Monthly Archives: November 2013

Venezuela’s House of Cards

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“The story of the Venezuelan economy and its troubled currency, the bolivar, can be summed up with the following phrase: ‘From bad to worse’—over and over again. Yes, the ever deteriorating situation in Venezuela has taken yet another turn for the worse. In a panicked, misguided response to the country’s economic woes, Venezuelan president Nicolas Maduro has requested emergency powers over the economy. And the Maduro government recently announced plans to institute a new exchange rate for tourists in an attempt to quash arbitrage-driven currency smuggling.”

http://www.cato.org/blog/venezuelas-house-cards

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As China Looms, the U.S. Ponders Ways Not to Destroy Bitcoin

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“Bitcoin is thriving across the internet, particularly overseas, and it could become as important to everyday life as the internet itself.  The value of bitcoins have surged, topping $750 on Monday. But exchanges such as Mt. Gox and Bitstamp, which, although located overseas, have traditionally be driven by US traders, have taken a back seat to the Chinese exchange BTC-China, which has now become the world’s most popular bitcoin exchange.  For regulators here in the U.S., the trick is to control Stateside use of this wildly popular digital currency without choking it all together. Otherwise, the bitcoin world will continue to evolve at expense of our domestic economy.”

http://www.wired.com/wiredenterprise/2013/11/bitcoin_hearing/

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The Future of Bitcoin – Bust, Bubble or Breakthrough?

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“Stefan Molyneux, host of Freedomain Radio, discusses the drivers and possible future of Bitcoin.”

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Bitcoin surges 40% after US Senate hearing

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“Bitcoin surged more than 40 per cent to a new high of $US750 ($800) as US agencies told a Senate committee the virtual currency is a ‘legal means of exchange’.  Its value briefly dived to $US601 as the Senate committee got underway, but it has since recovered to sail past the $US675 high it reached prior to the hearing.  While not an official seal of approval, the hearing has given some legitimacy to a payment mechanism that has been associated with illegal activities even as it gains acceptance by the general public and investment community.  The digital currency, which trades 24 hours a day, every day, has risen around 404 per cent in the last two months.”

http://www.businessday.com.au/business/markets/bitcoin-surges-40-after-us-senate-hearing-20131119-2xs0d.html

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FinCEN Director Confirms IRS To Release Bitcoin Guidance

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“In the ongoing US Senate Homeland Security and Governmental Affairs committee hearing, FinCEN Director Jennifer Shasky Calvery confirmed that the Internal Revenue Service (IRS) is working diligently to release a guidance to US taxpayers on the tax consequences of virtual currency use.  Director Shasky told the US Senate committee and the worldwide live audience that the IRS has been actively looking into the virtual economy space for years now and that Bitcoin is ‘at the forefront’ of their minds. The IRS may soon have a Bitcoin Center like Robert Wood of Forbes postulated months ago.”

http://bitcoinblogger.com/fincen-director-confirms-irs-release-bitcoin-guidance/

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US regulations are hampering Bitcoin’s growth

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“Bitcoin’s center of gravity is beginning to shift. Earlier this year, China became the first country to overtake the United States in downloads of the Bitcoin client software, and since China’s dominant search engine, Baidu, began accepting Bitcoins for services, demand has skyrocketed. BTC China, the main exchange there, recently became the largest in the world, accounting for 35% of all Bitcoin trades.  Even more important than losing market share, the United States may also be losing mindshare. The Bitcoin Foundation is reportedly considering moving its headquarters overseas, and citing regulatory concerns, startups are beginning to avoid the United States.”

http://www.theguardian.com/commentisfree/2013/nov/18/bitcoin-senate-hearings-regulation

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Jim Rogers: Biggest Event of Next 10-20 Years Just Happened in China

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“The former George Soros partner–who retired from Wall Street at age 37 to live a second life as world traveler—equates the plenum to those in 1978 and 1993. The first followed Mao Zedong’s death and ushered in Deng Xiaoping’s reformist agenda and his effort to remake China’s economy, while 1993’s plenum included a vow to deal with money-losing state enterprises. In the just-concluded gathering, which occurred a year after President Xi Jinping became party chief and was seen as his stage to set forth the agenda for his possible 10-year tenure, reform was hoped to be a big focus. Mr. Rogers, who moved with his family to Singapore seven years ago, senses change is coming.”

http://blogs.wsj.com/moneybeat/2013/11/18/jim-rogers-biggest-event-of-next-10-20-years-just-happened-in-china/

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Hakim Mamoni of DealCoin at the Singapore Bitcoin Conference 2013

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“David Moskowitz talks with Hakim Mamoni of DealCoin, a person to person Bitcoin to Cash platform.”

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Is Bitcoin the Answer to the Digital Economy?

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“Nov. 18 (Bloomberg) — Bloomberg Television’s ‘Lunch Money’ Host Adam Johnson reports on the bitcoin phenomena.”

http://www.bloomberg.com/video/is-bitcoin-the-answer-to-the-digital-economy-4D0Z1m_0TSif4fyXaLlACg.html

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Five Reasons Washington Should Leave Bitcoin Alone

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“Longtime American Banker readers may roll their eyes, having heard similar arguments about the danger of losing business to more-lax jurisdictions in so many other contexts (e.g. derivatives, bank capital). But I would take a different tack. I’d argue that Bitcoin, for all its baggage, should be allowed to flourish because it’s good for banks, good for merchants, good for America and good for humanity.  Before you scoff, hear me out. Here are five reasons Washington should refrain from putting any further screws on Bitcoin.”

http://www.americanbanker.com/bankthink/five-reasons-washington-should-leave-bitcoin-alone-1063736-1.html?zkPrintable=1&nopagination=1

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