money

Bitcoin industry leaders launch DATA, a self-regulatory body for digital currencies

"The Committee for the Establishment of the Digital Asset Transfer Authority will 'work proactively with regulators and policymakers to adapt their requirements to our technologies and business models,' said the new group, in an announcement earlier today. The list of backers is a Who’s Who of players in bitcoin. Tony Gallipi, CEO of payment processor BitPay, Chris Larsen, CEO of Ripple and founder of OpenCoin, and Patrick Murck, general counsel for the Bitcoin Foundation, are on board. TradeHill CEO Jered Kenna, who has been negotiating licenses with individual states for his high-net worth bitcoin exchange, is also a member." Continue reading →

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Don’t Let Bitcoin Morph into Govcoin

"Recently, Govcoin has become a metaphor for alterations to the core bitcoin protocol that reduce its fungibility, irreversibility or privacy to conform to certain government specifications for an 'appropriate' digital currency. The Consumer Financial Protection Bureau has not yet confirmed to what extent the implementation of Regulation E by money transmitters will be applicable to licensed virtual currency providers. Also known as the Remittance Transfer Rule, compliance will be required by Oct. 28. It requires, among other items, prepayment disclosure, transaction receipts, and transaction cancellation within prescribed time limits." Continue reading →

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Bitcoin activists propose hard fork to keep it anonymous and regulation-free

"The authors are particularly concerned about the Bitcoin Payment Messages system scheduled for release along with version 0.9 of the cryptocurrency. That mechanism would allow merchants to request payment from customers, rather than simply providing them with an address to send payments to. Payments would be completed using digital certificates owned by the merchants, and would contain customer and merchant metadata linked to specific transactions. [The paper] worries that Bitcoin Payment Messages will make it possible – and therefore mandatory – to issue receipts, playing further into the hands of the regulators." Continue reading →

Continue ReadingBitcoin activists propose hard fork to keep it anonymous and regulation-free

Bill Bonner: Goodbye, Motor City

"Motor City has been flattened. Now it’s being scrapped. The largest municipal bankruptcy in history. Detroit was once one of the richest…and most dynamic…cities in the world. And it was the centre of America’s most profitable industry: automobiles. German and Japanese automakers had the good fortune to be bombed out in World War II. But Detroit grew bigger…more prosperous…and full of zombies. Yes, dear reader, Detroit is a zombie story. Since 1971, almost all big stories have a zombie angle. Because the credit-based monetary system that Richard Nixon put us in is a perfect habitat for zombies." Continue reading →

Continue ReadingBill Bonner: Goodbye, Motor City

Federal Reserve expected to stay the course on near-zero interest rate

"Markets appeared to ignore his assertion that the Fed’s key federal funds rate, at 0.0-0.25 percent since December 2008, would not rise before 2015. Interest rates jumped more than a full percentage point in two months, pushing mortgage rates suddenly higher, raising concerns they could snuff out the housing market recovery, one of the few bright spots in the sluggish economy. In later comments, particularly two days of twice-yearly testimony to Congress in mid-July, Bernanke sought to assure markets that the near-zero interest rate would stay put for a while, given the 'weak' economy. 'If we were to tighten policy, the economy would tank,' he told lawmakers." Continue reading →

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Will the Federal Reserve Taper Off on QE?

"Why on earth would Mister Bernanke announce at this time that the Fed might taper off on QE? After all, Mister Bernanke is a committed Keynesian. Further, he is an ardent fan of President Roosevelt and his economic 'solutions.' So, what's up? It is highly unlikely that the leopard is changing his spots. Rather than assume he has, we might want to consider that his recent announcement to taper off on QE is a mere smokescreen – a tactic that will create a scare sufficient to give the Fed license to print like never before." Continue reading →

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Independent journalist Ben Swann now accepts Bitcoin for episode funding

"For two and half years I have heard day after day about media blackout, about corporations having too much control over media, about the need for honesty and truth. I have heard about how the American public is asleep and there is no one in MSM speaking about the issues of our disappearing liberties, no one to push back against the left/right paradigm. What I have done is stepped out in response to what millions of Americans from the Tea Party and Occupy movements, from independents to the fast growing Liberty movement have been crying out for. The opportunity is here… not MY opportunity, YOUR opportunity." Continue reading →

Continue ReadingIndependent journalist Ben Swann now accepts Bitcoin for episode funding

Oklahoma prosecutors return $21,227 more to Interstate 40 travelers

"District Attorney Jason Hicks agreed Thursday to return the funds in the three cases, dropping efforts to have the money forfeited to law enforcement use. Hicks is under fire for hiring a private company, Desert Snow LLC, to assist in his drug interdiction effort. After hiring the Guthrie company in January, his task force seized more than $1 million in the stops, mostly along a 21-mile stretch of I-40 in Caddo County. Hicks agreed to pay the company 25 percent of all forfeited proceeds from stops involving its trainers. Hicks said he does not plan to return nearly $850,000 seized in one stop in May. No one was arrested in that stop." Continue reading →

Continue ReadingOklahoma prosecutors return $21,227 more to Interstate 40 travelers

In Bitcoin we trust: The Berlin district where virtual currency is as easy as cash

"Start-ups like Berlin-based 9flats.com, a 'share economy' platform, say that the Bitcoin concept is working in their favor. 'The main advantage for our business is that we do not lose money on transaction fees because with Bitcoin there are none,' said Alexander Lossenko, lead developer at 9flats.com. To avoid the risk of devaluation and strong fluctuation in Bitcoin prices, companies like 9flats.com often use services that convert bitcoins into euro or dollars instantly. 'It also opens new markets for us. In Russia, for example, PayPal does not exist, so Bitcoin offers another alternative for payments,' Lossenko added." Continue reading →

Continue ReadingIn Bitcoin we trust: The Berlin district where virtual currency is as easy as cash