“What we want from a monetary system isn’t to make people holding money rich,” he writes. “We want it to facilitate transactions and make the economy as a whole rich. And that’s not at all what is happening in Bitcoin.”Read more »
Entrepreneur Taylor More listed his two-bedroom Alberta bungalow, asking 405,000 Canadian dollars (£261,000; $395,000) - or the equivalent in Bitcoins. Bitcoins are now a widely used alternative payments system and one Bitcoin is currently worth about £37.Read more »
It seems that FinCEN has finally decided to opine on Bitcoin, without naming it specifically. This US pronouncement spells death to all “compliant” US Bitcoin companies that choose to remain based in the USA.Read more »
Limiting supply has clearly been a huge plus for the BTC. Becoming known as a currency for illegal drugs and gambling is more problematic, of course. But let’s not forget that the U.S. Treasury printed 3 billion $100 bills in the 2012 Fiscal Year. Most of those (the Federal Reserve estimates 80%) go overseas and many of them simply facilitate the global drug and arms trade, not to mention tax evasion and human trafficking. So the BTC’s growing role in the same types of business might qualify it for “Reserve currency” status sooner than anyone thinks.Read more »
Washington is reportedly considering opening all US financial records to national intelligence agencies in order to prevent future crimes.Read more »
In Argentina Inflation is rampant, corruption is incorrigible, and freedom is waning. Argentine President Cristina Fernandez is instituting Price controls, imposed a price freeze at grocery stores, restricted people from changing pesos into other currencies, including gold. Argentines have reached their breaking point! For obvious reasons, Bitcoins are becoming increasingly popular in Argentina as people seek any means necessary to survive the economic destruction. For example a local tour operator and rental car agency there has started accepting bitcoins.Read more »
Here in the Socialist Republik of Washington (aka: STATE OF WASHINGTON) I am able to hear your show on 870AM from midnight till 0300. Your show was the first place I've heard of "BitCoins". Interestingly enough, this story came to me today via one of the websites I subscribe to.
It may be unwise to align ones self to bitcoins, whereby should it actually prove to be a scam, a person or groups' intelligence or allegiance might come into play.
For example, my dad left his position as a broker in the commodities market back in the 80's when investments his company promoted caused his clients and friends to loose money.
I'm just sayin...
The unregulated digital world of Bitcoins suffered another flash-crash last night. According to Ars Technica, the 23% plungefest in the value of the digital currency (the second in a week) was due not to Waddel & Reed, not HFT algos, but 'forking' Cryptographic algos gone wild agreeing on different (legacy) keys as being correct - akin to finding Tungsten in your Gold bars (and hence the drop in the value). This latest glitch is different from the problem that caused Bitcoin prices to briefly crash to zero in June of 2011.Read more »
It differs from its parent Bitcoin in that can be efficiently mined with consumer-grade hardware. Litecoin provides faster confirmations and uses memory-hard, scrypt-based mining to target the CPUs and GPUs most people already have. The Litecoin network is scheduled to produce four times as many currency units as Bitcoin. The purpose of Litecoin is to function as silver to Bitcoin's gold, in the sense of being a relatively less valuable coin that is easier to obtain and transact with.Read more »
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