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All About Bitcoin Mining: Road To Riches Or Fool’s Gold?

"While I have now recouped my investment in mining hardware, you may not be so lucky. Even among ASIC-based mining hardware there is a ranking, a hierarchy based on purchase cost and energy efficiency. Tis folly to think that you’ll be able to run 130 nm ASICminer ASICs in California indefinitely. At some point, you will be outgunned by people running yet-to-be-sold 28 nm ASICs in some rural county of Washington state, where a kWh costs a mere 2.33 cents. Bitcoin mining is not for the faint of heart, nor for the mathematically challenged. Invest only what you can afford to lose. Or better yet, enjoy this crazy sideshow from the bleachers." Continue reading →

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Ron Paul: Should We Be Shocked At Government Spying?

"Some of us were arguing back in 2001 with the introduction of the so-called PATRIOT Act that it would pave the way for massive U.S. government surveillance — not targeting terrorists but rather aimed against American citizens. We were told we must accept this temporary measure to provide government the tools to catch those responsible for 9/11. That was nearly 12 years and at least four wars ago. We should know by now that when it comes to government power-grabs, we never go back to the status quo even when the 'crisis' has passed. That part of our freedom and civil liberties once lost is never regained." Continue reading →

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Pentagon may be wasting billions a year in erroneous payments to contractors

"Although the Defense Department reported making over $1.1 billion in overpayments in fiscal year 2011 to military personnel and retirees, civilian defense workers, contractors, and others, investigators from the Government Accountability Office said that figure is not credible due to missing invoices and other flawed paperwork, as well as errors in arithmetic. GAO found defense finance officials didn't have procedures in place to collect and maintain the data they need to come up with a credible estimate. Even when the department could find and document mistaken payments, it frequently did not take cost-effective steps to recover the money, the GAO said." Continue reading →

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Former ‘Plunge Protection Team’ Official: Expect More Government Theft

"Look, we are in a world where every major industrialized government doesn’t have the funds to deliver on the promises they’ve made to the public. So they are going to reach for the public’s cash in different ways....Some of it is through higher taxes. Some of it is what I would call ‘expropriation,’ although taxation and even inflation are a version of that. I think what we saw in Cyprus, a really overt expropriation, we are going to see that come in lots of different forms (going forward). Some of it will be obvious like Cyprus. Some of it will be subtle like Portugal, but what’s sure is that it’s happening.” Continue reading →

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Meet the world’s first Bitcoin baby

"Dr. C. Terence Lee, a fertility specialist based in Brea, Calif., flashes a photo of a beaming infant across a projection screen and announces: 'This baby was bought with bitcoins.' No, this isn't a black-market deal brokered in the Internet's shadowy corners. The child was born thanks to a frozen embryo transfer cycle paid for with bitcoins. Lee says it's the first time he's aware of that anyone has paid for fertility treatments that way. The baby is the biggest -- and definitely the cutest -- victory yet for Lee in his campaign to persuade his patients to pay him for his services with bitcoins." Continue reading →

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Dutch government answers questions about Bitcoin, indicates Bitcoin taxable

"A taxpayer who has a source of income with activities in the course of trade, such as income from business or income from an activity, will have to pay taxes over that in compliance with the provisions of the Income Tax Act 2001. The fact that the benefits from such a source are calculated using a scheme other than the legal tender in force in our country does not make a difference. Such a benefit in the form of a result in Bitcoins will also lead to taxation. However, the determination of a taxed income will mean that the value of the results achieved in Bitcoins must be converted into an amount in euros. For the wage and sales tax, a similar approach applies." Continue reading →

Continue ReadingDutch government answers questions about Bitcoin, indicates Bitcoin taxable

Israeli banks block money transfers connected to Bitcoin pending Israeli central bank regs

"From a check made in the bank it seems that your account contains activity involved with virtual currency. The activity is characterized by issuing wire transfer to a company called MTGOX, through which this currency is purchased. Virtual currency is anonymous and unregulated. Trading them is not regulated and thus poses a high risk for the bank. Therefore, the bank has decided not to allow such activity for our customers, until guidance/clarifications are issued by the Israel Central Bank. You are requested to stop any such activity. We inform you that if you do not comply, we will have to refuse any activity directly or indirectly related to this area of activity." Continue reading →

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LibertyBit Bitcoin Exchange – OPERATIONS SUSPENDED

"It is with great regret that we have decided to temporarily suspend operations due to bank account closure and a surge of fraudulent transactions. These last six months have been a wild ride. We've had an incredible opportunity to take part in the Bitcoin revolution and help thousands of new and experienced users trade more easily. A big thank you to everyone who has supported us, pushed us, and given us valuable suggestions to make this service even better. Bringing Libertybit to life has been our passion for the last year, and it's been an honor to offer this service to all of you." Continue reading →

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France Prohibits Sending Currency, “Coins And Precious Metals” By Mail

"In new legislation which was enacted May 23rd, the French government decreed that it is forbidden to send all forms of currency - coins and cash and all forms of precious metals – coins, bars and jewellery by mail. There were no communications and nobody in the government justified or explained this decision. 3 months ago in March, Fedex began stopping French people from taking delivery of precious metals. At the start of the year, UPS began stopping French people from taking delivery of precious metals. In recent days Fedex have stopped allowing companies and individuals to send or receive precious metal bullion by insured mail in Germany and the UK." Continue reading →

Continue ReadingFrance Prohibits Sending Currency, “Coins And Precious Metals” By Mail