money

Jeffrey Tucker: Bitcoin’s Moment

"The Cyprus disaster sets in place an incredible precedent: Bank deposits will hereafter be treated as government property first and belong to the depositors only at the discretion of the masters of the money. It’s no wonder that Bitcoins are being brought from locales all over Europe, including Spain, Greece, Italy, and beyond. This also accounts for why mainstream news outlets are starting to write about Bitcoin as if it were the real thing, something serious, something that really matters on the world stage. Meanwhile, Bitcoin applications are flourishing all over the Web." Continue reading →

Continue ReadingJeffrey Tucker: Bitcoin’s Moment

As Feds Suggest ‘Guidance,’ Bitcoin Foundation Pushes Back

"The Bitcoin Foundation, which is devoted to standardizing and promoting the currency, didn’t like FinCEN’s guidance. As Patric Murck, the organization’s general counsel, wrote in a March 19 blog posting: 'Simply put, under the Administrative Procedures Act (APA), FinCEN can’t promulgate new rules without going through a notice and comment proceeding whereby the public may have their voices heard. If FinCEN would like to expand its statutory authority over ‘money transmitters’ to include brand new categories such as ‘administrators’ and ‘exchangers’ of digital currency it must do so through proper rulemaking proceedings and not by fiat.'" Continue reading →

Continue ReadingAs Feds Suggest ‘Guidance,’ Bitcoin Foundation Pushes Back

Analyst: All Of My Clients Think There’s A Bitcoin Bubble, Despite ‘Perfect Storm’

"Where is all of the momentum behind the Bitcoin trade coming from? 1. An increasingly tech-savvy base of savers all around the world don’t think it is any stranger to trust an open-source piece of software than it is to put your money in a commercial bank. 2. Lots of people around the world are uncomfortable with central bank policies, which seem to give money away to a global banking system which remains fundamentally broken. 3. Worries over heavy deposit taxes in various European countries (Spain, Greece, and even Italy), courtesy of the resolution to the Cypriot banking crisis 4. Some clarification of U.S. regulations, bringing Bitcoin long-needed legitimacy..." Continue reading →

Continue ReadingAnalyst: All Of My Clients Think There’s A Bitcoin Bubble, Despite ‘Perfect Storm’

Western Union Eyes Digital Currency Services

"The company, once known for telegrams, is now investigating new types of digital transactions and investing in analytics to help the company adjust pricing for its electronic money transfer services. The company is looking at the use of digital currencies like Bitcoin as well as the role Western Union can play in other online transactions, from Internet telephony to video gaming–a far cry from its current business offerings of money transfer, bill pay and prepaid cards." Continue reading →

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Gold trade booms in war-torn Syria

"In Syria’s northern metropolis, as across the Middle East, those who can afford to have traditionally invested in jewellery for their womenfolk, especially gold, to ward against a rainy day. As daily clashes between troops and rebels fighting to oust President Bashar al-Assad have brought a devastating halt to all normal economic activity, the trade in precious metals has boomed as people struggle to make ends meet. Two years of devastating conflict have sent the Syrian pound into freefall and, for those with any money, gold is a popular refuge to maintain the value of their savings." Continue reading →

Continue ReadingGold trade booms in war-torn Syria

You’re Crazy Not to Have Some Cash

"Banks have been closed for over a week. Do you have enough cash on hand to buy gas, food, and other essentials for a week? Two weeks? Most of the preppers reading this are smiling, since they have these commodities and cash on hand already. Even in a major 'End of the World' style collapse, cash will be accepted by many people for a few days until the new reality sets in. In a minor disaster, such as Cyprus, having cash on hand will help you sleep better at night knowing you can feed yourself and your family, gas up the car, and potentially get out of Dodge if need be." Continue reading →

Continue ReadingYou’re Crazy Not to Have Some Cash

Marc Faber: Not Even Gold Will Save You From What Is Coming

"When you print money, the money does not flow evenly into the economic system. It stays essentially in the financial service industry and among people that have access to these funds, mostly well-to-do people. It does not go to the worker. I just mentioned that it doesn't flow evenly into the system. So we are creating bubbles and bubbles and bubbles. This bubble will come to an end. My concern is that we are going to have a systemic crisis where it is going to be very difficult to hide. Even in gold, it will be difficult to hide." Continue reading →

Continue ReadingMarc Faber: Not Even Gold Will Save You From What Is Coming

CNBC: Bitcoin Bonanza

"They won't make a sound no matter how many of them you try to toss in a bucket, and you can't pitch them in a fountain and wish for good luck. But make no mistake, bitcoins are getting big. The online alternative currency, previously little more than a curiosity in financial markets since its 2009 inception, has zoomed in trading value since the Cyprus banking crisis erupted two weeks ago. With fears spreading that even insured deposits might not be safe in similar nations hit by banking crises, those looking for a haven to store their wealth have fled to the complicated world of digital cash." Continue reading →

Continue ReadingCNBC: Bitcoin Bonanza

Bloomberg: Bitcoin May Be the Global Economy’s Last Safe Haven

"One of the oddest bits of news to emerge from the economic collapse of Cyprus is a corresponding rise in the value of Bitcoin, the Internet’s favorite, media-friendly, anarchist crypto-currency. Bitcoin thrives where people would prefer to throw in their lot with anonymous strangers instead of the world economy. It’s gold-bug thinking reinvented for an age of fluid transparency and instantaneous transactions. And as such it’s an excellent indicator of anxiety. Where you see Bitcoins in action you find a weird and heady mix of speculative angst, a fear of being left behind, and people who appear to have lost faith in institutions, who feel most left behind." Continue reading →

Continue ReadingBloomberg: Bitcoin May Be the Global Economy’s Last Safe Haven

Cyprus bank controls to last a month, minister says

"Cyprus conceded on Thursday that tight capital controls would remain in force longer than expected as the island's banks reopened for the first time after the government was forced to accept a tough EU rescue package to avoid bankruptcy. The government initially said the controls would remain in place for a week, subject to review. Economists say they will prove hard to lift as long as the economy is in crisis. To help the Cyprus banks weather the crisis, the European Central Bank flew in 5 billion euros ($6.4 billion) in cash overnight from Frankfurt, a German newspaper reported." Continue reading →

Continue ReadingCyprus bank controls to last a month, minister says