Cryptocurrency sounds suspicious just by moniker. Cryptography is like a more imposing form of the word “security”, and cryptocurrency can be difficult to wrap one’s mind around. It’s an exciting and volatile new form of currency that has millennials asking themselves whether it’s time to invest.
Banks and venture capitalists don’t like uncertainty, so why is Goldman Sachs rapidly investing in Bitcoin related startups and business ventures? The answer is to stay ahead of the emerging trend (even the IRS is saying Bitcoins are taxable). Cryptocurrency is a very real phenomenon that is starting to show itself in our everyday lives. There are strong odds that you’ve shopped somewhere this week that will accept Bitcoin as a source of payment. That snowball effect has given away to some interesting startups trying to solve fundamental problems related to currency.
Once in possession of the coins — shipped to them by the government for free — they can deposit them into their bank accounts and pay off the credit card bills. The result: a free ticket to anywhere.
China should guard against risks from “excessive” holdings of U.S. assets as Washington could pursue a policy to weaken the dollar, a senior currency regulator said in comments published on a website that briefly pushed the dollar lower.
However, the comments by Guan Tao of the State Administration of Foreign Exchange were quickly removed from the website at his request.
Posted in News and Views
Tagged banks, business, currency, dollar, economic crisis, economy, financial crisis, financial institutions, funding, jobs, meltdown, monetary policy, Recession, yuan
Bitcoin, one of the world’s newest currencies, is an open source, peer-to-peer currency that does not exist in physical form. It’s owned and traded by means of an anonymous P2P network, without any third-party intermediary like a payment processor, without any government issuing or tracking the virtual currency. While there is a limit of only 21 million bitcoins to be generated by the year 2140, bitcoin is “free” to generate and is created by “bitcoin miners.”
The implication is that a completely untraceable underground economy will emerge using bitcoin.
Read Article and This Article.
Posted in News and Views
Tagged anonymous, barter, bitcoin, black market, chaos, currency, drug trade, drugs, economy, exchange, financial system, goverments, grey market, hackers, money, new world order, programmers, trade, underground economy