account and transaction information on more than 14,000 customers from Coinbase, a company that services buyers and sellers of Bitcoin. Although the IRS didn’t say so in its recent announcement, presumably the leads for the 10,000 taxpayers who will receive a letter came from this source.
Continue reading IRS Cracking Down on Cryptocurrency Tax Transactions
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Wall Township NJ, A Monmouth County, New Jersey, man was indicted today by a federal grand jury for operating an unlicensed money transmitting business through which he charged customers fees to convert more than $2 million in cash into the digital currency Bitcoin.
William Green, 46, of Wall Township, was charged by indictment with one count of operating an unlicensed money transmitting business. He is scheduled to appear before a United States District Judge on a date to be scheduled. He was previously charged with the same offense by criminal complaint on February 28, 2019.
Continue reading Monmouth County Man Charged With Operating An Unlicensed Bitcoin Exchange