Monthly Archives: February 2014

Wow much Dogecoin. Very competition. So money.

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“Dogecoin has proven itself to be money. Here’s why.  First, what is money? The short answer is that money is as money does. More specifically, money is a medium of exchange, unit of account, and store of value that helps people trade for goods and  services.  For any money, it is important to define exactly where it is a medium of exchange. My Turkish lira have little value outside of sentiment for me here in Irvington, NY. But in Turkey, I can exchange those pieces of paper for nearly anything.  So, where is Dogecoin money? Right here on the internet. DOGE (shorthand symbol for Dogecoin) has spontaneously emerged as the internet’s tipping currency.”

http://www.fee.org/the_freeman/detail/wow-much-dogecoin-very-competition-so-money

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Zimbabwe central bank opens market to competing currencies

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“Once known for its billion dollar notes and hyper-inflation, Zimbabwe must be the only place in the world to have eight currencies as legal tender – none of them its own.  For the last five years most people have been using US dollars or South African rand, but pula from Botswana and British pound sterling have also been changing hands.  Now the central bank is also allowing the use of Australian dollars, Chinese yuan, Indian rupees and Japanese yen.  For the moment, customers can open bank accounts in these currencies but the hard cash is not yet in circulation.”

http://www.bbc.co.uk/news/world-africa-26034078

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Auroracoin is a cryptocurrency for Iceland

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“The Airdrop will start to take place on March 25th 2014. A national ID database, created by the government will be used for this purpose. Although the thorough registration of the entire Icelandic nation into one database is unfortunate, it creates opportunities to reach a large part of the public through various means. About 330,000 Icelanders will be made able to claim f 31.8 each over the following year.”

http://auroracoin.org/

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Apple purges ‘last remaining’ Bitcoin trading app from App Store

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“Apple has slowly been pulling Bitcoin trading apps from the App Store, and yesterday it removed an app that claims to have been the ‘last remaining’ one. Blockchain, which says its self-titled app has been in the store for two years, has written a scathing harangue on its blog criticizing Apple for the removal of apps that allow users to trade bitcoins.  Blockchain suggests that Bitcoin threatens large corporations’ control over existing payment systems and could stymie the success of services like Google Wallet. Apple doesn’t currently operate such a service, though there have been hints that it is beginning to create one.”

http://www.theverge.com/2014/2/6/5386096/blockchain-bitcoin-wallet-app-pulled-ios-app-store

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eBay Views BitPay and Coinbase as Potential PayPal Competitors

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“In the report eBay outlines the scope and operation of PayPal, and it goes on to itemize competitive challenges faced by the service.  Such challengers include: providers of digital wallets, payment card processors, Amazon payments, providers of mobile payment services and card readers for mobile devices, as well as omni-channel POS solutions.  In addition, PayPal faces competition and potential competition for money remitters, bill payment services, issuers of stored value targeted at online payments, providers of online account-based payments, various payment services and digital currencies.  BitPay and Coinbase are named as examples.”

http://www.coindesk.com/ebay-views-bitpay-coinbase-potential-paypal-competitors/

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Salvaging the Post Office: Turn It Into A Bank?

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“This most inefficient of agencies filled with self-loathing employees and merciless unions is now to be specially dedicated to helping poor people with banking services and so-called payday loans. In this article posted at the Huffington Post, Senator Warren indicates that she is going to try to provide the USPS with the opportunity to offer these additional services. The upshot will be predictable, of course. USPS will do to poor people just what it has done to the letter-receiving public … provide ever diminishing services for ever more expensive fees: a panacea neither for USPS nor for the working poor now receiving the services they need from various private-market vendors.”

http://www.thedailybell.com/news-analysis/34999/Salvaging-the-Post-Office-at-the-Expense-of-the-Private-Sector/

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New Jersey’s Attorney General Freaks Out About Bitcoin Mining App

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“It was a proof of concept that couldn’t actually mine Bitcoin, and the developers were working on ways to make sure that it was only useful for legitimate purposes before releasing the software. But, it appears that New Jersey’s grandstanding acting Attorney General John Hoffman (who has gone after some app makers who had installed secret Bitcoin miners with apps), along with Deputy Attorney General Glenn Graham, suddenly decided that this proof-of-concept software must be illegal as well, and sent over a ridiculously overbroad subpoena. EFF is now helping the developers fight that subpoena.”

http://www.techdirt.com/articles/20140205/17512926103/new-jerseys-attorney-general-freaks-out-about-proof-of-concept-bitcoin-mining-app-issues-ridiculous-subpoena.shtml

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Goldman to Fidelity Call for Calm After Global Stock Wipeout

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“Strategists from Goldman Sachs Group Inc. to AMP Capital Investors and JPMorgan Chase & Co. are telling clients to hang on after losses that began with currencies in Turkey and Argentina spread to developed markets. The Standard & Poor’s 500 Index slid 2.3 percent yesterday, capping its first 5 percent retreat in eight months, while Japan’s Topix index plunged 4.8 percent for its biggest decrease since June.  While Fed bond buying is being curtailed, it’s because policy makers say the U.S. economy is strengthening.  The Fed left unchanged its statement that the target interest rate will be left near zero ‘well past the time’ that unemployment falls below 6.5 percent.”

http://www.bloomberg.com/news/2014-02-04/goldman-to-fidelity-call-for-calm-after-global-stock-wipeout.html

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A Day in the Life of a Regulated Financial Professional

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“EVERY piece of correspondence including email and hard copy mail MUST be approved by a General Securities Principal before being sent – ‘Nice having lunch Jim, look forward to discussing your IRA’;  Certain written materials, such as brochures, articles web pages or blog pages ALSO have to be approved by a Compliance officer; In some cases these materials have to ALSO be approved by the regulators; Any article, magazine or link sent must be approved (and usually will not be); Licensed Registered Representatives must report the use of ALL outside personal email addresses and social media – if you do use social media, a compliance officer from your firm WILL review your posts… [..]”

http://www.reddit.com/r/Bitcoin/comments/1x6go4/bitcoin_regulation_allow_me_to_give_you_an_idea/

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Currency Market Unsettled by Trader Exits on Lawsky Probe

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“The foreign-exchange trading business was in upheaval across Wall Street as senior executives resigned and others were fired amid an expanding probe of possible currency manipulation.  Benjamin Lawsky, superintendent of New York’s Department of Financial Services, asked more than a dozen firms including Deutsche Bank AG (DB),Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C) for documents on their currency-trading practices. Deutsche Bank, the top foreign-exchange trader, fired four dealers after an internal probe, people with knowledge of the move said. Goldman Sachs lost two partners while Citigroup said its foreign-exchange chief will leave in March.”

http://www.bloomberg.com/news/2014-02-05/currency-market-unsettled-by-trader-exits-as-lawsky-opens-probe.html

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