Monthly Archives: December 2013

Bitcoin start-up nabs Goldman board member

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“M. Michele Burns, a finance industry veteran who sits on the board of Goldman Sachs is joining the board of Circle Internet Financial, a Boston start-up that is building a payment processing system for Bitcoin.  Circle launched earlier this year, and was founded by Jeremy Allaire, who has led other Internet start-ups, but recently has become a Bitcoin evangelist. The company got $9 million in funding from a number of venture capitalist firms. Jim Breyer, a partner at Accel and an early backer of Facebook (FB), is also on Circle’s board, as is Raj Date, who recently left a top post at the Consumer Financial Protection Bureau.”

http://finance.fortune.cnn.com/2013/12/27/michele-burns-circle/

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Bitcoin Trading Exchange Coinsetter Files to Raise $1.5 Million

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“Venture investors have been seeking out Bitcoin-related companies amid a surge in the value of the currency. Coinbase Inc., a provider of online Bitcoin accounts, raised $25 million earlier this month in funding led by Andreessen Horowitz, while Gliph Inc. and BitPay Inc. have reeled in financing from other investors.  Coinsetter, based in New York, said on its website that it’s ‘dedicated to making Bitcoin safe and easy to use for all.’ The service, which is currently open only to friends and family, aggregates Bitcoin prices from multiple exchanges, offers charting tools for market analysis and provides a trading system.”

http://www.bloomberg.com/news/2013-12-27/bitcoin-trading-exchange-coinsetter-files-to-raise-1-5-million.html

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Overstock.com CEO Discusses The Company Accepting Bitcoin

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Interview with Jesse Heaslip, Bitcoin Entrepreneur

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“Electronic currencies are not going to exist outside of the current regulatory structure, at least not popular ones with longevity. When you look at what happens to places like Silk Road, you can see that. The authorities shut them down. On the other hand, if you are willing to work within the rules of the current structures, then there are absolutely tremendous opportunities. The deals being made in Silicon Valley are getting bigger and bigger and are starting to take place in the tens of millions. The potential has barely been scratched. One out of every 400 people in the US now has a Coinbase account.”

http://www.thedailybell.com/exclusive-interviews/34870/Anthony-Wile-Jesse-Heaslip-Bitcoin-Entrepreneur-How-a-Government-Partnership-Will-Build-a-Bright-Future/

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Overstock CEO: ‘I don’t own bitcoin, but I’m a fan’

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“There are business and philosophical reasons. First, the business reason: I think there are a legitimate number of consumers who want to be able to shop with bitcoin. They like the anonymity of the currency. So far, the market has only served them with shady websites, like Silk Road. Also, it saves us about 2% from interchange fees. It’s no secret that our net margin is about 2% now. And so the savings would be a very substantial improvement to our bottom line.  As far as the philosophical reason: I am from the Austrian School of Economics.  We’re not going to get rid of the Federal Reserve any time soon, so bitcoin is a step in the right direction.”

http://finance.fortune.cnn.com/2013/12/24/overstock-ceo-bitcoin/

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There Are Now At Least 14 Digital Currencies Worth More Than $1

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“Litecoin, which bills itself as the ‘silver’ to Bitcoin’s gold and is often accepted by retailers taking Bitcoin, surpassed $US1 months ago and now stands at $US24.  But many lesser-known currencies have broken through the $US1 threshold.  While Litecoin has the second-largest market cap behind Bitcoin, it is Mastercoin, a cryptocurrency created in October that integrates with Bitcoin’s core protocol to make it safer as well as more flexible, that is now the second-most-valuable alt-coin. One Mastercoin is now worth $US180.25.”

http://www.businessinsider.com.au/digital-currencies-worth-more-than-1-2013-12

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Paul Krugman Is Wrong: Bitcoin Isn’t Evil, But Monetary ‘Stimulus’ Is

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“Krugman asserts that bitcoin is evil because it is a ‘weapon intended to damage central banking’ and makes it harder for states to tax and monitor people. He gets it exactly backwards. A weapon is a tool used to attack someone. But bitcoin users aren’t attacking anyone; they are avoiding an attack. As the tax burden grows heavier, and surveillance intrudes more deeply, it’s reasonable for people to seek shelter. They just want to protect themselves.”

http://www.forbes.com/sites/realspin/2013/12/30/paul-krugman-is-wrong-bitcoin-isnt-evil-but-monetary-stimulus-is/

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Bill Bonner: Should You Turn Bullish in 2014?

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“As far as we know, as long as the Fed keeps pumping, prices for stocks, Andy Warhol doodles and Manhattan apartments will keep going up.  But that doesn’t mean any of them are good investments.  Stocks, for example, are an option on a bigger Fed-induced bubble. But they’re not cheap.  A simple look at the 12-month “as reported” P/E for the S&P 500 will tell you that.  Could this continue? Yes, of course. Or, it could blow sky-high.  Yes – 2013 was one for the history books; 2014 almost surely will be, too.”

http://www.bonnerandpartners.com/should-you-turn-bullish-in-2014/

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RIP Mikhail Timofeyevich Kalashnikov

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“Kalashnikov’s most famous invention, the AK-47 rifle and the many guns that duplicate the design, is to-date the most successful firearm of all time, and likely will continue to be for many decades to come.  Kalashnikov was born in Kurya on Nov. 10, 1919, the 17th child of Timofel and Alexandra Kalashnikov, both well-to-do peasants. He grew up hoping to be a poet and has in fact published half a dozen books of poetry later in his life. At the age of 11 Kalashnikov’s family was deported to Siberia and their property was confiscated by Stalin’s Dekulakization regime, where they lived in Nizhnyaya Mokhovaya on the Western Siberian Plain.”

http://www.guns.com/2013/12/23/rip-mikhail-timofeyevich-kalashnikov/

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3D printers akin to the Gutenberg press?

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“The impact is not going to be felt right away but it will be felt soon. As technology continually speeds up, growing exponentially in efficiency over shorter and shorter timeframes, those who wish to control and further globalize society will have an ever more difficult time maintaining control. The time sequences between technological breakthroughs are diminishing, which gives those who oppose them less and less time to develop the promotional campaigns needed to justify halting them. Not only that, but ironically it is central banking and fiat money itself that is creating the feverishly expanding technology that is proving harder and harder to control.”

http://www.thedailybell.com/news-analysis/34860/UnMerry-Elite-Holidays-as-Technological-Cycles-Decrease/

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