money

Need Some Bitcoin? Hit This ATM Machine

"The brothers are converts to the bitcoin story. They were running a guitar shop in Israel, Zach is a guitar player and was in a band, when their interest was piqued in the virtual currency. At first, their enthusiasm was limited to accepting bitcoin at the shop. Josh Harvey has a tech background, though, and together with a third partner, they dreamed up the idea of a bitcoin ATM. They built the first mock-up out of their house, but when they started showing it off at bitcoin conferences, the reception convinced them to build and sell the machine. They’ve got a manufacturer contracted and expect to start sales in the fall." Continue reading →

Continue ReadingNeed Some Bitcoin? Hit This ATM Machine

QE Exit to Rattle U.S. Bond Markets, Warns OECD

"'Exit from unconventional monetary policy, when needed, may be difficult to manage and less smooth than desirable, possibly leading to sharp rises in bond yields and serious negative consequences for growth in a number of advanced and emerging economies,' Pier Carlo Padoan, OECD’s deputy secretary-general and chief economist, said in the report. 'A leap in U.S. government bond yields would result in capital losses for investors, and prices on other assets would most likely follow suit, with mortgage-backed securities and corporate bonds most strongly affected. [..] In comparison with 1994, this could be more disruptive given current higher leverage." Continue reading →

Continue ReadingQE Exit to Rattle U.S. Bond Markets, Warns OECD

OKPay To Suspend Money Services for All Bitcoin Exchanges

"Mt. Gox has recently been informed by OKPay, one of our longtime partners, that they are planning to stop performing wire transfers to and from all Bitcoin exchanges, including Mt. Gox[...] We will soon stop accepting deposits via OKPay. This may take up to a couple of weeks, but it will happen eventually. Withdrawals to OKPay accounts will not be cut immediately, but will only be allowed up to the amount that OKPay users have deposited into Mt. Gox via OKPay. Beyond that amount there are other methods of withdrawal available." Continue reading →

Continue ReadingOKPay To Suspend Money Services for All Bitcoin Exchanges

Digital Currency Firms’ Sites Have Been Shut Down.

"One of the companies involved in digital currency transfers is Perfect Money. It just got a lot less perfect. The screws are tightening on digital money sites. Bottom line: the U.S. government reserves the right to shut down any website on earth, at any time — no appeal. Meaning: you can put your legal digital money into these sites. Then, without warning, these sites are defined by the U.S. government as money-laundering sites. They mysteriously go offline. Think of them as roach motels: your money goes in. It does not come out." Continue reading →

Continue ReadingDigital Currency Firms’ Sites Have Been Shut Down.

Google no longer able to pay Android developers in Argentina, pulling apps on July 27th

"Developers in Argentina have begun receiving letters from Google informing them that 'Google Play will no longer be able to accept payments on behalf of developers registered in Argentina starting June 27, 2013.' The change applies to both paid apps and apps that use in-app purchases. The move appears to be related to new, restrictive regulations the Argentine government has imposed on currency exchanges, which The Telegraph detailed this past September. Twitter has quite a few developers complaining about the changes, but it's not clear how many people will be affected." Continue reading →

Continue ReadingGoogle no longer able to pay Android developers in Argentina, pulling apps on July 27th

Linden Lab Changes ToS Around Second Life Currency to Comply With US Treasury?

"Linden Lab has updated Second Life's Terms of Service regarding Linden Dollars, the world's official currency, in a way that will impact third party sites which exchange L$ for real money or other virtual currency, including Bitcoin. In the new Terms of Service, however: '[T]o better protect Second Life users against fraud, the updated Terms of Service make it clear that trading of Linden dollars (L$) on exchanges other than the LindeX, Second Life’s official L$ exchange, is not authorized or allowed.' The given reason seems strange on its face, because Second Life users have been able to exchange Linden Dollars for real currency on third party sites since 2004." Continue reading →

Continue ReadingLinden Lab Changes ToS Around Second Life Currency to Comply With US Treasury?

U.S. Government Seizes LibertyReserve.com, Arrests Founder

"The news comes four days after libertyreserve.com inexplicably went offline and newspapers in Costa Rica began reporting the arrest of the company’s founder Author Bodovsky, 39-year-old Ukrainian native who moved to Costa Rica to start the business. As noted by the BBC, many users — principally those outside the United States — simply viewed the currency as cheaper, more secure and flexible alternative to PayPal. But according to the Justice Department, Liberty Reserve enabled the use of its services for criminal activity by offering a shopping cart interface that merchant Web sites could use to accept Liberty Reserve as a form of payment." Continue reading →

Continue ReadingU.S. Government Seizes LibertyReserve.com, Arrests Founder

Texas votes to abolish taxation of gold

"The Texas Senate on Wednesday night passed H.B. 78, a bill that eliminates the sales tax on precious metal coins and bullion. It now goes to Governor Rick Perry’s desk for his signature into law. Existing Texas statute applies the 6.25% sales tax to purchases of gold and silver under $1,000. 'This sends a powerful message to other states that taxing gold makes no sense because gold is money,' said Rich Danker. 'What is particularly right about this bill is that it removes a tax that affected middle and lower income people who wanted to acquire gold. These are the people losing the most from the long-term erosion in the dollar’s value and need this sound money option.'" Continue reading →

Continue ReadingTexas votes to abolish taxation of gold

Texas votes to abolish taxation of gold

"The Texas Senate on Wednesday night passed H.B. 78, a bill that eliminates the sales tax on precious metal coins and bullion. It now goes to Governor Rick Perry’s desk for his signature into law. Existing Texas statute applies the 6.25% sales tax to purchases of gold and silver under $1,000. 'This sends a powerful message to other states that taxing gold makes no sense because gold is money,' said Rich Danker. 'What is particularly right about this bill is that it removes a tax that affected middle and lower income people who wanted to acquire gold. These are the people losing the most from the long-term erosion in the dollar’s value and need this sound money option.'" Continue reading →

Continue ReadingTexas votes to abolish taxation of gold

Peter Schiff: The Biggest Loser Wins

"Never in the course of history has a country's economy failed because its currency was too strong. It's a pathology that simply does not exist. On the other hand, the list of those ruined by weak currencies is extensive. The view that a weak currency is desirable is so absurd that it could only have been devised to serve the political agenda of those engineering the descent. A currency war is different from any other kind of conventional war in that the object is to kill oneself. The nation that succeeds in inflicting the most damage on its own citizens wins the war. The only real way to win is not to play." Continue reading →

Continue ReadingPeter Schiff: The Biggest Loser Wins