Ep190: Chinese Debt Fallout, Nigerian Payroll Exorcism, Mexico’s Oil Subsidy Blowback

Mexico feels the blowback from flawed economic policies including a government oil monopoly and subsidies. The new Nigerian president is cleaning house by eliminating graft including 50,000 ghosts on the government payrolls. Chinese suffers from debt woes leading to a crackdown on capital flight, a censorship of the New York Times and a crumbling Yuan. Swarm City distances themselves from Arcade City founder Christopher David. Zcash published a video hyping up the security and techniques they used to create the cryptocurrency. Last weeks Monero price jump may have been caused by an announcement that they would be targeting the Chinese market. JJ and Darren discuss how an up-and-coming new cryptocurrency may end up eating Bitcoin’s lunch.

All this and more on the Neocash Radio podcast, episode 190 — Wednesday January 11th, 2017!

We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ and Darren!

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Traditional Markets Crypto Markets
Gold $1,192 Bitcoin (BTC) $789
Silver $16.69 Litecoin (LTC) $3.89
Oil $52.38 Zcash (ZEC) $40.05
Dow Jones 19,952 points Ethereum (ETH) $9.72
30Y UST Yield 2.952% DASH $11.34
Euro (EUR) $1.04 Monero (XMR) $11.60
Chinese Yuan (CNY) $0.14 Augur REP $3.81
British Pound (GBP) $1.22 1 Doge = 1 Doge

Neocash Radio Ep190

Gas Price Hike Leads to Violence and Looting in Mexico

A 20% increase in the price of Gas was enacted nationwide at the turn of the New Year and people are rising up. The move was meant to better align the prices of Gasoline to international levels. Looting, violence, riots and worse have occurred over the last week. In El Paso hundreds of protesters mobbed Mexican Customs booths allowing a free flow of cars for about an hour. The plan was a deregulation of the energy sector which has been dominated by the government oil monopoly Pemex. The cut in subsidies is needed for more private investment and energy providers to move into the market and compete effectively.

Nigerian Exorcism Banishes 50,000 Ghosts on the Government Payrolls

Making good on his promise to stamp out the graft Nigerian President Mahammadu Buhari announced the updates including the removal of 50,000 workers from the Federal Government Payrolls. The news doesn’t end there, last week the Nigerian Government made promises to protect and reward whistle-blowers. Dozens of people connected with the former president Goodluck Jonathan’s regime have been charged with graft and several senior judges are facing charges of bribery, fraud, and money laundering.

China not Immune to Debt Woes

Bitcoin Advice from China’s Central Bank

Several Bitcoin exchanges in China had a meeting with the Shanghai office of the People’s Bank of China. OKcoin, Huobi, and BTCC were scolded for the fluctuating price in bitcoin and told to not to mention the weak Yuan when advertising their services. The news of the meeting shook the market and the price of bitcoin. China is the biggest player in the Bitcoin mining game with about ⅔ of the hash power.

Capital outflows were also brought up. Though there is little evidence to suggest that it is happening, central bank officials reminded the exchanges to be vigilant. Bitcoin is not regulated in China and is instead treated as a digital good.

Apple Pulls New York Times App in China

The New York Times published a story about a Chinese Propaganda video. The video was warning about western culture with a focus on subversive elements. Chinese authorities reportedly told Apple to pull the New York Times App from the App Store due to it being unlawful. If the NYTimes were to correct the issue the app could be offered in China again.

Christopher David Claims Fraud Over Swarm City Brand Fork

As if it should come as any surprise Christopher David of Arcade City is claiming fraud over the changes made by the former Arcade City development team. Bernd Lapp is leading the former team now rebranded as Swarm City. He states the move is meant to distance the App and Team from Christopher David.

Zcash Releases a Video Showing How the Initial Public/Private Keys were Made

This video tried to highlight the lengths and level of security that were employed to develop

Last weeks Monero gains may have come from the announcement that Monero has plans to move into the Chinese market.

Want to learn more about Bitcoin, mining cryptocurrencies, and blockchains? Check out our intro video: “Decrypting Bitcoin: Blockchain Technology Explained”

We will be producing more in-depth videos to explain Ethereum, Dash, and the Federal Reserve soon! We’re also building a video podcast room here at Neocash Radio HQ! Until that’s finished, we’ve started uploading our audio feed to our new YouTube channel! We hope to have video added to the podcast by spring 2017! Construction is moving along nicely!

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