Monthly Archives: November 2013

Andrew Huszar: Confessions of a Quantitative Easer

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“I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.”

http://online.wsj.com/news/articles/SB10001424052702303763804579183680751473884

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Jeffrey Tucker: Has the Fed Met Its Match?

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“‘It is hard to imagine a world,’ says the unimaginative study, ‘where the main currency is based on an extremely complex code understood only by a few and controlled by even fewer, without accountability, arbitration, or recourse.’  Blink, blink. This is the Fed talking here. Talk about complex. When the Fed governor speaks in Congress, he (soon she) speaks in such a blithering array of econ-babble that no one dare respond, for fear of seeming ignorant. It’s like the first day of an Intro to Physics class. The professor asks if there are questions, and everyone sits in terror.  In a half-century of this nonsense, only Ron Paul ever really dared to ask serious questions of the Fed.”

http://lfb.org/today/has-the-fed-met-its-match/

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Virtual Virtue: Bitcoin crypto currency makes name in charities

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“The controversial digital currency Bitcoin has scored a new high – its trading price has almost doubled since October. This despite what some users and many analysts believe to be considerable cyber safety concerns. Its use is still relatively small – compared to other currencies – but it can pay for a range of products and services. And boosting its popularity – Bitcoins are held in online wallets and traded without control by any central authority. And the cyber currency’s been gaining new horizons – as RT’s Peter Oliver reports.”

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Death Of The S Corp As A Tax Election?

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“The S Corp as a business tax election is far from dead, however it is being threatened. The threats come from three sources: the government, creditors and benefit designers. One topic, however, is a persistent concern for the government in terms of lost revenue from S Corps – employment tax.  The concern is that S Corp owners can lowball their own wages, and thereby avoid paying FICA and Medicare taxes on their incomes. Some politicians have gone so far as to call S Corp status a ‘tax shelter.’  Indications are that the Ways and Means Committee is looking at changing how small, flow-through companies are taxed. One plan is to subject S Corp owners to employment tax on all of their profits.”

http://www.forbes.com/sites/steveparrish/2013/10/15/death-of-the-s-corp-as-a-tax-election/

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Bitcoin Exchange Venture With Leading Asian Game Developer Announced

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“On Nov. 07, 2013, the Company announced a joint venture with one of Asia’s leading social gaming developers to created Global CXC, which will allow players to exchange credits from various social gaming networks, and also interchange credits for Bitcoins. Global CXC will initially provide the exchange for the one Social Gaming Network of over 80 Million players, an online casino network, and online merchandise store.  Users will be able to freely exchange credits for the social gaming platform, the online casino, and variety of merchandise utilizing Bitcoins to acquire credits, hereby creating a virtual exchange for the 80 million existing users.”

http://finance.yahoo.com/news/ludlow-research-upgrades-elra-based-151500127.html

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Bitcoin entrepreneurs want to put virtual coins in your wallet

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“If you don’t understand what a bitcoin is, these Toronto entrepreneurs are here to help.  ‘When the Internet started, nobody understood how to send emails,’ said Rodolfo Novak. Just as electronic mail has become a ubiquitous communication tool, Novak says the emerging digital currency will increasingly be used for everyday purchases. To that end, Toronto’s bitcoin believers are launching services to put virtual coins in your real-life wallet, and challenge the domain of traditional banks. Novak is one of the founders of Coinkite, a bitcoin banking website. Coinkite accounts link the virtual coins to a debit card, which works with a card reader Novak is selling to merchants.”

http://www.thestar.com/news/gta/2013/11/12/bitcoin_entrepreneurs_want_to_put_virtual_coins_in_your_wallet.html

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Game Theory and Bitcoin

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“The most important question about the dynamics of Bitcoin mining, which nobody has yet answered, is whether there is an equilibrium that can actually occur in which the Bitcoin economy can no longer function. The ES paper has provided value by describing and characterizing a strategy in which miners or pools withhold mined blocks in order to try to gain an advantage. This starts a useful conversation. But their bold claims about dominant strategies and incentive incompatibility are unsupported and sometimes incorrect. More progress will have to be made before we can understand what role if any the new mining strategies might play in practice.”

https://freedom-to-tinker.com/blog/felten/game-theory-and-bitcoin/

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Online market selling hard drugs, fake passports back up and running

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“An illegal online market selling hard drugs and fake passports has reopened just six weeks after being shut down by the FBI, it can be revealed today.  Silk Road 2.0 – which can only be accessed through a modified internet browser – sells items such as cocaine, ecstasy, fake utility bills and driving licences using the encrypted digital currency ‘bitcoins’. The original website, Silk Road, was closed on October 2 by the FBI, who charged Ross Ublricht, 29 with running the site – which he has denied.  The charges against Ulbricht said the original Silk Road – launched in February 2011 – generated sales of more than 9.5million bitcoins – equivalent to $3.3billion or £2.1billion at today’s rates.”

http://www.dailymail.co.uk/news/article-2503295/Silk-Road-market-selling-hard-drugs-fake-passports-online.html

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Have Bitcoin To Burn? Next Stop Could Be The Farm

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“One farm open to the idea is La Nay Ferme in Provo, Utah.  Owner Clinton Felsted says he began using bitcoin when a crew for the documentary Life on Bitcoin approached him about accepting the currency. Now he’s working on a more user-friendly bitcoin payment method that should be up and running by February for consumers buying his fruits and vegetables.  Bitcoin is most popular in the U.S., but farmers outside the U.S. are warming to it as well. One of the first to sell greens in exchange for virtual currency lives in Argentina.”

http://www.npr.org/blogs/thesalt/2013/11/12/243970494/have-bitcoin-to-burn-next-stop-could-be-the-farm

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Czech bitcoin exchange Bitcash.cz hacked, 4,000 user wallets emptied

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“Czech Republic-based bitcoin exchange Bitcash.cz has been hacked and up to 4,000 customers’ wallets have been emptied.  The company’s site is currently down, showing only a message informing of the hack, which took place on 11thNovember.  The hacker is sending emails from Bitcash.cz email accounts pretending to be members of staff. The emails claim the company is having to use a US recovery company to get back the bitcoins that have been stolen. Recipients are then asked to send 2 BTC to a wallet address in order for their bitcoins to be returned.  It goes without saying that this is all part of the scam and users should not send any money to the address listed.”

http://www.coindesk.com/czech-bitcoin-exchange-bitcash-cz-hacked-4000-user-wallets-emptied/

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