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Cyprus: Risking The European Ship For Ten Euros Of Tar

Cyprus: Risking The European Ship For Ten Euros Of Tar | money money money | Scoop.it

The weekend agreement on a rescue of the Cypriot banking system flagrantly disregards this sound advice. The ship in question is not the banking system of that Mediterranean island, which is to be ‘saved’ with the provision of about EUR 10 billion in EU and IMF funding. It is the entire euro area economy. Accordingly the missing tar – a thick resin used to seal the hull of wooden ships in olden times – in this case costs a bit more than half a penny: EUR 5.8 billion to be precise. That is the sum that holders of Cypriot bank accounts will be forced to stump up in the form of a one-off levy: 6.75% on all deposits up to EUR 100,000 and 9.9% above that.

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Debt: Eight Reasons This Time is Different - OilPrice.com

Debt: Eight Reasons This Time is Different - OilPrice.com | money money money | Scoop.it


Part of their story is of course correct. Governments have gotten themselves into problems with debt, time after time. This is happening again now.

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Can Germany save the euro?

Can Germany save the euro? | money money money | Scoop.it
The short history of the Eurozone has been remarkable and unprecedented – the euro project has moved from the planning board to a vibrant currency within less than ten years.
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Banking on Bitcoin: Nonprofit Success Stories Start to Emerge - Chronicle of Philanthropy (subscription)

Banking on Bitcoin: Nonprofit Success Stories Start to Emerge - Chronicle of Philanthropy (subscription) | money money money | Scoop.it

When representatives from alternative, Internet-based currencies like NobleCoin began pitching the Water Project last year, they met plenty of skepticism. Peter Chasse, founder and president of the nonprofit, knew little about how such currencies functioned.

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Thousands of websites from South Korea will embrace Bitcoin due ...

Thousands of websites from South Korea will embrace Bitcoin due ... | money money money | Scoop.it

Galaxia Communications is one of the top three online payment companies in South Korea. This company has more than 10,000 customers both inside and outside of South Korea. It also is the top seller for mobile gift card and coupon in South Korea. The cooperated Bitcoin payment processor is Coinplug, which provides technology support for Bitcoin transaction.

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Column UCLA's John Villasenor takes you inside the world of cryptocurrencies ... - Los Angeles Times

Column UCLA's John Villasenor takes you inside the world of cryptocurrencies ... - Los Angeles Times | money money money | Scoop.it

You can donate to a PAC, buy a Tesla or order a Domino's pizza using bitcoin. California just repealed a ban on such cryptocurrencies, so the question is not only "Now what?" but "What?," period. Any currency that's not tied to something like gold is essentially faith-based, but faith may be harder to come by for something like bitcoin, which took a PR hit in the Mt. Gox failure in February and has no physical existence anyway. You may want to try it out just because it's neat, says John Villasenor, a UCLA professor of electrical engineering and public policy and a Brookings Institution fellow, but it's the "decentralized trust" that underpins bitcoin transactions that is the real innovation.

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Bitcoin's Conundrum: Rewarding hoarders and punishing users - CryptoCoinsNews

Bitcoin's Conundrum: Rewarding hoarders and punishing users - CryptoCoinsNews | money money money | Scoop.it

There are, theoretically, almost 13 million bitcoins in existence. Of this figure, I am going to assume that at least 2 million bitcoins have been lost. I believe this is a conservative figure, many more may be buried in long forgotten hard drives and Mt. Gox has accounted for a few, if Mark Karpeles is to believed. So that leaves us with 11 millions. Now, we don’t need all of those 11 millions to function successfully, as a matter of fact Bitcoin could function successfully as the World’s number one currency if we only had 1 Bitcoin. This would, of course, mean that that Bitcoin would be subdivided into tiny fractions that would account for all purchases and payments.  The lower the number of bitcoins in existence the greater the value of an individual Bitcoin; If there were more bitcoins, there would be a lower individual value on each one. Now, every day, the world destroys bitcoins; we lose keys and codes, the computer get’s lost, formatted or stolen, or we hit the wrong key and send a payment to a wrong address. So the amount of bitcoins is never what it should be. This leads us to Bitcoin’s Conundrum.

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ISIS-Linked Blog: Bitcoin Can Fund Terrorist Movements Worldwide - CoinDesk

ISIS-Linked Blog: Bitcoin Can Fund Terrorist Movements Worldwide - CoinDesk | money money money | Scoop.it


The Islamic State of Iraq and Syria (ISIS) has proposed using bitcoin to fund global jihadist efforts.

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Next Bitcoin Core Version to Include 'Smarter' Transaction Fees - CoinDesk

Next Bitcoin Core Version to Include 'Smarter' Transaction Fees - CoinDesk | money money money | Scoop.it


Bitcoin Foundation chief scientist Gavin Andresen has outlined the details of new floating transaction fees to be included in the code of the next Bitcoin Core release.

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Euro Crisis Turning Point: Two Years of Banking Union - Fair Observer

Euro Crisis Turning Point: Two Years of Banking Union - Fair Observer | money money money | Scoop.it

Europe’s banking union, constituting a supranational pooling of most instruments of banking policy, was established over two years ago, in the early hours of June 29, 2012. To a greater extent than was initially realized by most observers, this step marked a watershed in the European crisis by making it possible for the European Central Bank (ECB) to stabilize sovereign debt markets. The banking union will also profoundly reshape and realign Europe’s financial system and institutions, with consequences that will unfold gradually.

