An under-reported development of this campaign season is the Republican Party's decision this week to send Gov. Mitt Romney into the presidential race on a platform effectively calling for a new gold commission. The realization that America's system of fiat money is part of its economic problem is moving from the fringes of political discussion to the center.Read more »
What is the bitcoin backed by? As in gold itself is backed by itself and works GREAT but once again doesn't happen instantly like digital transactions and those wanting them need/want.I guess since most who would be interested in bitcoins are also aware of the current economy, where our government ( and others ) are trying to take us AND if they succeed I don't see the point in a digital currency but rather something that can be locally traded like shire silver or other "physical" goods.Read more »
determination to ‘move beyond anger to creativity’ is driving a strong barter economy in some placesRead more »
President Obama wants us to imagine an America that is within reach. I would rather have you imagine a world a little further down the road.
The only way forward, is to remove the obstacles – placed by government at all levels – from the road.
The issue is whether Bitcoin will ever be so widely adopted that it acts like a real, stable currency. Right now, it’s more like a commodity with wild price swings on rumors, articles, anonymous chat-board postings, and well-publicized problems with theft. Most people should wait at least until those issues are resolved. Generally, however, average folks shouldn’t be making direct forays into currency trading; Bitcoin feels a bit like online investing, but it’s more like diving into foreign exchange with even less information on which to make currency calls.Read more »
Counterpoint: "Bitcoin is a libertarian’s dream come true: a steadily expanding money supply without the state getting in the way of the sweet mechanics of the market. Bitcoin isn’t just a currency, it’s a massive experiment in group trust. It’s also a hint of the financial system to come and, ultimately, a scam."Read more »
Bitcoin is a ludicrously bad idea. It is a scam. A Scam. It is not a currency. The economic assumptions underpinning the Bitcoin ecosystem are laughable, and ignore hundreds of years of accumulated understanding of how currencies work with each other.
Fortunately, it's such an obviously flawed system that it will probably never grow to a point where it causes any ill-effects,or even impact, to world economies.Read more »
Just as the World Bank has put out an entire research report about the economics of virtual gold farmers (they claim it's a $3 billion plus industry, and has substantial impact on developing economies), it appears that the FBI is taking an interest in the practice as well. Just last month, the FBI apparently raided a Michigan home in search of virtual World of Warcraft gold.Read more »
It seems the Utah state House is taking the advice of Texas U.S. Rep. Ron Paul, officially stamping gold and silver as legal tender.Read more »
US Customs, a division of Homeland Security, is now using cash-sniffing dogs at airports for international travelers. A dog was able to detect one passenger's $400 in currency from among numerous travelers.Read more »
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