Brexit boosts bitcoin price, Is bitcoin a safe haven?


‘Brexit’ Boosts Bitcoin Price, But Too Early to Call it a Safe Haven

Despite the increase in the price of bitcoin amid the UK’s recent EU referendum, a new research note from Needham & Company asserts it might be too early to call the digital currency a “safe haven” asset.

Global bitcoin prices have risen nearly 6% over the day’s trading to reach a high of $680, a figure up more than $100 from a low of $561.46 on 23rd June. Market observers were quick to assert the increase, which occurred as sentiment in the ‘Brexit’ vote shifted, was a sign this uncertainty had encouraged new investment in the digital currency markets.

However, Needham said its researchers are “hesitant” to call bitcoin a safe haven alongside gold, US Treasurys, yen and USD.

The note reads:

“For one, calling it such obfuscates the fact that bitcoin is a high-risk and volatile investment and, second, bitcoin’s correlation to other traditional safe-haven assets has fluctuated significantly.”

Still, Needham called the ‘Brexit’ a positive for the digital currency market, as it shows that bitcoin has the potential to rally around marcoeconomic uncertainty and on developments within its own technical ecosystem.

“On the one hand, bitcoin is performing like a safe-haven asset but, on the other hand, its newness and dynamism do not resemble US Treasurys or gold,” the note reads.

Ultimately, the note concludes bitcoin might not fit into any existing asset definitions, concluding:

“We believe that bitcoin is something entirely different that does not fit into the normal buckets that investments are typically bracketed into.” – http://www.coindesk.com

Is bitcoin a safe haven against mainstream money mayhem?

We unlock the mystery of the digital currency with a cult following

bitcoin/ n. A type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

Eh? No wonder so many people are confused about bitcoin. What you see above is the Oxford Online Dictionary definition of what is probably the most fashionable currency in the world. I realise that’s not saying much: currencies don’t usually have cult followings. But if the euro is the nerd no one wants to be seen with, bitcoin is the coolest kid in the class.

Perhaps part of the attraction of bitcoin for techie types is the very fact that it’s such a mystery to everyone else, accustomed as we are to traditional currencies. That makes the bitcoin club very exclusive.

So what is a ‘digital currency’ anyway? How can any kind of real money exist only in a digital form? Well, the two things that enable it to work are a) the fact that there are a finite number of bitcoins in existence, and b) the clever bit of technology that underpins it: the blockchain.

The blockchain is, in a way, the best thing about bitcoin. Safe to say that whatever may happen to bitcoin in the ephemeral world of digital fads, blockchains have a serious future in the technology of payments and money transmission: central banks are already working on what that future might be. Essentially, a blockchain is a record of digital events: in the case of bitcoin, any change in ownership of any one ‘coin’. This record is impossible to change, so it can’t be edited after it has been confirmed. The only way of altering the blockchain is by adding to it, rather than erasing previous entries. And the record is not stored in just one place, but shared across hundreds or thousands of networked computers, making it harder to hack.

The other interesting thing is that the system is anonymous. Unlike a bank or Paypal, which request all sorts of personal details from you, bitcoin doesn’t care who you are. That makes it popular with people who don’t want their financial activities traced, whether because they are extreme libertarians or because they have something to hide. Many users feel a political affinity with the bitcoin concept of a currency that functions independently of any bank, government or institution full of men in suits. As one user told me: ‘Bitcoin doesn’t have a CEO; it has no ability to care either way about who uses it or why.’

But beyond those who want to hide, is bitcoin flourishing among everyday consumers? Well, it’s certainly a growth market. Plenty of people have given it a shot to see what the fuss is about, but it’s the drug-dealing and cybercrime fraternities that allegedly make up a large proportion of bitcoin turnover.

When, for example, the first Silk Road online market-place (a site which mostly sold drugs on the ‘dark web’, the part of the internet inaccessible through normal search engines) was shut down in 2013 by the FBI, the price of bitcoin saw a short-term crash because so many coins had been seized by the US authorities.

But one aficionado who has lived off bitcoin trading for the last two years told me: ‘It’s very convenient to paint the whole [bitcoin user] group as one homogenous entity. But I’ve met people from all sides of the political spectrum in bitcoin forums on the internet.’

