money

Bitcoin Ticker Available On Bloomberg Terminal For Employees

"Bitcoin is now officially mainstream. According to BTC Geek, Bloomberg terminal users can now look up Bitcoin’s pricing history. Data comes from ubiquitous Bitcoin exchange service Mt. Gox as well as Tradehill. For now, only Bloomberg employees can access the ticker. But the feature should make its way to regular Bloomberg terminal customers under the label XBT. The ticker probably shows what a bitcoin is worth in U.S. dollars over time. With the Bloomberg terminal, traders could easily compare Bitcoins with other currencies in order to short them." Continue reading →

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Jeffrey Tucker: Is Bitcoin Real or Not?

"Certainly government can regulate exchange between government currencies and Bitcoin. It can also regulate income in Bitcoin the same as with other currency. This is not some tax-free nirvana in the making. The government can also oversee contractual regulations and securities activities in Bitcoin. However, Bitcoin itself is a peer-to-peer system of cryptographically guarded exchange, and it lives on a distributed server model. It is not a company. It is not a stock. It is not a product. It is a ledger that no one in particular runs or owns. It is not possible for Bitcoin as such to be destroyed any more than government can destroy algebra." Continue reading →

Continue ReadingJeffrey Tucker: Is Bitcoin Real or Not?

Bill Bonner: The Bottom Is Still Ahead for This Bear Market

"The last top in Treasury prices (and a bottom for yields) occurred in 1946. Yields rose for the next 34 years. Now the Treasury market appears to be topping out again… and is headed for a new high in yields… which may not arrive until 2047. It may be a long way off… or right around the corner. Either way, it will be hell getting there. The Detroit pension disaster is just the first of many. Wait until long-term interest rates hit 5%… or 10%. How many companies, cities and pension funds will still be solvent? We’ll see! But wait. You don’t think the Fed will sit on its hands and let the markets take over, do you? Taper off? Forget it." Continue reading →

Continue ReadingBill Bonner: The Bottom Is Still Ahead for This Bear Market

The Magic of Monetary Figures

"Hitting our magic number was a fantastic milestone for us. All the 60-80 hour work weeks, tosses and turns in the middle of the night, and struggles to keep our financial house in order had finally paid off. We would never have to worry about money again. We were home free… or so we thought. Now, twenty years later, our account balance is many times higher than our original magic number. We have come to grips with the fact that our magic number was aptly named. We had forgotten what magic really is: an illusion. In reality, our magic number was nothing more than ink on a sheet of paper that made us believe something that was not true." Continue reading →

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Janet Yellen: “A Wise and Humane Policy Is Occasionally to Let Inflation Rise”

"Yellen comes out of the economic school of thought that holds the view that printing money can somehow boost the economy. In essence, she holds the thought that the economy can somehow at times get stuck, that prices at such time don't adjust to supply and demand and that thus money needs to be printed by the Fed via Wall Street cronies to distort prices via monetary and price inflation and fool the public into doing transactions they wouldn't do without the distortions. This is what is held these days as 'utterly unquestioned credentials.'" Continue reading →

Continue ReadingJanet Yellen: “A Wise and Humane Policy Is Occasionally to Let Inflation Rise”

Credit Outbids Cash = Resource Wars

"Trader 1 only has cash that has been earned and saved; Trader 2 has access to leveraged credit (i.e. borrowing $100 based on $10 of cash collateral) and Trader 3 has a printing press that creates cash currency. As a result, Traders 2 and 3 could buy a lot more real-world goods at the fair than Trader 1, enabling the two traders with essentially unlimited credit/cash to reap enormous profits on carry-trades and other speculative trading. Not only can trader 2 and 3 purchase more goods than trader 1. Trader 2 and 3 have no limit on what they can bid and therefore can price trader 1 out of the market completely." Continue reading →

Continue ReadingCredit Outbids Cash = Resource Wars

India’s financial prophet Raghuram Rajan to run central bank

"Mr Rajan, a Chicago professor and former chief economist at the International Monetary Fund, clashed openly with US Federal Reserve officials and top policymakers in 2005 over the risk that derivative contracts would amplify any financial crisis once the cycle turned. He said the US had created incentives for destructive behaviour, effectively pushing homeowners and banks into risky ventures. He was called a 'Luddite' by none other than Larry Summers, former US Treasury Secretary and now front-runner to take over as Fed chairman. The two men may soon be direct counterparts. Mr Rajan’s warnings were borne out by events." Continue reading →

Continue ReadingIndia’s financial prophet Raghuram Rajan to run central bank

Gold replaces narcotics as the most valued smuggled item in India

"The Bombay Bullion Association has stated that the tighter import curbs by the government have resulted in a huge gap between supply and demand for the precious metal. This huge gap is being partly filled by the illegal traffickers who buy the gold overseas at a cheaper rate and sells it to domestic jewelers or bullion agents by evading tax. Revenue authorities seized gold worth Rs 598 million during April-June quarter this fiscal, an increase of nearly 365% in comparison with the same quarter last year. Smuggled gold pours into the country mainly from Dubai, Bangkok and Singapore." Continue reading →

Continue ReadingGold replaces narcotics as the most valued smuggled item in India

Poolfa.com: Evidence of an Expanding Iranian Bitcoin Community

"As Bitcoin has proven to be an asset to Iranians whose rial is suffering from high inflation and an oppressive government, it will be interesting to see how successful additional alternative cryptocurrencies fare in the Islamic Republic of Iran. Through serving the Iranian people as a news blog, forum, wiki page, pool for mining, exchange and translation service, Poolfa is in turn contributing to the Bitcoin community as a whole. With an expanded and empowered user base, Bitcoin will continue to grow in prominence in Iran, the Middle East, and the rest of the world." Continue reading →

Continue ReadingPoolfa.com: Evidence of an Expanding Iranian Bitcoin Community

BitPay Partners with 3dcart, Giving 16,000 Online Merchants the Ability to Accept Bitcoin

"In a strategic move that could more than double the number of bitcoin merchants on its roster, BitPay has announced a partnership with 3dcart, a well-established eCommerce platform for online store owners. The partnership gives some major online merchants – including Bubba Gump Shrimp, Coffee Bean & Tea Leaf, and The New York Times – the option (not obligation) to enable bitcoin payments directly through 3dcart back-end tools. BitPay gives merchants the option to accept bitcoin payments and instantly convert all, some, or none of the bitcoins into a bank deposit that clears in one business day." Continue reading →

Continue ReadingBitPay Partners with 3dcart, Giving 16,000 Online Merchants the Ability to Accept Bitcoin