Monthly Archives: February 2014

Pulling the Plug: Taking Delivery of Gold

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“In 2011, the University of Texas investment committee took delivery of what was then just under $1 billion worth of gold. It had held the gold in the form of gold futures contracts. Kyle Bass persuaded the committee to take delivery. The statement that only 1% of futures contract holders (‘longs’) ever ask for delivery is significant.  Most people trade futures to make fiat money. They do not trade as hedgers who plan to take delivery. They are speculators. They want leverage. Futures give them this.  It is clear that if 4% (20% of 20%) ever want delivery, they will not be able to get it.  The rules will be changed, as they were when Bunker Hunt threatened to take delivery in 1979.”

http://www.garynorth.com/public/12045.cfm

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How I Lost My $50,000 Twitter Username

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“I had a rare Twitter username, @N. Yep, just one letter. I’ve been offered as much as $50,000 for it. People have tried to steal it. Password reset instructions are a regular sight in my email inbox. As of today, I no longer control @N. I was extorted into giving it up.  Stupid companies may give out your personal information (like part of your credit card number) to the wrong person. Some of those companies are still employing the unacceptable practice of verifying you with the last some digits of your credit card. To avoid their imprudence from destroying your digital life, don’t let companies such as PayPal and GoDaddy store your credit card information.”

http://gizmodo.com/how-i-lost-my-50-000-twitter-username-1511578384

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More Major Retailers Are Getting Ready to Accept Bitcoin

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“When it comes to major retailers accepting payment in Bitcoin, Overstock and TigerDirect are only the beginning.  This revelation came in testimony by Fred Ehrsam, co-founder of the Bitcoin exchange and wallet service Coinbase, during the second day of hearings organized by New York state’s top banking regulator to discuss the promise and peril of cryptocurrencies.  ‘One great beacon here is major retailers like Overstock  — and there have been others — hopping onboard,’ said Ehrsam, whose startup’s service makes it possible for Overstock to accept bitcoins in exchange for its products. ‘There are others of similar stature in the pipeline.'”

http://www.reuters.com/article/2014/01/29/idUS48480526120140129

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Florida Yacht Broker: Why Bitcoin Is Better Than Credit Cards

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“‘I’m on a boat!’ The last time you yelled that out was probably in your dreams.  It’s true that booking a yacht for a charter cruise can take some serious cash — or bitcoin, the virtual currency that’s making waves in finance.  The Advantaged Yacht Charters and Sales in Miami Beach booked its first boat charter last Sunday in bitcoin.  Last weekend, co-owner Jessica Londono attended the North American Bitcoin Conference in Miami, where the deal was sparked. ‘At the conference, the owner of BitPay, Tony Gallippi, made a shoutout that there were local businesses accepting bitcoin during his talk,’ she says.  A man in the room, now her client, searched her company name online and contacted her.”

http://blogs.browardpalmbeach.com/pulp/2014/01/florida_yacht_broker_bitcoin.php

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Land Rover of Redwood City, CA Sells First Land Rover for Bitcoin

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“BitPay Inc, the world leader in business solutions for virtual currencies, announces that Land Rover of Redwood City California is its most recent business to start accepting bitcoins using BitPay . Serving the San Francisco metro area, Land Rover of Red wood City is the first Land Rover Dealership to accept bitcoins.  The dealership was approached by a prominent Silicon Valley Venture Capitalist wanting to purchase a new vehicle with bitcoins. The team had very little knowledge of bitcoins to draw from.”

http://btcbible.com/landrover-redwood-city/

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Mint.com personal finance apps now let you keep track of Bitcoins

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“Now that Bitcoin has taken root in daily financial transactions, those who fancy thedigital currency need a way to easily keep an eye on the tally. Well, for the folks that meet that criteria, Mint now lets users keep track of transactions with the help of Coinbase. This means that Bitcoin Wallet figures can be viewed alongside other banking, credit card and investment accounts. The integration also automatically converts the account balance to US dollars to keep the mental math at a minimum.”

http://www.engadget.com/2014/01/30/mint-tracks-bitcoin/

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Amazon To Include P2P Payments In ‘Real World’ PayPal Competitor

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“Earlier today, the WSJ published a report on how Amazon is building a Kindle-based point-of-sale payments service for local merchants using technology it picked up via its Gopago acquisition –something we actually reported on back in December. In fact, this looks like just part of what Amazon has in mind. The e-commerce giant is also developing a solution for person-to-person payments — bypassing banks and other payment networks — putting it in even closer competition with P2P payment giant PayPal. The P2P payment system, as it’s being conceived, would have a mobile component to it, and it would be cloud-based, so presumably usable over desktop, too.”

http://techcrunch.com/2014/01/29/amazon-wants-to-include-peer-to-peer-payments-in-its-real-world-paypal-competitor/

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