What else is bitcoin good for? Charities are keen to use it, especially when transferring money to, say, Africa, because the transaction costs are much smaller than with services such as Western Union. A number of places and websites also accept bitcoin payment (full list at http://www.wheretospendbitcoins.co.uk), including the Pembury Tavern in Hackney, which was the first British pub to join this new marketplace.

But bitcoin, as with any other currency, is still at the mercy of exchange-rate fluctuations. Even the most dedicated bitcoin users agree on this point: it’s no more reliable than any other currency, and possibly less so. In the past, bitcoin prices against US dollars have fluctuated massively in short spaces of time — and with no central authority in control, its market is vulnerable to manipulation.

The same applies to bitcoin as an investment: will it stand the test of time? One benefit — so it is said — is that once 21 million bitcoins have been released, production will stop, meaning that your virtual cash could hold its value, on grounds of scarcity, more than a traditional currency. But some devotees have already raised the question of removing or raising that cap.

Meanwhile, Wall Street has also been showing more interest in the currency, with a bitcoin index introduced on the New York Stock Exchange last year. It also has been gaining traction in countries with unstable currencies or weak banking systems. If the mainstream financiers who brought the world to its knees in 2008 decide to embrace bitcoin, who knows what will happen to it.

So how about bitcoin as a hedge against the Brexit result, or a safe haven in the current round of financial turmoil? Whichever way the EU vote goes, it looks like sterling is in for a torrid time in the short to medium term, and shares have already gone into a bear market. So if you’re looking for somewhere safer to keep your cash, is bitcoin an option?

It’s certainly a volatile proposition: you might make money if your timing is exactly right but if there’s a sudden panic over bitcoin’s future, the bottom could fall out of this market very quickly indeed. There’s always a risk of cyberattack too, especially given that so many bitcoin users tend to be high-level techies.

It’s also worth bearing in mind that this is the first digital currency to go large — and just look at the fate of other web firsts. Few of the earliest social media networks are still going today; everyone in the digital arena is always looking for the new, new thing.

Bitcoin is an intriguing phenomenon, for sure, but its fate hangs in the balance. Would I risk putting my savings into such a mysterious thing? No, probably not. But a small punt? Well, in an uncertain world, it’s got to be worth a try.

Source: By Camilla Swift The Spectator

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Paedophiles’ predators using apps in phone to find and groom potential victims


https://www.youtube-nocookie.com/embed/nu_WnaEzw-E

Hunters hunted: R.AGE journalists went undercover as 15-year-old girls to meet up with online sex predators who target teenagers. Watch the videos at rage.com.my/predator:

This was among the material gathered by The Star’s R.AGE journalists who went undercover for these meetings.

Six months before paedophile Huckle made global headlines, the R.AGE team had already started its undercover sting operation against sex predators.

During the period, R.AGE compiled material that included obscene images, inappropriate messages and hidden camera footage of the undercover journalists at work.

Malaysia does not have laws against “sexual grooming”, which refers to the process of gaining a child’s trust for future sexual exploitation, even though statistics show it has been on the rise.

Mobile chat apps (WhatsApp, WeChat, BeeTalk, Facebook Messenger, etc.) seem to
have become the most popular tools for sex predators in Malaysia, based on Bukit Aman’s statistics.

Since 2015, a whopping 80% of reported rape cases involved sex predators who started out online.

During a sting, R.AGE confronted one such predator, who was propositioning the undercover journalist on WeChat and sending photos of his penis.

“It’s a numbers game,” said the 28-year-old postgraduate student who is a self-confessed sex addict.

“On WeChat and BeeTalk, you can search for people nearby, and filter them based on gender. After I filter out all the men, I just send messages to as many girls as possible.”

The predators then start grooming those who reply to them. They would earn the trust of these children and gradually introduce sex into the conversations.

Another man claimed he is “an expert in massages” and that he had done it on at least two other girls below 15.

The situation has long weighed on Assistant Commissioner Ong Chin Lan, the Bukit Aman Sexual, Women and Child Investigation Division (D11) assistant principal director.

“If we had grooming laws, the authorities might be able to arrest predators like Huckle early on,” said Ong.

“We need to empower our law enforcement agencies.”

