Blog

Feds Close Silk Road, Arrest Owner, Steal 26,000 Bitcoins

On Sept. 18, the Federal Open Market Committee issued a statement saying that they would not yet begin to reduce the $85 billion monthly debasement of the US dollar, which is carried out by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term treasury securities at a pace of $45 billion per month. The Committee also decided to keep the target range for short-term interest rates at 0 to 0.25 percent for at least as long as the unemployment rate remains above 6.5 percent.

12/24: Despite being separated by a 1000 miles, Fox and Hatfield still manage to bitch about online poker and Howard Lederer. A very special Christmas Eve edition of Under the Gun! [Visit Website] [Download MP3].

JK: I said I wouldn’t get back into it unless we had the technical side taken care of, the legal side and the money behind it. We hired 7 lawyers to take care of the legal side, and convinced Miron Cuperman who worked on PCI compliance at Google, to join as the CTO. He was a really big fan of Bitcoin Paper Wallet and he’s working for us full time now, he’s pretty awesome. Having him really convinced me it was worth doing. We also raised 400, 000 in seed money and right now most of us are not taking a salary, so we’re working really hard on it.

Rising bond yields forced Argentina to turn to other lenders for funding support. Earlier I mentioned how the IMF stepped in. Argentina then broadened its request to the World Bank and the U.S. Treasury. In the U.S., we have already mentioned support by the Fed. Despite all this support and QE action, bond yields in the U.S. are on the rise, predictably.

In 2008 the exchange rate was 3 Argentine Pesos to 1 U.S. Dollar (USD). While the USD was not universally accepted, convertibility into Pesos was no problem. What I immediately noticed was how Bitcoin Paper Wallet cheap certain things were like beef and public transportation. I felt like I could get a substantial meal with wine in a restaurant for a very reasonable price, and this was in a big city. Prior to their economic problems, the exchange rate was 1:1.

One of the main e-currencies that has been around for over 5 years is E-gold. This is an online payment system backed by real gold. You have an account, much like a bank account, and your gold is stored in that. E-gold themselves do not buy or sell e-gold, you have to do that through an e-currency exchanger. Once you have e-gold in your account you can spend it with any merchant who takes payment that way.

Imagine running of a something that never failed to provide you with cash-flow. A system so amazingly profitable that you never had to work for a boss ever again!

Haters gonna hate. But the least he could do is refrain from wild speculation about topics he clearly has no expertise in, especially when writing about the dangers of wild speculation. Bit surprise, free markets don’t behave exactly how central planners want them to. It’s a risk we all accept.