Tag Archives: Ash Heap Of History

Ron Paul: Bitcoin could ‘go down in history as destroyer of the dollar’

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“Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today’s money worth less tomorrow.  ‘There will be alternatives to the dollar, and this might be one of them,’ said former U.S. congressman Ron Paul. If people start using bitcoins en masse, ‘it’ll go down in history as the destroyer of the dollar,’ Paul added.  Bitcoin could serve as a kind of universal alternative currency that is accepted everywhere around the globe. Concerned about the dollar’s inflation? Just move your cash to bitcoins and use them to pay your bills instead. Tired of hefty credit card fees? Bitcoin allows transactions that bypass banks.”

http://money.cnn.com/2013/12/04/technology/bitcoin-libertarian/

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Bank of America Analyst: Bitcoin Can Be The New Western Union

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“Woo draws up a very bullish comparison between bitcoin and Western Union, MoneyGram, and Euronet, the world’s largest wire transfer companies. He frames it in the context of those companies’ market cap (or enterprise value, which includes debt), and compares it to Bitcoin’s market cap, which is now $13 billion.  So bitcoin is technically already worth nearly three-times as much as the average market cap of the big three wire companies. Woo includes a chart comparing bitcoin specifically to Western Union.”

http://www.businessinsider.com/bitcoin-can-be-the-new-western-union-2013-12

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Bitcoin: Experts clash over the crypto-currency

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“Bitcoin is reaching new heights thanks to a combination of speculation on future value and genuine, undeniable usefulness.  Think about it: Why can it take days or weeks for banks to send money around the world, when an email travels in seconds?  Does the money travel by steamboat?  Are they loading gold bars onto the side of a camel and sending it over the mountains of Mongolia?  Of course not.  The real answer is depressing – banking is a stagnant market running on long-obsolete infrastructure, which improves only when forced to by government.  [..] When Metro Bank opened in 2010, it received the first new UK banking licence issued in 150 years.”

http://www.bbc.co.uk/news/technology-25130261

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The Dollar Is A Barbarous Relic: The Rise of Bitcoin

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“People contest the dynamism of Bitcoin, and protest that this volatility is one reason why they ought to stay away from Bitcoin. And, in a way, they are right. But, when it is ready in 2-3 years, as today’s kids, who have grown up in a sea of digitality, are attracted to the decentralized crypto-currency, the price of Bitcon might already be $10,000 or more. You will be shocked where Bitcoin is in 2-3 years, which I stated to Stuart Varney on Fox Business last week. My point couldn’t have been made any better than Varney himself did when he said that he had just bought his first smartphone. People like him are years behind the curve, but they will eventually figure out what we are talking about here.”

http://dollarvigilante.com/blog/2013/11/20/the-dollar-is-a-barbarous-relic-the-rise-of-bitcoin.html

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‘Paradigm shift’: Bitcoin to replace ‘broken’ government currencies?

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“The Bitcoin virtual currency is up 24.5 percent in 24 hours, touching a new record of $619. The surge is ‘the beginning of something spectacular,’ with it potentially displacing the dollar, Jeffrey Tucker of the Foundation for Economic Education told RT.  ‘I think, that’s not a bubble, it represents a substantial paradigm shift,’ Tucker said, commenting on the latest boom of the anonymous crypto currency. ‘In fact $600 per bitcoin might be a thing of history, we might get it much –much higher,’ the expert added.  ‘The bottom line is that the government currencies are broken at the moment, they don’t meet the modern needs of an internet age and Bitcoin does,’  Jeffrey Tucker explained.”

http://rt.com/business/bitcoin-dollar-virtual-currency-895/

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Why I Bought One Bitcoin

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“This brings us to the two really important things I’ve learned about being both an entrepreneur and investor. Life and adoption curves do not take place on a linear scale, and major trends are like tsunamis, they don’t stop for roadblocks.  It is inevitable that a crypto-currency takes the place of government backed or commodity backed currency. It is the natural evolution of money onto the internet. Less friction, more anonymity, a free flow of value around the world. This will happen no matter how many roadblocks you place in front of it, just as the sharing of most of our assets in order to increase capacity utilization will happen as well. It is the path of least resistance.”

http://www.leighdrogen.com/why-i-bought-one-bitcoin/

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Apple Is Still Afraid of Bitcoin: Coinbase Bitcoin Wallet App Gets Axed

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“Today, November 14th, 2013 we can add another major casualty to Apple’s Bitcoin hitlist: Coinbase.  Just 23 days ago, Coinbase released on their blog their highly anticipated Coinbase Bitcoin Wallet App.  The former link of the Coinbase iOS App now redirects to the main iTunes page.  Former Bitcoin Apps from the iOS App store’s list of casualties include BitPak.  The reason that Rob Sama, BitPak’s founder, was given by Apple representatives was simply: ‘Because that Bitcoin thing is not legal in all jurisdictions for which BitPak is for sale’.  Apple is obviously still on the same witch hunt from last year.”

http://bitcoinblogger.com/apple-still-afraid-bitcoin-coinbase-bitcoin-wallet-app-gets-axed-ios-app-store/

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Jeffrey Tucker: Has the Fed Met Its Match?

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Tucker-Head-Shot1

“‘It is hard to imagine a world,’ says the unimaginative study, ‘where the main currency is based on an extremely complex code understood only by a few and controlled by even fewer, without accountability, arbitration, or recourse.’  Blink, blink. This is the Fed talking here. Talk about complex. When the Fed governor speaks in Congress, he (soon she) speaks in such a blithering array of econ-babble that no one dare respond, for fear of seeming ignorant. It’s like the first day of an Intro to Physics class. The professor asks if there are questions, and everyone sits in terror.  In a half-century of this nonsense, only Ron Paul ever really dared to ask serious questions of the Fed.”

http://lfb.org/today/has-the-fed-met-its-match/

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Western Union: bitcoin isn’t ready for international money transfer yet

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“Is bitcoin ready for primetime? Presenters at a recent Western Union conference didn’t think so. At its 2013 Consumer Protection & Compliance Conference last month, executives gave a presentation that said it wasn’t yet suitable for international money transfer.  ‘My audience and the discussion for this slide was about retail consumer money transfer – remittances,’ said Jay Postma, president of MSB Compliance Inc, a company that consults on compliance issues for money service businesses.  Bitcoin holds great promise for payments and settlement transactions, but it’ll take longer for it to catch on in the remittance market, he maintains.”

http://www.coindesk.com/western-union-bitcoin-international-money-transfer/

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Western Union Tanks on Poor Guidance as Bitcoin Gains Prominence

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“Western Union raised compliance-related cost guidance from 3.5 percent to 4.5 percent in 2013, up from 2.5 percent last year. Contrasted with bitcoin exchanges like Mt. Gox, Bitstamp, and Coinbase, who currently pay zero, Western Union is finding it harder and harder to compete.  The bitcoin exchange’s status as a tax-free, regulatory-exempt money transfer apparatus might not last long in the States – that is, if regulators have their way. On Oct. 1 the New York Department of Financial Services subpoenaed several bitcoin startups, stating that ‘regulations need to be in place,’ and if regulation killed bitcoin’s viability as a liquid value transfer vehicle, ‘so be it.'”

http://www.equities.com/editors-desk/stocks/financials/western-union-tanks-on-poor-guidance-as-bitcoin-gains-prominence

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