License to print money... BitCoin?

April 14th, 2013 at 5:24:57 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 48
Posts: 4315
Iceland's banking troubles were due to their entire economy being a klan-based club with no real watchdogs at all.
It was the UK that seized IceBank accounts after declaring every man, woman and child in Iceland to be a terrorist.
Battered currency? I think it was England that did the battering.

The advantage of BitCoins is that digital currency survives politically motivated actions.
April 17th, 2013 at 8:53:12 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 48
Posts: 4315
Steve Jobs Forbes says Bitcoins are not money because they are too volatile but he should look at just how volatile money can be sometimes.
Forbes.
April 17th, 2013 at 4:31:30 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 677
Posts: 7753
Quote: Fleastiff
Steve Forbes says Bitcoins are not money ]


Money has only one purpose–it makes doing transactions, that is buying and selling products and services and securities, infinitely easier than barter. All the other purposes of money flow from this basic function. - Steve Forbes

Well that statement is decidedly simplistic. US Currency was equally volatile when it was first printed, and most people used "real currency", the "peso de ocho". Any textbook will tell you that "store of value" is a primary function of money. Despite temporarly jumping up to $200 for a few weeks, the bitcoin is hovering around $100. Even assuming more volatility, they seem to function as a "store of value".

Monterary policy controlling a national currency does have other objectives (like employment). The Swiss government has spent $200 billion dollars in their quest to keep the self imposed ceiling (sep 2011 to present) on the Franc at no more than 20% over the Euro. Hedge fund managers are trying to overcome the Swiss Central bank. In that sense bitcoin is different than national money in that there is no one to put the brakes on the value.
April 28th, 2013 at 2:12:20 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 48
Posts: 4315
Canada Revenue Service declares all BitCoin transactions to be taxable events whether used for barter or speculation.
May 15th, 2013 at 2:29:51 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 48
Posts: 4315
Homeland Security shuts down Dwolla Mobile Payments System for deposits into Bit Coin Mt. Gox site.
May 15th, 2013 at 1:11:27 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 677
Posts: 7753
Quote: Fleastiff
Homeland Security shuts down Dwolla Mobile Payments System for deposits into Bit Coin Mt. Gox site.


That sentence is phrased badly. Dwolla is not shut down, Mt Gox's account with Dwolla is shut down.
May 26th, 2013 at 1:31:27 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 48
Posts: 4315
Gamble online with Bit Coins.... bitsaloon.com

Proven honest .... we publish are seeding algorithms.
June 22nd, 2013 at 1:12:52 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 48
Posts: 4315
>Anyone can transfer Bitcoins anywhere for free and that could put a dent in some banking transaction processing fees."

This is said to be the real reason banks are wary of getting involved with bitstream companies.

Mt.Gox recently made an announcement about USDollar transactions at its site.
June 20th: Temporary hiatus on US Dollar withdrawals.
July 2nd, 2013 at 11:32:16 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 48
Posts: 4315
BitCoins going public with 18 pages of warnings.
July 6th, 2013 at 9:46:24 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 48
Posts: 4315
Swedish startup Flattr, which offers an 'online tipjar' service, has announced it has added partial support for Bitcoin: you can now fund your account with the virtual currency. Furthermore, the company is considering adding the option to withdraw in Bitcoins too, but it first wants to gauge its community's desire for the feature on Twitter."
TNW--The Next Web.