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A Locked Door, A Secret Meeting And The Birth Of The Fed

A Locked Door, A Secret Meeting And The Birth Of The Fed | money money money | Scoop.it
The creation of America's central bank includes a secret trip to a place called Jekyll Island. (Didn't know much about the origin of the Federal Reserve, including that it was birthed in Georgia!
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And 'the Word' was made Money! How our Fed has operated since ...

And 'the Word' was made Money! How our Fed has operated since ... | money money money | Scoop.it

Our Federal Reserve Banking System (now 100 years and counting) is based mostly upon psychological deception and a play on ‘words’. Our Fed has no ‘money’ or ‘currency’ of its own, yet a digital currency unit (called the dollar) emerges from the thinking (words) of its Chairman and Committee. The WORDS (within the consciousness of select policymakers) manufacture what we call ‘money’ (units of ‘nothing’)…which then gets actualized within a computer screen by ‘typing’ numbers into the on-line System Open Market Account (SOMA). The magic of ‘money creation’ is beyond the comprehension of most Americans. Who understands what really keeps our financial system afloat? Thomas Jefferson would turn over in his grave if he was aware of today’s banking operations!

 
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Vincent Huang: On the Nature of Money | naked capitalism

Vincent Huang: On the Nature of Money | naked capitalism | money money money | Scoop.it

In the absence of any historical evidence that suggests the existence of a barter economy (Hudson, 2004; Graeber 2011), it is curious how the orthodox school can conclude that money originated from barter.  As Wray puts it, “in neoclassical theory, money is really added as an after thought to a model that is based on a barter paradigm” (2001).  Hence, the point of departure of the orthodox tale, however dubious it may be, has to begin with a pre-existing imaginary barter economy.  Case, Fair, Gartner, and Heather (1999) tell the typical orthodox story of the origin of money in Economics,

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(1913-2013) One Hundred Years of Darkness Ends: Bitcoin Breaks the Bank - Gold Seek

(1913-2013) One Hundred Years of Darkness Ends: Bitcoin Breaks the Bank - Gold Seek | money money money | Scoop.it

“The powers vested in the Federal Reserve Board seem to me highly dangerous, especially where there is political control of the Board. I should be sorry to hold stock in a bank subject to such domination. The bill as it stands seems to me to open the way to a vast inflation of the currency.... I had hoped to support this bill, but I can not vote for it as it stands, because it seems to me to contain features and to rest upon principles in the highest degree menacing to our prosperity, to stability in business, and to the general welfare of the people of the United States.“ Senator Henry Cabot Lodge, Dec 17, 1913


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How to buy Bitcoin, Litecoin, and DogeCoin

How to buy Bitcoin, Litecoin, and DogeCoin | money money money | Scoop.it

Despite a roller coaster of a week for digital currencies – or perhaps because of it – the world can’t get enough of Bitcoin and its crypto brethren. But thanks to the complex nature of these digital currencies, the barrier to entry for the average person remains unnecessarily high. One could argue that this is for the best – as I’ve said before, nobody should buy into any digital currency with more money than they can afford to lose due to their volatility. But what if you have a spare $100 just itching to be turned into algorithm-based money – where do you start? Right here, that’s where.

 



Read more: http://www.digitaltrends.com/cool-tech/buy-bitcoin-litecoin-dogecoin/#ixzz2oKuZBFc3 ;
Follow us: @digitaltrends on Twitter | digitaltrendsftw on Facebook

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Why Bitcoin Makes For A Horrible Currency In One Chart

Why Bitcoin Makes For A Horrible Currency In One Chart | money money money | Scoop.it

Yermack looks at the historical trading behavior of Bitcoin and compares it other currencies. What he finds is that bitcoin is incredibly volatile and its exchange rate movements have no correlation with other currencies. The virtual currency's inherent stability makes it impossible to use it as a store of value. For this reason, Yermack concludes that bitcoin looks more like a speculative vehicle than a real currency.

