Bank of China Releases a Laser Blasted “Monkey” Coin

Tech is always advancing in new and exciting ways. With the aim of developing and modernizing techniques for the 21st century, the coin production process at The People’s Bank of China placed into circulation a $10 dollar limited edition of at least 500 million coins, but when you consider China has a current estimated population of at least 1.357 billion, this may well be a limited laser blasted and multilevel “Monkey zodiac coin”.

The coins in question use materials including a Brass Alloy for the outer ring, which is illustrated by the first image below, this is coupled with a Nickel Alloy composite which is implemented for the inner core and is conveyed by the second image. The technique used to make these commemorative coins changes the traditional moulding process in favour of a lower yet more efficient manufacturing footprint.

The coins have the word “SHIYUAN” which is located next to the selected domination, this word comes from the  Chinese phonetic alphabet. The coins, released to coincide with the 2016 Lunar New Year are also decorated to include a floral pattern as well as a traditional decorative monkey and also a lantern.

Collectors who wish to collect such a coin will be able to reserve a maximum of five coins, the date by which the coins will become available will be from the 16th January 2016.

Subreddit Wants to Make a Random Person a Millionaire

A novel reddit group wants to make a randomly chosen subscriber a millionaire. The subreddit, r/millionairemakers, asks members to agree to donate a dollar each to form a prize pot, with the winner randomly drawn from a lot of all entrants.

The subreddit has made previous attempts to raise and award a million dollars to a redditor, but after eight tries, the highest prize pot accrued was $11,400. The hope is that its popularity – and its egalitarian approach, with no one but the draw winner taking any money – will soar to the point that it can offer prizes closer to seven-figure sums.

To enter, simply post a comment in the latest prize draw thread, by which you will be agreeing to donate a dollar to the winner; effectively, an entry fee. Only users with accounts older than 30 days, and with a history of activity, are eligible. Draws take place every third Friday of the month. at 06:30 EST.

“Remember, this is about generosity, about making history, and about coming together to make someone’s life better,” reads an admin post on MillionaireMakers. “So take 3 minutes to donate a bit to the winner, whether you’re well off and want to donate a few bucks, or going through tough times and can only donate a few cents. Every cent counts.”

The latest MillionaireMakers draw thread can be found here.

Thank you Business Insider for providing us with this information.

Congressman Trolls Senator Who Wants To Ban BitCoin

A senator from West Virginia spoke out last month when he called upon American financial regulators in a bid to ban the digital currency known as Bitcoin. His argument focused on the unregulated nature of the digital currency and how it can be used to make anonymous purchases, making it a popular choice for some criminals. Unfortunate for him then that you can’t really shut down a unregulated currency.

Rep. Jared Polis of Colorado decided to play his hand in this debate with a fantastic mockery of the current US financial system, turning all the “issues” many regulators have with Bitcoin around and showing that its really no different from the Dollar. Check out the letter he send to the same authorities as the Senator below.

The exchange of dollar bills, including high denomination bills, is currently unregulated and has allowed users to participate in illicit activity, while also being highly subject to forgery, theft, and loss. For the reasons outlined below, I urge regulators to take immediate and appropriate action to limit the use of dollar bills.

By way of background, a physical dollar bill is a printed version of a dollar note issued by the Federal Reserve and backed by the ephemeral “full faith and credit” of the United States. Dollar bills have gained notoriety in relation to illegal transactions; suitcases full of dollars used for illegal transactions were recently featured in popular movies such as American Hustle andDallas Buyers Club, as well as the gangster classic, Scarface, among others. Dollar bills are present in nearly all major drug busts in the United States and many abroad. According to the US Department of Justice study, “Crime in the United States,” more than $1 billion in cash was stolen in 2012, of which less than 3% was recovered. The United States’ Dollar was present by the truck load in Saddam Hussein’s compound, by the carload when Noriega was arrested for drug trafficking, and by the suitcase full in the Watergate case.

Unlike digital currencies, which are carbon neutral allowing us to breathe cleaner air, each dollar bill is manufactured from virgin materials like cotton and linen, which go through extensive treatment and processing. Last year, the Federal Reserve had to destroy $3 billion worth of $100 bills after a “printing error.” Certainly this cannot be the greenest currency.

The clear use of dollar bills for transacting in illegal goods, anonymous transactions, tax fraud, and services or speculative gambling make me wary of their use. Before the United States gets too far behind the curve on this important topic, I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans.

Obviously they’re not about to ban the Dollar, but Congressman Polis does raise some interesting points in how people should be looking at Bitcoin, as for all its criminal sidelines, it’s used every day by a lot of people as a legitimate form of currency. What are your thoughts on this one? Obviously Bitcoin a very controversial subject and have been for some time, but we would still like to know what the eTeknix community think about them.

Thank you Arstechnica for providing us with this information.