Sources: The Star http://rage.com.my/Predator/; http://rage.com.my/catching-sex-predators/

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The affliction that feeds on children


PEDOPHILIA is not a new sex crime. What is new is the attention that it is getting in the public arena in Malaysia especially after the case of Huckle (pic). In fact pedophilia has developed into the hot topic in Criminology.

A pedophile is an individual who prefers to have sex with children. They have an abnormal and an unnatural desire and attraction for sexual relations only with children.

Sexual abuse of the children can begin without people recognizing it because it can be a small act in everyday life.

Pedophiles come from a variety of socioeconomic backgrounds. They are normally male, from any race, educated or uneducated, young or old, rich or poor, employed or unemployed. They can be religious or non-religious, a father, family member or trusted coworker or professional.

Just as Huckle used” wealth and status as Westerner” to exploit children, pedophiles hide behind the cloak of normality, morality and respectability within the community. Research revealed that nine out of ten are close to their mothers.

One of the most popular criminological theories is the notion that criminal behavior is learned in association with those who have criminal attitudes and values.

The majority of criminologists believe that the behavior of a pedophile is caused by environmental factors (nurture), involving upbringing and life experience of the individual. Furthermore, perpetrators confess that they themselves were child victims of sexual abuse.

However, recent studies revealed that individuals suffering from pedophilia are also fostered by genetic or biological traits which eventually lead to criminal behavior.

Colleen Berryessa, a Criminologist, stated that a 2014 Korean report on monozygotic twins with pedophilia, concluded that genetic influences appeared to be more important to the causes and development of pedophilia than environmental factors, including childhood abuse.

But there seems to be little or no agreement about what conclusively makes an individual cause pedophilia.

Experts also believe that there is no permanent treatment to cure pedophiles but some claim therapy treatment can work but is a challenge. Since pedophiles are sociopaths whose behavior is antisocial, lack sense of empathy and moral responsibility for their victims, the disorder is chronic and lifelong.

Studies show that pedophiles are repeat offenders after imprisonment or treatment.

The criminogenic asymmetries factor such as relaxed atmosphere, weaknesses in laws and enforcement produce criminal opportunity, motive for foreign pedophiles like Huckle himself to took advantage of the weak internal controls in a country to find victims. The penalty in their home country is normally more severe.

To fight this crime we need legislative changes, more effective laws, intelligence gathering and sharing, technology such as facial recognition and enhance investigation capabilities by training specialists.

Huckle operates a website called The Love Zone (TLZ) on the Dark Web, a hidden network used to maintain anonymity. His site consisted of photos of the children he abused and shared with other members.

The web is accessible only with specialized software or conducting deep web analysis. To make it more complicated; cybercriminals are often using encryption to protect their malicious data and communications.

There should also be increased focus on proper enforcement and skill level in conducting cybercrime investigations in order to reduce the use of the Dark Web in committing child sexual activities.

Crime prevention should be the priority for police but that should not be their sole responsibility. To prevent crime is the obligation of everyone in society and parents, schools and families have responsibility to ensure children are safe.

They must also instill in children a strong appreciation of right and wrong.

Parents, being the most important people in their children’s lives, must make sure children are not exposed to situations where irresponsible people can take advantage of them.

They must pay attention and respond when any adult seems overly focused on befriending a child, make a spot check on child nurseries and babysitters and do not allow a child to go alone on vacation or spend the night with someone other than those proven to be trustworthy and reliable.

Certainly do not assume that a person is reliable because of position, status, title or working in a place where children commonly gather.

At this point, our country still does not have a central registry for child abusers and pedophiles. The data is very important as it would contain the particulars of sex offenders, allowing law enforcement agencies to keep track and monitor the child sexual activities in our community. We need to protect our children.

By DATUK AKHBAR SATAR

Institute of Crime & Criminology, HELP University

Related:

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NGO: Hard to catch predators

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Protect our children from sex offenders 

http://www.thestar.com.my/metro/focus/2016/06/10/protect-our-children-from-sex-offenders-malaysia-cannot-be-perceived-as-a-paradise-for-child-abusers/


The dynamics of elder abuse is different from child or domestic abuse. There needs to be specific laws that protect the elderly and safeguard their interests.

Change needs to happen to protect seniors from being abused

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