Monthly Archives: December 2013

Inside Hong Kong’s biggest Bitcoin mine

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“In an industrial backwater near Hong Kong’s massive port, one of Asia’s largest Bitcoin mines is quietly turning raw computing power into digital currency.  Located about eight miles from the city’s finance hub, the entire facility is no larger than a two-bedroom apartment. Aside from a small bathroom, the mine offers no creature comforts.  It is dominated by vertical racks that house hundreds of ASIC chips. Shorthand for application-specific integrated circuits, these chips are custom-built to mine bitcoins. You might be wondering what a Bitcoin mine does, exactly. Click ahead!”

http://money.cnn.com/gallery/technology/2013/12/17/bitcoin-mine/

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Coinkite Bitcoin Payment Terminal Quick Preview

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“Allows transactions in Bitcoin (or Litecoin) without a computer, tablet, phone, or other hardware.  Connects through GSM (cellphone) or Wi-Fi, which are available worldwide! Included SIM card works worldwide out of the box, so it can work anywhere.  High-quality QR code reader can scan Bitcoin address codes directly from mobile phone screens and paper.  Use Coinkite smart-chip-based debit cards.  Integrated receipt printer prints QR codes and easily readable receipts.  Accepts and issues Coinkite’s debit cards. Sell preloaded Coinkite Cards.”

http://blog.coinkite.com/post/70293138622/coinkite-bitcoin-payment-terminal-quick-preview

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Denmark’s Authorities: Bitcoin is Not Regulated Here

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“Denmark’s Financial Supervisory Authority (FSA) today issued an official statement on the use of virtual currency in the country – and surprisingly, it’s not all bad news.  The statement highlights that virtual currency isn’t covered by Denmark’s existing regulatory framework. Thus, cryptocurrencies cannot be subjected to the country’s standard financial regulation.  According to the FSA, doing business with bitcoin and other cryptocurrencies does not qualify as issuance of electronic money, currency exchanges, brokerages or deposit services.  As a result, bitcoin entrepreneurs who want to build businesses and establish exchanges in the country will not need government approval.”

http://www.coindesk.com/denmarks-bitcoin-is-not-regulated-here/

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How to Build a Huge Bonus in Your Portfolio

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“Some commentators are betting that the Fed will begin to taper now, though the big money says tapering will start in March.  Tapering, whenever it happens, is not tightening. Tightening is pulling money out of the system. Tapering is simply slowing an out-of-control train to 135 miles per hour from 150. There’s a pileup in the offing either way.  No matter what comes of tapering talk this week, one fact will remain unchanged: The Fed will maintain interest rates at or near 0%.  And even if tapering does happen this week, the Fed will accompany the move with commentary promising to extend the period in which rates remain excessively low.”

http://thesovereigninvestor.com/2013/12/17/build-huge-bonus-portfolio/

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Bill Bonner: The Real Numbers Behind America’s Phony Recovery

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“What kind of economy is it that reduces a man’s wages over a 43-year period?  We don’t know. But it’s not likely to win any prizes.  But why, with so many strikes against it, does the US economy still have the bat in its hands?  It’s partly because the Fed has pumped up stock, bond and house prices – not to mention net corporate profit margins and consumer spending . So, the averages look pretty good… and they mask the ugliness beneath them.  The bottom 90% of the population – people in 9 houses out of 10 – have 10% less income than they had 10 years ago. This is not a success story. It’s a disaster. And not one that tempts us into an overvalued US stock market.”

http://www.bonnerandpartners.com/the-real-numbers-behind-americas-phony-recovery/

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Cognitive Dissonance of Ben Bernanke?

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“The aggrandizement of ‘leaders’ who preside over massive price-fixing facilities such as central banks and legislatures ought to be identified as the hype that it is. There is no possible way that even the most sophisticated analysis of previous indicators can yield up legitimate and accurate projections. Those internationalists who have constructed the current system know that. Hence, the almost obsessive concentration on academic degrees and ‘expert’ appellations. The idea is to fool people into believing the ‘best-of-the-best’ have ‘expert’ powers that allow them to peer into the future using the indicators at hand. But they can’t any more than you can.”

http://www.thedailybell.com/news-analysis/34843/Cognitive-Dissonance-of-Ben-Bernanke/

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Being an Austrian Is Easier Than Ever

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“In April 2011, two years shy of its 100th birthday, the Fed held its first press conference in history in response to mounting criticism of its lack of transparency. In other words, the Fed felt that it had to walk out into the sunshine and defend itself. And, as no doubt part of the same public relations effort, recent Fed publications reveal a concerted effort to perpetuate the myth that the Federal Reserve System is not a central bank at all, but a system of banks that serve ‘our local communities.’  What’s different this time is that, with the help of the web, Ron Paul’s 2012 campaign, and of course, the Mises Institute, the Austrian School of economics is no longer an obscure and ignored minority.”

http://mises.org/daily/6613/Being-an-Austrian-Is-Easier-Than-Ever

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What the arrival of Bitcoin means for society, politics and you

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“We are moving to a world that uses currencies secured by cryptographical systems. It’s time our social and political institutions seriously consider what this will mean for them and the people they protect and represent, argues argues Carl Miller, Research Director at the  Centre for the Analysis of Social Media at think tank Demos.”

http://www.wired.co.uk/news/archive/2013-12/16/bitcoin-demos

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Trade in Bitcoins gains currency among youth in Mumbai

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“Move over Dalal Street, Generation Y is more interested in Bitcoin trading. A quick glance at a Bitcoin portal like localbit.com, which brings together local buyers and sellers, shows that Mumbai is very active on the scene.  ‘Mining of Bitcoins continues to be predominant in tech cities like Bangalore or Hyderabad, but Mumbai is fast catching up,’ says a city-based Bitcoin trader. He admits to making cash profits of several thousand during the last few months on sale of Bitcoins. A large portion of the trade happens through online exchanges and funds flow from the buyer to seller via proper banking channels.”

http://articles.timesofindia.indiatimes.com/2013-12-15/internet/45215410_1_mtgox-bitcoin-transactions-currency

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Canadian GreenBank Capital Launches Bitcoin Investment Fund

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“Canada’s GreenBank Capital has launched two new subsidiaries to invest in bitcoin startups and cryptocurrency in general.  The investment firm claims to be the first public company with a presence in bitcoin, thanks to its new subsidiaries: Bitcoin Canada Investments Inc and Bitcoin Angel Capital.  Bitcoin Canada will invest exclusively in bitcoin, while Bitcoin Angel will invest in early-stage projects in bitcoin as well as other cryptocurrencies. GreenBank plans to spin-off both companies at a later date, listing their shares publicly on the Canadian Stock Exchange.  GreenBank will maintain a hands-on approach, managing the bitcoin investment portfolio in both subsidiaries for a 10% fee.”

http://www.coindesk.com/greenbank-capital-launches-bitcoin-subsidiaries/

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