Monthly Archives: November 2013

Not exactly the brightest way to smuggle gold…

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“Because of its traditional gold ties, regional commerce, and generous transportation options, Thailand has now become a major transit point for international gold smuggling destined for India.  The World Gold Council recently released its quarterly data on global gold trends, and the numbers are very clear: India’s gold demand cratered, dropping 32% because of the restrictions.  In Thailand, however, gold demand is up 125% from the 3rd quarter of 2012.  I’ve noticed this on the ground; there’s been a surge of gold shops and new inventory in the marketplace, particularly the small ‘biscuit’ bars that are easier to smuggle.  Much of this is bound for India.”

http://www.sovereignman.com/offshore/not-exactly-the-brightest-way-to-smuggle-gold-13193/

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Why I Bought One Bitcoin

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“This brings us to the two really important things I’ve learned about being both an entrepreneur and investor. Life and adoption curves do not take place on a linear scale, and major trends are like tsunamis, they don’t stop for roadblocks.  It is inevitable that a crypto-currency takes the place of government backed or commodity backed currency. It is the natural evolution of money onto the internet. Less friction, more anonymity, a free flow of value around the world. This will happen no matter how many roadblocks you place in front of it, just as the sharing of most of our assets in order to increase capacity utilization will happen as well. It is the path of least resistance.”

http://www.leighdrogen.com/why-i-bought-one-bitcoin/

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Is Bitcoin Really Going to $1 Million?

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“As I write this, there are only 5,458 Bitcoins standing in the way of a $500 price per bitcoin. That is to say you could move the market more than 10% with a purchase of less than $2.5 million.  A big question among enthusiasts is what happens if conventional asset managers get behind Bitcoin. What if billions of dollars, not millions, were to flood into the market?  It’s impossible to know, really. But what we can know is that the price would absolutely have to go higher. Right now, all bitcoins in existence are worth all of $5.2 billion. You couldn’t buy $10 billion of Bitcoin at the current price right now. There isn’t enough in existence. The hedge fund industry alone manages $2 trillion.”

http://www.fool.com/investing/general/2013/11/16/is-bitcoin-really-going-to-1-million.aspx

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Monetary Madness

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“In the Forked Tongue category, wannabe Fed chief Janet Yellen has now eclipsed Fed Chairman Bernanke for the first prize.  In her testimony before Congress this week, she says little or nothing about the 2008 debt crisis, federal deficits, European debacles, fiscal cliffs or any others which were among her predecessor’s favorite excuses for the unprecedented money printing she vows to pursue.  Nor does she talk much about a weak economy.  Instead, her new rationale is that, although the economy has improved, it hasn’t quite improved ‘enough.'”

http://www.moneyandmarkets.com/monetary-madness-56217

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Obamacare ‘fix’ could add millions of dollars in government costs

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“President Barack Obama’s proposal to allow people to keep canceled health plans for one year could end up costing the government millions of dollars. This is due to a provision of the Affordable Care Act called risk corridors that allows for insurers to share the cost of insuring more expensive customers.  There’s no good estimate yet as to how much the government’s share may be, but a rough calculation from the Kaiser Family Foundation said the difference could be tens of millions or even hundreds of millions of dollars.  Insurance companies structured their premiums based on a balanced mix of healthy customers and sicker customers. That balance could now be in question.”

http://www.cnn.com/2013/11/15/politics/obamacare-fix-costs/

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Homeland Security must disclose ‘Internet Kill Switch,’ court rules

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“The Electronic Privacy Information Center (EPIC) is seeking ‘Standard Operating Procedure 303,’ also known as the ‘Internet kill switch’ from Homeland Security. The protocols govern shutting down wireless networks to prevent the remote detonation of bombs.  The broad government power to shut down communications networks worries civil libertarians. However, the agency argues the protocols must be kept secret to protect national interests and the safety of individuals.  Homeland Security originally said it could not find any records on the kill switch.  After EPIC appealed, the agency located the protocol, but redacted nearly all of the information.”

http://www.washingtontimes.com/news/2013/nov/13/homeland-security-must-disclose-internet-kill-swit/

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Homeland Security Fusion Centers Will Share Intelligence Horizontally

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“As the Department of Homeland Security (DHS) doles out billions of dollars to convince local police departments to surrender control to the federal agency, a recent report indicates that intelligence gathered at precincts-cum-surveillance-centers will be shared among all levels of law enforcement.  The representatives’ zeal for constructing local outposts of the central surveillance headquarters is not surprising. Self-serving bureaucrats inside the U.S. government are tirelessly trying to obliterate local police forces answerable to local citizens and promote the consolidation movement as a step toward federalization of law enforcement.”

http://thenewamerican.com/usnews/item/16942-dhs-creates-new-fusion-centers-taking-control-of-local-police

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Maryland Speed Camera Cash Used To Shock, Shoot And Spy On Drivers

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“Last month, the city council in Salisbury voted unanimously to take the automated ticketing cash and buy Glock training handguns, Tasers and a device that police can use to crack passwords and download data off the cell phones of motorists during a traffic stop.  To obtain the needed votes when expanding the speed camera program statewide in 2009, lawmakers agreed to a few compromises. Cities are not allowed to collect more than ten percent of their municipal budget from camera revenue, and profit must go ‘solely for public safety purposes, including pedestrian safety programs.'”

http://www.thenewspaper.com/news/42/4259.asp

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Think NSA Snooping Is Bad? Check Out MPAA Theater Security

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“Hollywood studios are urging theater operators to crack down on in-theater camcording with the deployment of night-vision goggles, low-light binoculars and security cameras.  The latest version of the Motion Picture Association of America’s ‘Best Practices to Prevent Film Theft‘ (.pdf) also suggests old-school surveillance, like ‘random bag and jacket checks for prohibited items’.  Camcording is a federal felony carrying a maximum 3 year penalty. The District of Columbia and 41 states also have their own laws against it. The MPAA guidance urges theater employees, who are eligible for $500 rewards, to call the police immediately if they think illegal filming is occurring.”

http://www.wired.com/threatlevel/2013/11/mpaa-theater-security/

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How it’s going with the first Bitcoin restaurant in the Netherlands

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“What I see around me is that not everybody who has them pays with them a lot. While it’s a bit of a rebellious monetary unit it seems to be cool having them, so they keep them. The raising offer of places where you can pay with them creates more news and this increases the interest of people for Bitcoins.  Don’t think that we have hundreds of transactions with Bitcoins now. Normally it is between five and ten a week. We like to see the same people come back. For example a group of around five people who pays with Bitcoins is visiting de Waag for dinner every week now. Generally it’s going about transactions between 30 and 40 euro’s.”

http://bitcoinmagazine.com/8211/bitcoins-in-a-restaurant-how-it-all-started-and-is-going-on-with-de-waag-the-first-place-that-accepted-bitcoins-in-the-netherlands/

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