money

Is Central Banking Scientific?

"The portrayal of central banking in these sorts of articles is sterile and scientific. You wouldn't know, for instance, that the men who created the plan for the Federal Reserve dressed up in costumes so they wouldn't be found out when traveling down to Jekyll Island for the confab that led to the final proposal. And you certainly wouldn't know of the relationships between them and others in Europe that were backing this sort of plan. The idea that the framers of the Federal Reserve Act would be shocked at the way it turned out is specious. It didn't take but a decade and those empowered by the Act were conspiring with the British to devalue the dollar and prop up the pound." Continue reading →

Continue ReadingIs Central Banking Scientific?

Bitcoiners donate to WikiLeaks to support Edward Snowden

"Bitcoin donations to WikiLeaks increased 1,894% yesterday after Julian Assange pledged his support to whistle-blower Edward Snowden. 'I have personal sympathy with Snowden having gone through similar personal experiences,' Time Magazine reports Assange as saying during the 75-minute call. Assange said yesterday that Snowden was 'healthy and safe', but would not offer any further insight into where the 29-year-old was or when and how they had spoken. 'If we lived in a better world we would be able to go into those details. Unfortunately, we live in a world, as illuminated by Mr Snowden, where most communications are intercepted unlawfully.'" Continue reading →

Continue ReadingBitcoiners donate to WikiLeaks to support Edward Snowden

Is the National Security Agency behind Bitcoin?

"Recently a 1996 NSA report surfaced, ‘predicting’ a crypto-cyber unit eerily close to Bitcoin. The NSA report goes deeply into the challenges a crypto currency faces and lists the various security and implicated regulatory risks. Amazingly, a key writer of the report is called Tatsuaki Okamoto. In the Bitcoin community this has been picked up as remarkably similar to Satoshi Nakamoto, the pseudonym of the enigmatic developer of Bitcoin. An interesting issue is In-Q-Tel’s involvement. In-Q-Tel is the ‘not for profit’ investment arm of the CIA. In-Q-Tel is investing or planning on investing in Bitcoin, presumably by buying some of them." Continue reading →

Continue ReadingIs the National Security Agency behind Bitcoin?

Former Clinton, Cameron Advisors: ‘Why Bitcoin is on the money’

"This phenomenon is part of a wider trend towards networked and globalised power structures that tend to undermine the nation state-based systems to which we have grown accustomed. Last week, the world’s most powerful nations grappled with the complexity of a global tax system. But almost unnoticed, the rise of digital currencies like BitCoin threatens to render obsolete even the modest progress made by the G8. BitCoin's distributed network structure makes it hard for any one country or group of countries to regulate its activities. Opportunities for larger players are presented by immediate and secure value transfer, delivered anonymously and at next-to-zero cost." Continue reading →

Continue ReadingFormer Clinton, Cameron Advisors: ‘Why Bitcoin is on the money’

Snap up a pint in Britain’s first Bitcoin pub

"Bitcoin has its first British boozer. The Pembury Tavern in Hackney, east London – as well as its sister pubs in Cambridge, Norwich and Peterborough – are now accepting the virtual currency. The system is quick and effective. The bar staff press two buttons on the till and the screen displays a QR code. The customer opens their digital Bitcoin wallet, takes a snap of the screen and confirms the payment. The staff press one more button and the transaction is complete. Snapping the QR code in a crowded bar could be a challenge but in a quiet pub it is faster than paying by card." Continue reading →

Continue ReadingSnap up a pint in Britain’s first Bitcoin pub

Bill Bonner: An Important Lesson from Tony Soprano

"Whew! The Fed is number one in central banking. And it's finding out just how tough it can be to meddle with a $16 trillion economy. On Wednesday, Ben Bernanke came out with a public statement. He said that if all went well... and he didn't change his mind... and nothing unexpected came up...and the Fed's Open Market Committee felt like it... the Fed would begin tapering its bond buying sometime soon. That was all it took to send a shiver up investors' spines... and a sell signal to Wall Street. Everything sold off – stocks, bonds, commodities, gold... you name it." Continue reading →

Continue ReadingBill Bonner: An Important Lesson from Tony Soprano

Here’s Why Bernanke is Clueless…

"The only place to hide last week was in cash – all thanks to the Fed. Last Wednesday, it updated its forecast, saying it expects economic growth to improve. If its forecast is correct, the Fed expects to conclude its bond purchase program, known as QE, by mid-2014. But there’s a big problem with the Fed’s forecast… The Fed basically said it will end its bond purchase program if its economic forecast becomes a reality. The market is reacting as if the Fed will be right this time. That’s a huge assumption to make because the Fed’s forecast is almost always wrong." Continue reading →

Continue ReadingHere’s Why Bernanke is Clueless…

Australian Taxation Office targets Bitcoin users

"The Australian Taxation Office is taking aim at Bitcoin users who could be attracted to the burgeoning virtual currency by the possibility of hiding transactions and dodging tax. Despite the ability to trade virtual currencies like Bitcoin anonymously, the ATO is confident it can track users in efforts to stop fraud. 'Bitcoin is no more anonymous than physical cash and the ATO has experience in working with earlier forms of ­anonymous electronic money systems, and with physical cash, which are relevant for responding to new and emerging ­systems,' ATO senior assistant ­com­missioner for the cash economy Michael Hardy told The Australian ­Financial Review." Continue reading →

Continue ReadingAustralian Taxation Office targets Bitcoin users

What Currency Controls Mean for You

"Many in the First World are predicting that we are on the verge of an economic collapse that will bring about the destruction of wealth, but this is not so. Yes, there will most certainly be a collapse, but, historically, wealth is not destroyed in such situations, it merely changes hands. It is likely that the reader is already well aware that small jurisdictions, such as Singapore and Hong Kong, are attracting a share of wealth that is beyond what their size would naturally dictate. The amount of wealth per resident in these jurisdictions is high. Its presence means that opportunities abound in these havens. For every door that closes, another opens." Continue reading →

Continue ReadingWhat Currency Controls Mean for You

Bitcoin Foundation Receives Cease And Desist Order From California

"Directly following last month’s Bitcoin 2013 conference event in San Jose, CA that brought good revenue into the state, California’s Department of Financial Institutions decided to issue a cease and desist warning to conference organizer Bitcoin Foundation for allegedly engaging in the business of money transmission without a license or proper authorization. If found to be in violation of California Financial Code, penalties can be severe ranging from $1,000 to $2,500 per violation per day plus criminal prosecution which could result in fines and/or imprisonment." Continue reading →

Continue ReadingBitcoin Foundation Receives Cease And Desist Order From California