Monthly Archives: December 2013

Bitcoin poker wins online after U.S. shuts cash sites

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“The move to bitcoin in online poker started after the Department of Justice seized three of the biggest poker websites in the U.S. on April 15, 2011, a day known as Black Friday in the poker community.  Federal authorities aren’t sure if it’s a currency, a security, or something else altogether. Designation aside, bitcoin is increasingly used in very traditional purchases, from buying a house to getting a beer, and lately, playing a few hands of Texas Hold ‘em.  The online poker sites embrace this connection with a world that operates without the blessing or even direct interaction with traditional financial institutions.”

http://www.marketwatch.com/story/bitcoin-poker-wins-online-after-us-shuts-cash-sites-2013-12-20

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Amateur fetish porn is jumping into the Bitcoin game

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“It’s a bit like Facebook for fetishes. Through March 1, Master Fet and Gimp Man are allowing performers to collect on 100 percent of the site’s revenue.  ‘We believe bitcoins, and digital currency in general, holds great promise to innovate not only the adult industry, but perhaps the way the world understands and uses currency as a whole,’ he said, adding that certain niches like erotic hypnosis and sleeping fetish are currently outlawed by Visa and Mastercard.”

http://www.dailydot.com/business/fetmeover-fetish-site-bitcoin/

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Behind ‘Deep Web’: Alex Winter’s excellent Bitcoin adventure

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“First known to the world as Bill S. Preston, Esq. in Bill and Ted’s Excellent Adventure, Alex Winter quietly matured into a documentary filmmaker obsessed with how quasi-legal Internet activity can bring people together. His first documentary, Downloaded, chronicled Napster’s rise as a worldwide music-sharing site and fall in a swarm of lawsuits.  His followup film, titled Deep Web: The Untold Story of Bitcoin and The Silk Road, looks at the mysterious rise of Bitcoin, its future, and its role in online black markets.  We talked to him about his vision for the film and his inspiration to dive into the murky waters of the Deep Web, which Winter describes as a ‘new Internet.'”

http://www.dailydot.com/lifestyle/alex-winter-deep-web-documentary/

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Overstock.com CEO Unveils More Details About Bitcoin Adoption

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“Overstock.com revealed more details of its forthcoming bitcoin adoption on Friday as Patrick Byrne, CEO of the online retail giant, told CoinDesk about the company’s timeline to roll out the digital currency.  The company has not yet chosen a third-party payment processor to manage its bitcoin payments, Byrne said, but added that this will happen in the next two weeks. Nothing will happen immediately after that, he added. Instead, the company will begin taking bitcoin payments in June or July.  Overstock.com will be among the first of the larger retailers in the US to take the plunge and accept bitcoin.”

http://www.coindesk.com/overstock-unveils-more-details-bitcoin-adoption/

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‘One day Amazon will accept Bitcoins’

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“I reckon the big online retailers who would save a fortune by stripping seller and buyer fees – eBay and Amazon – will move first. Apparently there is already an entire trendy suburb in Berlin where you can more or less live on them already.  That’s when the real difficulties start. Because for all the benefits, peer-to-peer currencies like this will almost certainly reduce the ability of central banks to manipulate the money supply, have significant implications for the tracking of illegal transactions, and may erode tax-raising powers. For at least some of those involved in the Bitcoin project, including the mysterious founder, that was the whole idea.”

http://blogs.telegraph.co.uk/technology/jamiebartlett/100011868/one-day-amazon-will-accept-bitcoins-thats-when-central-banks-and-governments-get-nervous/

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Overstock CEO: money ’too important to leave to government officials’

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“Overstock.com Inc., an online discount retailer, is preparing to accept the virtual currency bitcoin as payment in the second half of 2014, according to Chief Executive and Chairman Patrick Byrne.  The news was first reported by the website newsBTC, and confirmed in a Thursday morning phone interview with Byrne.  The project is in an early stage, with no decision yet on whether Overstock.com would work with bitcoin companies to allow bitcoin payments or create its own system. A team of six to 12 people is expected to work on bitcoin payments at the company, said Byrne.”

http://blogs.marketwatch.com/thetell/2013/12/19/overstock-com-to-accept-bitcoins-ceo-says-money-is-too-important-to-leave-in-the-hands-of-government-officials/

 

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Fed’s ‘Elixir’ Is Surely a Temporary One

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“The idea once was that powerful central bankers would work behind the scenes to make sure that various markets were stable and fair. Nowadays, central bankers work to ensure that markets – especially stock markets – are propped up so that the appearance of an improving economy can be maintained. And far from working in secret, this generation of bankers is desperate to reassure investors that optimal conditions for continued equity gains will be continued. This is, in fact, what the Bloomberg article is telling us. The Fed’s magic elixir is simply the ability to assure top investors that they can continue to shovel money into the stock market without undue risk of reversals.”

http://www.thedailybell.com/news-analysis/34852/Feds-Elixir-Is-Surely-a-Temporary-One/

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Punk Economics: The Kidnapper wears Prada

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“The Kidnapper wears Prada: Why the rich are getting much, much richer, why the Fed is in a corner and what it means for you!   As the Federal Reserve gets a new chair and decides what to do next, whether to print $85 billion a month more or not, we examine the heist, who gets all the loot, why today’s kidnappers wear Prada. Wake up. See what happens when financial kidnappers dress up as loyal patriots and extort money in the name of the common good.”

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Fed to America: ‘QE Scam Will Continue’

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“Yesterday, the Fed announced that the scam would continue. In a typical sleight of hand, it took its monthly asset buying down from $85 billion to $75 billion… but also told us that zero-bound interest would keep flowing for even longer than expected.  As a card-carrying, asset-owning and secret-handshake-giving member of the 1%, we’re delighted to know that the filthy lucre will continue coming our way. But as a financial philosopher we find the whole show rather shabby and tawdry.  Not only does the program shift income from the public to the insiders, it also masks the real problems in the economy and stifles real corrections.”

http://www.bonnerandpartners.com/fed-to-america-qe-scam-will-continue/

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When We Will Celebrate the End of QE, and Why

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“Central bank money is disseminated through the banking system. And the banking system over years funnels it into investable facilities like the stock market. It is a criminal system, predicated on rigorous control of money stock. If bankers really wanted to benefit the middle class, they’d pump it directly into bank accounts. But they won’t, for that would reveal the essential phoniness of the system and it would also generate vast price inflation. But price inflation they will have nonetheless. By the time bubbles are visible, as they are, it is way too late for the economy to contain the damage.  And thus they pretend to cut. Or trim the advance. But markets, especially stock markets, will continue to rise.”

http://www.thedailybell.com/news-analysis/34849/When-We-Will-Celebrate-the-End-of-QE-and-Why/

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