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Banks Dropping International Money Transfer in Wake of Big Fines - PYMNTS.com

Banks Dropping International Money Transfer in Wake of Big Fines - PYMNTS.com | money money money | Scoop.it


It's getting harder for immigrants to the U.S. to send money back to their countries of origin as U.S.

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Predicting Bitcoin Value: Is a value of $50000 realistic? - CryptoCoinsNews

Predicting Bitcoin Value: Is a value of $50000 realistic? - CryptoCoinsNews | money money money | Scoop.it

World Bitcoin Network has just released a new Bitcoin Value Model. Let me begin by stating that this is a model, and no model can accurately state how much any currency is going to be worth at a point in the future. What the model can do, however, is show us how price is determined and the factors that determine it and the model can also allow us to factor in variables and view their effect.  In February of this year, the Financial Times received an eMail predicting a $50,000 Bitcoin value. Their response was to remind people that Wall Street traders use models:

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The 8 Biggest Bitcoin Heroes and Villains of 2014 (So Far)

The 8 Biggest Bitcoin Heroes and Villains of 2014 (So Far) | money money money | Scoop.it
Every hero needs a villain. Here are the eight most prominent figures of the year for and against bitcoin.
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Euro banks warned off Bitcoin as Canada regulates it - Register

Euro banks warned off Bitcoin as Canada regulates it - Register | money money money | Scoop.it

The European Banking Authority, which has previously warned consumers that they're unprotected if they get themselves into the crypto-currency game, has followed up with a don't-touch warning to banks.

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Probing Question: What is Bitcoin? - Penn State News

Probing Question: What is Bitcoin? - Penn State News | money money money | Scoop.it


Bitcoin is a digital payment network that allows users to engage in direct transactions without the oversight of a banking organization or government.

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Bitcoin is having its moment but there are better sustainable currencies

Bitcoin is having its moment but there are better sustainable currencies | money money money | Scoop.it
The crypto currency's liberating features are undone by its susceptibility to fraud.
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Bitcoin History: Pre-Blockchain Digital Currencies - CoinTelegraph

Bitcoin History: Pre-Blockchain Digital Currencies - CoinTelegraph | money money money | Scoop.it

For anyone not involved in mid-90s cypherpunk scenes or early e-cash projects, the term “digital currency” probably never came up in conversation until quite recently, after the advent of Bitcoin.

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Polish Finance Ministry: Bitcoin Can Be Used as Financial Instrument - CoinDesk

Polish Finance Ministry: Bitcoin Can Be Used as Financial Instrument - CoinDesk | money money money | Scoop.it


At the time, Pacholski asked Poland's Ministry of Finance to explain the legal status of bitcoin transactions.

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Bitcoin Foundation Hires Firm to Lobby Congress on Cryptocurrencies

Bitcoin Foundation Hires Firm to Lobby Congress on Cryptocurrencies | money money money | Scoop.it
The Bitcoin Foundation has hired Washington, DC-based lobbying firm Thorsen French Advocacy.
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Bitcoin ATM builder takes aim at traditional financial services - Los Angeles Times

Bitcoin ATM builder takes aim at traditional financial services - Los Angeles Times | money money money | Scoop.it
KTLA Bitcoin ATM builder takes aim at traditional financial services Los Angeles Times With the underlying infrastructure now mostly in place, investors and analysts say bitcoin ATM expansion is imminent — 600 or more machines are projected to be...
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EBA: Investors should avoid Bitcoin, identifies 70 risks - ZDNet

EBA: Investors should avoid Bitcoin, identifies 70 risks - ZDNet | money money money | Scoop.it

The European Banking Authority (EBA) has weighed in on the use of virtual currency, and recommends that Bitcoin be avoided until regulatory systems are put into place.

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There's a Lot of Bitcoin Hype, But Where Can You Actually Use Them? - CoinTelegraph

There's a Lot of Bitcoin Hype, But Where Can You Actually Use Them? - CoinTelegraph | money money money | Scoop.it

There has been a lot of buzz about Bitcoin this year. First, there were questions about the volatile nature of a cryptocurrency followed by whirling prices and the eventually collapse of Mt. Gox, the once bitcoin exchange giant. No matter what side of the news story Bitcoin has been on, retailers have been watching closely.

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Opinion: For Black Money, Look in India, Not Switzerland - NDTV

Opinion: For Black Money, Look in India, Not Switzerland - NDTV | money money money | Scoop.it


The empirical origin of the $500 billion figure is yet unknown.

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iDrive Attempted To Mine Bitcoin with 3000 Servers – That was a Mistake - CryptoCoinsNews

iDrive Attempted To Mine Bitcoin with 3000 Servers – That was a Mistake - CryptoCoinsNews | money money money | Scoop.it


If you had a business with 3,000 servers, you might try and do the same thing that iDrive recently tried.

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Bitcoin close to a tipping point? An overview of all the recent positive news | Vancouvered Weblog

Bitcoin close to a tipping point? An overview of all the recent positive news | Vancouvered Weblog | money money money | Scoop.it
Today’s warning by the European Banking Authority for banks not to sell, hold or trade Bitcoin was reported as negative for Bitcoin in mainstream media. I (Marc van der Chijs: "Bitcoin Close To A Tipping Point?
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WHAT IS FIAT CURRENCY? WHAT IS MONEY? - NewsWithViews.com

WHAT IS FIAT CURRENCY? WHAT IS MONEY? - NewsWithViews.com | money money money | Scoop.it

[NOTE: For those who will react to this article by commenting on alternative currencies like Bit Coin, please read my News With Views article on that topic here. Almost everything I predicted about how Bit Coin could be brought down or controlled by the federal government has occurred since the article was written.]


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