money

Bitcoin takes off — on the ground in Berlin

"Across the Spree River on Berlin’s north side, Aaron Koenig dons a bowler cap as he welcomes guests to an industrial co-working space for the second Berlin Bitcoin Exchange (BXB) — a monthly event he founded to allow buyers and sellers to meet face to face and exchange Bitcoins for euros, dollars or otherwise. Both June and July’s exchanges drew a fluid crowd of about 50 people, with plans to expand the event into a maker’s market where visitors can spend their Bitcoins right after purchasing them. Koenig said growing problems with the euro mean the benefits of Bitcoin are beginning to outweigh the risks." Continue reading →

Continue ReadingBitcoin takes off — on the ground in Berlin

Bitcoin: Understated benefits and overstated risks

"Built within the Bitcoin protocol are capabilities to develop other financial innovations, like notary services, encrypted communications, and 'smart' collateral contracts. Developers and businesspeople are still learning the myriad applications for this innovative technology. Just as the public debate understates some of the benefits of Bitcoin, it also overstates some of the concerns. The hypothetical crimes that Bitcoin may enable are traditionally committed with cash, but policymakers would never dream of criminalizing cash. Instead, they regulate the use of cash. Regulations targeting Bitcoin could adopt this time-tested approach." Continue reading →

Continue ReadingBitcoin: Understated benefits and overstated risks

To Make Sense of the Coins Act, Follow the Money

"The American people might be surprised to learn that for the past 20 years a handful of lobbyists and lawmakers—mostly from states with mining and metal-processing interests—have been pushing a proposal to take away dollar bills, and force the public to use metal coins instead. The advocacy group promoting the Coins Act has the same address as PMX Industries, a South Korean firm located in Cedar Rapids, Iowa, that supplies the U.S. Mint with the metal used to make dollar coins. The company in 2011 donated a combined $500,000 to the Harkin Institute of Public Policy at Iowa State University named after the senator." Continue reading →

Continue ReadingTo Make Sense of the Coins Act, Follow the Money

The Impending Collapse of the Global “Bernanke Bubble”

"In the past few months, the Turkish lira has depreciated by 4.5% against the dollar, while its dollar-denominated debt stands at $172 billion or 22% of its GDP. Goldman Sachs forecasts a further 15% fall in the Turkish lira, spurring a financial crisis as it becomes more and more expensive to buy dollars to service these loans, most of which are short term. Furthermore, 'some of the biggest beneficiaries of the Fed’s largess were . . . among the politically connected elite in emerging nations like Turkey, where vanity towers, glitzy shopping malls and even grander projects to come have become representative of the nation’s new dynamism.'" Continue reading →

Continue ReadingThe Impending Collapse of the Global “Bernanke Bubble”

Bitcoin could be a boon for porn and other high-risk merchants

"The adult industry is known for its technological innovation. It was among the first to stream video commercially, for example. 'I’m convinced that once the big players go in the underground world, the mainstream guys will follow,' said Spagaris, who used to work for adult entertainment giant Manwin, which owns several huge porn brands. 'They’ll see that people are making money off this.' But it hasn’t happened in significant numbers yet and one of the biggest reasons, other than the concern about regulatory issues and the general lack of awareness, has been bitcoin’s lack of support for recurring payments." Continue reading →

Continue ReadingBitcoin could be a boon for porn and other high-risk merchants

This is the way they’ll ‘nationalize’ gold

"What they’re really trying to do is send a clear message– if you use Bitcoin, there will be consequences. This isn’t even really about Bitcoin. The big picture issue is that governments are scared to death of currency alternatives catching fire. With so much debt and monetary stress in the global economy, it’s becoming increasingly clear by the day that the current fiat experiment is in serious trouble. The only reason it still works is because (a) people continue to have confidence in the system, and (b) there really is no mainstream alternative to holding paper currency. This last fact is paramount." Continue reading →

Continue ReadingThis is the way they’ll ‘nationalize’ gold

This is the way they’ll ‘nationalize’ gold

"What they’re really trying to do is send a clear message– if you use Bitcoin, there will be consequences. This isn’t even really about Bitcoin. The big picture issue is that governments are scared to death of currency alternatives catching fire. With so much debt and monetary stress in the global economy, it’s becoming increasingly clear by the day that the current fiat experiment is in serious trouble. The only reason it still works is because (a) people continue to have confidence in the system, and (b) there really is no mainstream alternative to holding paper currency. This last fact is paramount." Continue reading →

Continue ReadingThis is the way they’ll ‘nationalize’ gold

India to launch Save Gold Campaign to convince consumers to deposit gold

"India's bullion industry is set to revive its gold deposit scheme in a bid to mobilise gold coins and bars lying idle. The Save Gold Campaign (Swarna Bachao Abhiyan) is hoped will mop up some of the gold currently lying fallow with individuals, banks, high networth individuals, charitable trusts and even temple trusts, that is estimated to be as much as 25,000 tonnes. The consumer would take sealed gold and authenticity certificate to the bank, which would issue a deposit certificate for a valid period, ranging from one and a half to three years. After the said period, the depositor would get the gold back with interest as promised by the bank." Continue reading →

Continue ReadingIndia to launch Save Gold Campaign to convince consumers to deposit gold