Dogecoin Expected To Bring ‘Real Money’ To Owners In The Near Future

Dogecoin is one of the most known cryptocurrency out there, after Bitcoin. It may be pretty easy to pick up some Dogecoin, but, until now, it’s been difficult to convert it into cash. On Wednesday, Canadian electronic currency exchange Vault of Satoshi announced that it will now support Dogecoin, making it far easier to convert the currency into U.S dollars.

Anyone interested in turning their dogecoins into government-backed currency with wider acceptance up until now had to make an individual deal with someone willing to trade for Bitcoin, which could then be exchanged for dollars, Euros, and outer currency. However, this intermediate step not only made the entire process significantly more onerous, but it also inserted an element of risk.

Reports are that Reddit r/DogecoinScamWatch moderator u/goodshibe explained how the majority of the scams posted on the forum involve people having their coins taken from them while trying to convert dollars into dogecoins, or vice versa.

‟Once … [Dogecoin] gets a direct USD/CAD conversion … in place, many of these kinds of scams will fall away,” u/goodshibe predicted.

This newfound ability to easily and safely convert Dogecoin into dollars could change the nature of how the currency is used. According to BitInfoCharts.com, dogecoins with the equivalent of $212,500,000 were said to have been traded over the past 24 hours. To give a sense of how ridiculous that transaction volume is, the total value of every dogecoin in existence is reported to be only around $60,300,000.

The generosity seems to be related to the fact that a single dogecoin is worth a tiny fraction of a penny, so handing out a few dogecoins takes only slightly more commitment. However, it’s likely also a function of there not being a whole lot of things someone could easily do with a wallet full of dogecoins other than hand them out just like that. Now that converting dogecoins into dollars is no more difficult than exchanging any other cryptocurrency, there’s the chance that the community surrounding Dogecoin may come to more closely resemble that of any other cryptocurrency

Thank you Mashable for providing us with this information

Zuckerberg Joins 1-Dollar-Salary Club

Every once in awhile a politician or a large business owner will opt for join the Dollar-A-Year club. For some this means that they will only accept payment of $1 for a year or they may do this for a set amount of years. Usually this is because they have decided that they are well off and want to show the company and employees even the world that they are not doing what they are doing for the money, they are doing it for everyone else. The list is not very large, and not everyone gives up their bonuses. Mark Elliot Zuckerberg, CEO of Facebook has decided join the 1-Dollar-Salary Club. The reasoning isn’t really clear to me as to why he is taking the salary cut, though it could be for the title. It could also be due to the amount of taxes he had to pay for the 2012 tax season. It could also be to show everyone he isn’t in it for the money, and that he is here to build Facebook to be the best social networking outlet available to the public. To join the 1-dollar-salary club is possibly one of the greatest status symbols of Silicon Valley, and one of  most prestiges groups that one could join, showing the world that you are rich and successful, so you are going to continue doing everything you have been, but for free. On April 26th Facebook, INC released their 2013 Proxy Statement in which they disclosed the fiscal earnings of Mark Zuckerberg

In the first quarter of 2012, our compensation committee discussed and approved a request by our CEO to reduce his base salary to $1 per year, effective January 1, 2013. Cash Bonuses. Our 2012 Bonus/Retention Plan (Bonus Plan) provides variable cash incentives, payable semi-annually, that are designed to motivate our executive officers to focus on company-wide priorities and to reward them for individual results and achievements. All of our executive officers participated in the Bonus Plan in 2012. Our CEO will not receive a bonus under the 2013 Bonus/Retention Plan.

Below is a list of people who have joined the 1-Dollar-Salary Club (List provided from Wikipedia) Michael Bloomberg (Mayor of New York City) Sergey Brin (Google) Larry Ellison (Oracle Corporation) Darren Entwistle (TELUS) Richard Fairbank (Capital One Financial) Lee Iacocca (Chrysler Corporation) Steve Jobs (Apple), also did not take any alternative form of compensation (stock options, bonus, etc.) from 2003 until his death Richard Kinder (Kinder Morgan), also does not take any alternative form of compensation (stock options, bonus, etc.) James Li (Syntax-Brillian) John Mackey (Whole Foods Market), who also does not take any alternative form of compensation (stock options, bonus, etc.) Joseph Marinaccio (Slam Content) Larry Page (Google) Vikram Pandit (Citigroup) Mark Pincus (Zynga) Richard Riordan (Mayor of Los Angeles) Eric Schmidt (Google) Henry Samueli (Broadcom Corporation) Arnold Schwarzenegger (former Governor of California) Terry Semel (Yahoo!) Pantas Sutardja (Marvell Technology Group) Sehat Sutardja (Marvell Technology Group) Meg Whitman (Hewlett-Packard) Jerry Yang (Yahoo!) Mark Zuckerberg (Facebook) Source