Switzerland To Open Bitcoin Bank As Crypto “Fort Knox” Relocates To Zurich 

With every DM central bank hell-bent on ensuring that the currencies which roll off their printing presses will become ever more worthless with each passing iteration of the global debt monetization ponzi scheme, and with calls growing louder to ban hard currency altogether in an effort to remove the effective lower bound and thus make it possible for bureaucrats to centrally plan every aspect of the economy right down to the micromanagement of people’s spending habits, we suppose now is as good a time as any to make the switch to a medium of exchange not controlled by the Keynesian cabal and where better to go “crypto” than Switzerland which, according to Handelszeitung, is set to open its first Bitcoin bank.

Here’s the story (via Google translate):

Switzerland’s financial center is likely to be rich in the near future to one facet. Currently, preparations are underway for the establishment of the first Bitcoin Bank. The reportedly from multiple sources in the financial sector. Corresponding discussions with the Financial Market Supervisory Authority are to take place in these days. To date, there is in Switzerland no bank that offers services with the new digital currency Bitcoin.

More http://bit.ly/1KrkpDS



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China Manufacturing PMI In Contraction: New Orders And Operating Conditions Decline At Strongest Rate In A Year 

More signs of a global slowdown surface in the latest China Manufacturing PMI where operating conditions and new orders decline at fastest pace in a year.

Chinese manufacturers saw a further deterioration in operating conditions in April, with total new orders declining at the strongest pace for a year while production levels stagnated. Data suggested that relatively weak domestic demand was the main driver of reduced new business, as new export work picked up in April (albeit marginally). Consequently, employment in the sector continued to decline, while purchasing activity fell at the quickest rate in 13 months. Meanwhile, deflationary pressures intensified in April, with both input and output costs falling at accelerated rates.

More http://bit.ly/1OWXMgS



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LinkedIn Mania Over? Shares Plunge 21% After Hours On Earnings Miss 

It’s tough predicting the end to manias. Tonight I ponder a 21% plunge in extended hours trading in LinkedIn. Is the mania over?

Please consider LinkedIn Plunges as Second-Quarter Forecast Misses Estimates.

LinkedIn Corp.’s shares plunged as much as 27 percent after the company delivered quarterly revenue that missed analysts’ estimates for the first time, shaking confidence in a historically stable business plan.

The professional-networking website also forecast sales that missed projections for the second quarter and cut its guidance for annual revenue, citing the strong U.S. dollar and slower-than-predicted growth.

More http://bit.ly/1DPbdVB



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Navinder Singh Sarao: Our Spoofing Hero 

Spoofing

Spoofing – so what is it? Its placing a bunch of (say) sell orders a little above market and a smaller buy order a little below market.

What then happens is that “front running computers” see the multitude of sell orders and assume they are real. They then decide to sell some to get in front of some real selling. The real buy order gets executed.

Now our spoofer is long. They will want to sell at some stage – so they reverse the process. They place a lot of buy orders a little below market and a smaller sell order they want executed – and the front running computer crosses the spread.

More http://bit.ly/1GcZIaQ



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