 



Read more: http://www.businessinsider.com/bitcoin-volatility-2013-12#ixzz2oKtc455B

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Bitcoin: Boom or bust? Alaskans bet on the virtual currency - Anchorage Daily News

Bitcoin: Boom or bust? Alaskans bet on the virtual currency - Anchorage Daily News | money money money | Scoop.it

A 4-year-old "virtual" currency called Bitcoin is finding investors around the world, including in Alaska. Bitcoin's growth has been fueled largely by a handful of ardent believers who see online money as a staple of future commerce.

On a national stage, Bitcoin has earned itself a starkly divided reputation. Some love it because it's anonymous, Web- based and potentially lucrative. Others hate it for the same reasons. Most don't know enough to weigh in either way.



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FED PRESIDENT LACKER: I Don't See Why The Fed Would Want To Stop Bitcoin

FED PRESIDENT LACKER: I Don't See Why The Fed Would Want To Stop Bitcoin | money money money | Scoop.it
But opportunities for the media to directly and publicly ask a regulator about the government's stance on Bitcoin have been limited. Until this morning.
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Bitcoin Isn't Alone: Newer Currencies Popping Up (Video) - The Business Journals

Bitcoin Isn't Alone: Newer Currencies Popping Up (Video) - The Business Journals | money money money | Scoop.it
Dec. 23 (Bloomberg) -- Matt Miller reports on crypto-currencies and bitcoin competition. He speaks on on Bloomberg Television's In The Loop.
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Networks will form and needs will be met. The mechanics of Bitcoin adoption. | DGC

Networks will form and needs will be met. The mechanics of Bitcoin adoption. | DGC | money money money | Scoop.it
Bitcoin is fast, secure, nearly free, has a stable supply and has a high level of user control... its just plain better than the banks. You have to wonder why the hell everyone isn't using it?
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The Bitcoin Mines of Iceland - New York Times

The Bitcoin Mines of Iceland - New York Times | money money money | Scoop.it

INTO THE BITCOIN MINES  |  On the flat lava plain of Reykjanesbaer, Iceland, near the Arctic Circle, you can find the Bitcoin mines, Nathaniel Popper reports in DealBook. There, more than 100 whirring silver computers, each in a locked cabinet and each cooled by blasts of Arctic air, are the laborers of the virtual mines where Bitcoins are unearthed. The custom-built machines, running an open-source Bitcoin program, perform complex algorithms 24 hours a day, seeking to win a block of 25 new Bitcoins from the virtual currency’s decentralized network.

 
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Peter Schiff: Bitcoin intriguing, but isn't going anywhere - Yahoo Finance (blog)

Peter Schiff: Bitcoin intriguing, but isn't going anywhere - Yahoo Finance (blog) | money money money | Scoop.it

It’s been all the rage among the tech savvy, dollar doubters, and even those engaged in illicit activity – bitcoin. The virtual, decentralized, private currency has been gaining in value since its inception five years ago, and recent trading in the currency has been exceptionally volatile.  

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Bits and Barbarism

Bits and Barbarism | money money money | Scoop.it

The second money pit is a lot stranger: the Bitcoin mine in Reykjanesbaer, Iceland. Bitcoin is a digital currency that has value because ... well, it’s hard to say exactly why, but for the time being at least people are willing to buy it because they believe other people will be willing to buy it. It is, by design, a kind of virtual gold. And like gold, it can be mined: you can create new bitcoins, but only by solving very complex mathematical problems that require both a lot of computing power and a lot of electricity to run the computers.

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Libertarians And Millennials Are Going Crazy Over Bitcoin: What Are They?

