money

Bitcoin Not Bombs

"In the beginning I pretty much only used it to buy baklava. Now I’m buying gold and silver bullion with Bitcoin, and accepting it as payment for the various things that I sell. So, I have a pretty good sense of how the system works and I’m just starting to really get the economic ramifications of a digital peer-to-peer currency. I theoretically understand the impact it could have politically, at least domestically, but I’m just starting to get the first inkling of what the international political ramifications of Bitcoin might be. This rabbit hole begins with US sanctions against Iran." Continue reading →

Continue ReadingBitcoin Not Bombs

Bitcoin Not Bombs

"In the beginning I pretty much only used it to buy baklava. Now I’m buying gold and silver bullion with Bitcoin, and accepting it as payment for the various things that I sell. So, I have a pretty good sense of how the system works and I’m just starting to really get the economic ramifications of a digital peer-to-peer currency. I theoretically understand the impact it could have politically, at least domestically, but I’m just starting to get the first inkling of what the international political ramifications of Bitcoin might be. This rabbit hole begins with US sanctions against Iran." Continue reading →

Continue ReadingBitcoin Not Bombs

Bitcoin going mainstream? Exchange approved to operate as a bank

"Bitcoin Central, a Bitcoin exchange that is popular in the eurozone, says it has secured approval from regulators to operate as a bank under French law. Users will be able to deposit funds in either euros or bitcoins, and to easily convert between the two. Euro-denominated funds will be insured by the Garantie des dépôts, the French equivalent to the US FDIC. The accounts will also be integrated with the French banking system, so users can have their paychecks automatically deposited into their accounts and converted to bitcoins." Continue reading →

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Dollar-Less Iranians Discover Virtual Currency

"Under sanctions imposed by the U.S. and its allies, dollars are hard to come by in Iran. The rial fell from 20,160 against the greenback on the street market in August to 36,500 rials to the dollar in October. It’s settled, for now, around 27,000. The central bank’s fixed official rate is 12,260. Yet there’s one currency in Iran that has kept its value and can be used to purchase goods from abroad: bitcoins, the online-only currency." Continue reading →

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Iran: Oil for gold deals bypass sanctions, US unveils new penalties

"The United States and European Union have imposed tough sanctions on Iran that have weakened its economy. But Tehran has found ways to bypass the penalties, such as Turkey's use of gold to pay for Iranian natural gas imports. The Menendez-Kirk measure would allow the president to impose sanctions in cases of the sale or transfer of precious metals, targeting efforts by Iran to circumvent the penalties." Continue reading →

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Montana lawmaker asks to be paid in gold

"A Montana state lawmaker is asking that he be paid in gold coins because of his lack of faith in the U.S. dollar amid a rising deficit. Jerry O’Neil, a Republican just reelected in his northern Montana district, says his constituents told him he was not honoring his duty to uphold the U.S. Constitution, which O’Neil and Gold Standard supporters say requires the government to print money backed by gold. So he wrote a letter to the state Legislature asking to be paid his public salary in gold. O’Neil said that he collects about $7,000 annually from the Montana Legislature." Continue reading →

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Detlev Schlichter: Some personal thoughts on surviving the monetary meltdown

"That government bonds are a safe investment can, of course, not be left a matter of simple opinion but has to be enshrined in the laws of the land, and the state’s rapidly expanding finance constabulary is already working on it. Via legislation and regulation, the state is busily building itself a captive investor base for its own debt. I fear that to a large degree this is even welcome by the asset management industry. In an unstable and increasingly uncertain world, being told what to buy lifts a great responsibility off one’s shoulders." Continue reading →

Continue ReadingDetlev Schlichter: Some personal thoughts on surviving the monetary meltdown

US Bank Run Imminent? FDIC Expanded Deposit Insurance Ends Dec 31st

"With the media fixated on the fiscal cliff, no one seems to be noticing the fact that the FDIC’s expanded 100% coverage for insured deposits ends January 1st, 2013. As of January 2013 the FDIC stops offering 100% coverage for all insured deposits. That amounts to $1.6 trillion in deposits, 85-90% deposited with the TBTF mega banks. Once the insurance ramps back to $250,000 the FDIC risk amelioration offered to large depositors will cause them to flee from the insecurity of the much reduced FDIC coverage." Continue reading →

Continue ReadingUS Bank Run Imminent? FDIC Expanded Deposit Insurance Ends Dec 31st

Feds Expand Definition of “Cash” To Include Stored Value Cards

"Bitcoin and similar digital currencies make FinCEN’s currency reporting rules, and their expansion to encompass TPADs, obsolete before they’re even finalized. But don’t think for a minute that technological innovation will prevent these rules from coming into effect. Whether the initiative actually accomplishes anything is much less important than whether it appears to be accomplishing something. And it’s simply inconceivable to ask whether the wars are worth fighting at all, and if we should simply allow individuals to move their assets anywhere in the world, as they see fit, without government imposed restrictions." Continue reading →

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WordPress.com criticizes PayPal, credit card firms for restrictions, now lets you pay with Bitcoin

"To justify the additional payment method, the company noted that PayPal alone blocks access from over 60 countries, and many credit card companies have similar restrictions, for political reasons, financial reasons, and/or due to higher fraud rates. If you’re already using Bitcoin, Automattic says you’ll find this payment method even easier than paying by credit card. You’ll see the amount due in BTC and the address of a wallet created just for your transaction. As soon as the company receives notification of the transaction, your purchase is complete." Continue reading →

Continue ReadingWordPress.com criticizes PayPal, credit card firms for restrictions, now lets you pay with Bitcoin