We discuss the bitcoin price plunge as Baidu ditches the crypto currency and China bans it for financial firms. Unnoticed at the same time, Germany declares bitcoin to be private money and Merrill Lynch claims it can replace money transfer systems like Western Union. In the second half, Max interviews Dr. Christos Vlachos, CFO of the University of Nicosia, which is now accepting bitcoin as payment and he explains how the volatility in the price won’t matter to the university. They also discuss Dr. Vlachos’ hope to turn Cyprus into a bitcoin hub.
Shriekers gotta shriek! (via @sovereignmonkey)
Yes, I’m still shrieking!
Submitted by Michael Krieger of Liberty Blitzkrieg.
Well this is simply huge. As much as many people want Bitcoin to simply go away (see my recent interview on the topic with Miles Franklin), it is simply not happening. This news represents a very, very positive development. Fidelity deserves a lot of credit for taking the lead here…
Read the rest here.
We are already well into the “end of work.”
The more accurate title would be “The Python (Script) That Ate Your Job.” Python is a computer language whose core philosophy is summarized by “PEP 20 (The Zen of Python)”, which includes aphorisms such as:
Beautiful is better than ugly.
Explicit is better than implicit.
Simple is better than complex.
Complex is better than complicated.
As I understand it (from a non-programmer POV), Python enables rapid development of scripts that may not be optimized by some metrics but which work perfectly well in terms of solving a problem in a cost-effective manner. Read more ›
The Bank of England’s Tucker, who has worked with U.S. regulators on the cross-border hurdles to taking down an international firm said that “U.S. authorities could do it today — and I mean today.” The FDIC official in charge of planning for resolutions, confirmed that the U.S. system is ready to handle a big-bank collapse. Read more ›
Jan Skoyles interviews Ben Davies, CEO of Hinde Capital about all the latest in the gold, silver and bitcoin markets. Davies and Skoyles break down the data on the gold and silver ETFs, check out the physical markets, explore the future of gold for China, discuss the outlook for Bitcoin and then Davies reveals a surprising new shape to certain gold ingots in the black market.
If you understand the difference between the first pair of shoes and the 25th, you understand why America’s debt-dependent consumer economy is doomed.
Yesterday I explained “Why We’re Stuck with a Bubble Economy:”
Now that interest rates are near-zero and mortgage rates are rising from historic lows, there is no more juice to be squeezed from low rates.
Asset bubbles always burst, destroying collateral and rendering borrowers and lenders alike insolvent.
Without organic demand from rising real income and new households with good-paying jobs and low levels of debt, the consumer-debt based economy stagnates. This has left the economy dependent on serial asset bubbles that create phantom collateral that can support new debt, albeit temporarily.
The other critical dynamic is the marginal utility of additional consumption in a debt-dependent consumer economy. In an economy in which 49% of all residents (156 million people out of a total population of 317 million) receive a direct transfer of cash or cash-equivalent benefit from the central government, and millions of these people also receive cash and/or benefits from state and local governments (49% of Americans Get Government Benefits), poverty is relative rather than absolute for the vast majority of Americans.
The American economy is highly dependent on consumption. Household consumption accounts for about 35% of developing economies’ activity–roughly half of America’s 70% consumption economy. Read more ›