Tag Archives: Money

Should Cities Be in the Business of Issuing Debit Cards? [2013]

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“The city of Oakland already offers residents a municipal ID card, a form of identification thought to help undocumented immigrants, in particular. Now, they’ve upped the ante, becoming the first city to add a pre-paid debit-card function to its ID.  Residents can reload the card at Western Union, direct-deposit paychecks to it, withdraw cash from it at ATMs, and shop with it like any other pre-paid Mastercard.  With nearly one in 10 households considered ‘unbanked’ in the U.S., Oakland’s initiative is part an effort by many cities to broaden the financial options available to low-wage workers beyond check-cashing stores and payday lenders.”

http://www.citylab.com/work/2013/08/should-cities-be-business-issuing-debit-cards/6474/

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ID3 Hopes You’ll Opt-In to Your Own Surveillance

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“The ID3 software, called Open Mustard Seed, wouldn’t just contain your name, home address, birthday, government tracking numbers, etc. It would also contain “biometric” and ‘behavioral’ trackers, and all this data would be fused with every online transaction you ever used it for.  Sound a little nightmarish? Don’t worry, silly skeptic—ID3 crosses their hearts that the contents of your identity pack will remain anonymous to third parties. ID3 wouldn’t dream of sharing this mass of private data about you with others—unless, of course, the third party requesting the data is a government employee, by ID3’s own admission.”

http://cointelegraph.com/news/112900/id3-hopes-youll-opt-in-to-your-own-surveillance-op-ed

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Online Drug Dealers Are Now Accepting Darkcoin

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“Over the last month, two of the dark web markets selling an anonymous, mail-order catalog of narcotics and other contraband have begun supporting darkcoin transactions. On a site called Nucleus, visitors can now use darkcoin to buy LSD, MDMA, and marijuana. On the competing market Diabolus, dealers accept it for cocaine, synthetic stimulants like ethylone and alpha-PVP, and even counterfeit Euros. Those two markets still represent only a tiny fraction of the growing dark web drug economy—most of which uses bitcoin exclusively. But darkcoin’s entrance could signal a new means of transaction in that underground industry, and one that’s far harder for law enforcement to trace.”

http://www.wired.com/2014/11/darkcoin-and-online-drug-dealers/

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Bitcoin Boulevard: Dutch neighborhood now accepting cryptocurrency

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“Ever more people are using digital currencies to pay for things – though it’s still relatively hard to find places that will accept them. But not so in one Dutch neighborhood, where the Bitcoin has become part of everyday life – as Irina Galushko found out.”

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Euro Pacific Precious Metals Now Accepts Bitcoin

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“BitPay, world leader in business solutions for Bitcoin digital currency, announces a partnership with SchiffGold (formerly Euro Pacific Precious Metals). Based in New York City, SchiffGold is a major international gold and silver dealer – and the world’s largest by volume to accept bitcoin to date.  SchiffGold is led by famed investor Peter Schiff and specializes in making high-quality bullion coins and bars part of its customers’ financial portfolio. The company has built a reputation for calling out unsavory practices in the gold dealer industry, and for its honest and competitive pricing across all product categories.”

http://schiffgold.com/key-gold-news/euro-pacific-precious-metals-now-accepts-bitcoin/

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Former SWIFT Insider on Financial Warfare, the Dollar, and Bitcoin

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“Since 1977, the mission of SWIFT was to connect the entire world. Not to disconnect anybody. And today there are around 215 countries in the world.  Before Iran, SWIFT had never ever disconnected a country because it does not have the mandate to do that. The organization itself is not allowed to do that. Its purpose is to connect everybody in a neutral fashion. SWIFT’s infrastructure does not know physical geographical borders. Technically there are no ‘countries’ per se in the SWIFT system; there are just SWIFT codes, a collection of which forms a country. [..] it’s a challenge to remain neutral because you are being pushed one way or the other by powerful forces.”

http://www.internationalman.com/articles/a-former-swift-insider-on-financial-warfare-the-fate-of-the-dollar-and-bitc

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Visa, Mastercard welcome Beijing’s plans to free bank cards market

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“Visa Inc and Mastercard Inc welcome China’s plans to open up its market for clearing domestic bank card transactions, as they stand to gain access to a growing market worth more than $1 trillion a year.  While China lags behind countries such as the United States in spending on credit, habits are changing fast and the Chinese are increasingly swiping plastic to satisfy their growing appetite for consumer goods.  The State Council, China’s cabinet, said on Wednesday after a weekly meeting that foreign firms that meet its criteria could set up their own clearing companies. It did not provide details. Household debt in China amounted to just 37% of GDP at the end of July, compared with 81% in the U.S.”

http://www.reuters.com/article/2014/10/30/china-banks-clearing-idUSL4N0SO8PM20141030

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Russian central bank ready to step in to stop ruble panic

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“Russia’s central bank said Friday it was ready to step in to protect the crashing ruble, after the currency was hammered by a day of panic selling that have sparked fears of a full-blown crisis.  The policy U-turn came just two days after the central bank said it would limit its support for the falling currency.  The ruble has lost 10 percent in value in the course of the week amid plunging oil prices and the fallout from the Ukraine crisis. The central bank last week jacked rates up from 8.0 to 9.5 percent.  Sanctions have also made it nearly impossible for Russian companies to borrow in the West, with the local currency market under pressure as firms buy dollars to repay existing loans.”

http://news.yahoo.com/black-week-ruble-fall-hits-time-low-005617150.html

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Dollar Shortages Spread Amid Russian Ruble Collapse

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“Rising demand for foreign currency meant that U.S. dollars and euros were unavailable at some Russian banks and exchange points Friday as the ruble went into free fall during morning trading.  The Russian currency nosedived after markets opened, hitting a historical nadir of 48.64 against the greenback and shooting past 60 per euro for the first time.  The dramatic rout meant that the ruble had lost over 10 percent against the dollar in the 48 hours after the Central Bank announced Wednesday that it was capping market interventions to defend the ruble at $350 million a day. The bank has sold over $70 billion worth of foreign currency this year and still has just over $420 billion still available.”

http://www.themoscowtimes.com/business/article/dollar-shortages-spread-amid-russian-ruble-collapse/510803.html

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Would you like being paid in gold? It’s possible… in Singapore

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“The fact that that being paid in gold likely sounds crazy to most of your friends and neighbors suggests something is seriously wrong with the western economy you live in.  But down in Singapore, one company is doing just that.  My friend Torgny Persson at Bullionstar now offers his employees the chance to be paid directly in gold, whether that means conveniently stored in their high-security vault or taking physical possession.  Bullionstar is the first company in Singapore – the world’s second freest economy – to pay its workers in gold, and the idea seems to be catching on.  It’s good news for gold lovers and for the future of emerging continents like Asia.”

http://nomadcapitalist.com/2014/11/12/being-paid-in-gold-singapore/

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