Libertarians And Millennials Are Going Crazy Over Bitcoin: What Are They? | money money money | Scoop.it
A case study in how market-based money can work. (Libertarians And Millennials Are Going Crazy Over Bitcoin: What Are They?
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Bitcoin Mining Is Becoming A Professional, Industrial, Nordic Enterprise

Bitcoin Mining Is Becoming A Professional, Industrial, Nordic Enterprise | money money money | Scoop.it
As the New York Times' Nathaniel Popper points out today, this professional cost-sharing arrangement now how Bitcoin mining gets done.
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Cryptsy Alternatives: Buying and Selling Altcoins | The Bitcoin News

Cryptsy Alternatives: Buying and Selling Altcoins | The Bitcoin News | money money money | Scoop.it
30 November 2013 | By ruletheworld | btcgeek.com Here are some Cryptsy alternatives that you might find helpful. These are all sites like Cryptsy in that they help you trade altcoins.
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Schiff: Bitcoin resembles the tulip bubble

Schiff: Bitcoin resembles the tulip bubble | money money money | Scoop.it
The Winklevoss twins call Bitcoin "gold 2.0," but Peter Schiff calls that hogwash. He explains why it more closely resembles a pyramid scheme, with CNBC's Jackie DeAngelis and the Futures Now Traders.
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Regulation and Bitcoin (Jerry Brito)

Regulation and Bitcoin (Jerry Brito) | money money money | Scoop.it
Regulation and Bitcoin (Jerry Brito) Federal agencies will attempt to regulate Bitcoin, according to the Mercatus Center's Jerry Brito. Given that regulation simply cannot control the new currency,...
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Disruptions: Betting on Bitcoin - New York Times (blog)

Disruptions: Betting on Bitcoin - New York Times (blog) | money money money | Scoop.it

It begins in 2010 — eons ago, in technology time — in Jacksonville, Fla. A software programmer named Laszlo Hanyecz had, to his happy surprise, persuaded someone to accept 10,000 Bitcoins in exchange for two pizzas from Papa John’s. And why not? By Mr. Hanycez’s reckoning, the Bitcoins he had been “mining” on his computer were worth about 0.003 cent apiece. He got his two pies for $30 of found money.

 
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Corruption And The Global Financial Crisis

Corruption And The Global Financial Crisis | money money money | Scoop.it
The financial debacle has many causes and implications, but it would be wrong to underestimate systemic corruption.
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Even if Bitcoin fails, cryptocurrencies are here to stay

Even if Bitcoin fails, cryptocurrencies are here to stay | money money money | Scoop.it

Is paper money headed for obsolescence, swept aside by the meteoric rise of Bitcoin? Is the controversial cryptocurrency the harbinger of a golden age of e-commerce, where all transactions are electronic, frictionless and not under the control of central banks? It’s not hard to come to that conclusion given some of the recent hype.

 
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Not Fit for the Next Crisis: Europe's Brittle Banking Union - SPIEGEL ONLINE

Not Fit for the Next Crisis: Europe's Brittle Banking Union - SPIEGEL ONLINE | money money money | Scoop.it
German Finance Minister Wolfgang Schäuble has negotiated a European banking union suited perfectly to his country's tastes. It looks like a victory, but it could prove to be very expensive if Europe or Germany face another financial crisis.
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Bitcoin boon? Overstock to become biggest retailer to accept the virtual currency - NBCNews.com (blog)

Bitcoin boon? Overstock to become biggest retailer to accept the virtual currency - NBCNews.com (blog) | money money money | Scoop.it

Bitcoin enthusiasts will soon be able to go on a bigger shopping spree thanks to Overstock.com, which is slated to become the biggest retailer in the U.S. to accept the virtual currency.

 
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Bitcoin 2014 Price Prediction & Forecast

Bitcoin 2014 Price Prediction & Forecast | money money money | Scoop.it

Bitcoin is an decentralized online currency that has seen explosive growth during 2013. Starting the year off at $13, bitcoin was largely unknown to a vast majority of society. However even after seeing explosive growth of 7,500% during 2013, society still does not understand the innovations of bitcoin and the value it offers to society.  What will the price of bitcoin be in 2014? Watch the video below for a price prediction based on the adoption rate. Don’t forget to leave your 2014 price forecast for both bitcoin & litecoin below.

 

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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation