The G20 today lined up a $2 TRILLION quantitative easing deal for April according to reports. The question to ask yourself is what exactly is the G20 expecting to occur by April that will require twice the amount of liquidity and printing that was agreed upon during the depths of the 2008-2009 financial crisis?
(Reuters) – The world’s leading economies worked on Sunday to line up a deal in April on a second global rescue package worth nearly $2 trillion to stop the euro-zone sovereign debt crisis from spreading and putting at risk the tentative recovery.
Bitcoin offers Africans multiple and unique ways to lower or even remove the digital divide. There is more to Bitcoin than just reliable, cheap and very fast transfers to and from anywhere in the world. At a certain adoption rate of Bitcoin, network effects will ensure that it will dominate world wide online payments. If Africans are quick enough to act, they can put themselves into the driver’s seat of that development and play a similar role in the Bitcoin network as the USA is playing in the Internet.’
businessweek: According to authorities in Japan, Nami, chairman of Japanese bedding linen company L&G, claimed he could get a 36% annual return on investments in a fictional currency he created and dubbed Enten, meaning “divine yen.” Nami allegedly took $1.4 billion from roughly 37,000 investors by convincing them that after the world’s economies collapsed, his digital Enten currency would make them wealthy. Investors grew frustrated when Nami allegedly began repaying them in Enten. In February he and 21 former executives of the company were arrested and charged with fraud in Tokyo.
Are bitcoins commodities? In a previous article I showed that, under U.S. law, bitcoins are neither securities nor currency. So, what are bitcoins? Furthermore, what regulations, if any, apply to bitcoins designated as a commodity?
You got up, you worked, you slept, you died. Loyalties were to our immediate family, maybe our community. Work was only a means to provide for your family….
It is the ability to take new ideas from the profusion of old ideas in unexpected ways that leads to creative innovation. A new way of painting or another type of invention. Creativity requires lots of unrelated ideas, or… lots of unrelated knowledge. Exactly the opposite of a specialist that our society requires- a generalist. Generalists are born a dime a dozen everyday in the idea-metropolis of the internet.
For years a silent revolution has been happening. All over the net skilled programmers have been collaboratively working on open access technology as a reactionary to the problems and dangers facing the computer world and our global culture. It is called Free Software. Here the free is misleading as it refers to free as in freedom, not free as in free beer. The term free is more akin to the french word for libre (preserves rights) than than gratis (no cost).
Users at the website Silk Road are combing the anonymity of TOR’s network with the ‘anonymity’ of Bitcoin to exchange goods — many of them illicit — online. Think Craigslist but for acid. Adrian Chen reports:
Making small talk with your pot dealer sucks. Buying cocaine can get you shot. What if you could buy and sell drugs online like books or light bulbs? Now you can: Welcome to Silk Road.
Mark, a software developer, had ordered the 100 micrograms of acid through a listing on the online marketplace Silk Road. He found a seller with lots of good feedback who seemed to know what they were talking about, added the acid to his digital shopping cart and hit “check out.” He entered his address and paid the seller 50 Bitcoins — untraceable digital currency — worth around $150. Four days later, the drugs (sent from Canada) arrived at his house.
The second largest exchange for buying and selling bitcoins, TradeHill, has shut down its trading operation and is returning funds on deposit from its clients.
The announcement from the exchange’s CEO, Jared Kenna, blames ‘increasing regulation’ and losses exceeding $100K USD when transfers to the exchange were reversed by a payment processor (presumable the July 2011 incident in which TradeHill claimed Dwolla withdrew funds). A post on BetaBeat regarding today’s closure also references the exchange’s trouble processing transactions after an issue in January affecting their account at Citibank.
Though Kenna describes the intention to pursue licensing and raise funds, the TradeHill staff are now working on Bitcoin.com with a release planned before the end of the month. There was no mention of what service this site will offer.
As long as the governments, legislators, banks and other powers-that-be cannot figure out any truly effective ways of crippling the Bitcoin economy, the expected outcome of any bout of devaluation (except a protocol flaw) is just a rebounding of value or even exceeding the previous rate. This calculation is greatly simplified by the fact that the Bitcoin system itself is simple and elegant: the issuance of new money is algorithmically controlled, forgery is next to impossible, fees are either low or non-existent and last but least, all transactions can happen directly between parties with no need for intermediaries.
For now, all we can do is wait and see how governments are faring in their attempts to ban cryptocurrencies or distributed file sharing systems. So far they have only been able to tackle single web sites like Pirate Bay. Needless to say, this is not enough to snub a sprawling, decentralized movement.
These past days, I have done a lot of thinking about bitcoin that ended up with me investing all of the money I had saved and all that I can borrow into the currency. Here’s why.
In twoposts now, I have considered the effects of bitcoin on society. A lot of more thinking has been done than has been described in writing, and it has resulted in me putting all my savings into this currency.
Short version of what bitcoin is: it is a currency, but an entirely new kind of currency that can’t be seized or frozen by governments, one which is integrated with its transaction system where transaction fees are optional, and where you can transfer any amount anywhere instantly without any authority knowing or interfering.