Tag Archives: Wrecked Bitcoin (BTC)

The Bob Zadek Show, 01/14/18

Source: The Bob Zadek Show

“The Basics of Bitcoin & Blockchain with Stan Larimer” [various formats] (01/14/18)


The Satoshi Revolution, Chapter 4, part 2

Source: Bitcoin.com
by Wendy McElroy

“Cryptocurrencies bypass central banks by privatizing the issuance of money and its transfer across borders. The globe should erupt in applause at the return of financial control to the individuals who produce wealth. Finally, financial justice. But a global party over currency freedom would be inadequate because it would overlook another revolutionary aspect of crypto. Cryptocurrencies and the blockchain are a new paradigm of privacy that will replace the old one as surely as the new currency broke the death grip of central banks.” (01/14/18)


How a Bitcoin system is like and unlike a gold standard

Source: Foundation for Economic Education
by Larry White

“Bitcoin is similar to a gold standard in at least two ways. (1) Both Bitcoin and gold are stateless, so either can provide an international base money that is not the creature of any national central bank or finance ministry. (2) Both provide a base money that is reliably limited in quantity (this is the grounding for Selgin’s characterization), unlike a fiat money that a central bank can create in any quantity it likes, ‘out of thin air.’ Bitcoin and the gold standard are obviously different in other ways. Gold is a tangible physical commodity; bitcoin is a purely digital asset.” (01/12/18)


Canada: KFC introduces “Bitcoin Bucket” of chicken tenders

Source: CoinTelegraph

“In the latest example of mainstream crypto adoption as a PR stunt, KFC Canada has introduced a new menu item, the Bitcoin Bucket, that customers can buy exclusively with Bitcoin (BTC). The Bitcoin Bucket, which sells for the Bitcoin equivalent of 20 Canadian dollars, contains ten chicken tenders, waffle fries, a medium side, a medium gravy, and two dips. Canadian citizens can order home delivery of the Bitcoin Bucket through Colonel & Co.’s website while the offer lasts.” (01/12/18)


Buffett on cryptocurrencies: “I can say almost with certainty that they will come to a bad ending”


Source: CNBC

“Billionaire investor Warren Buffett told CNBC on Wednesday the recent craze over bitcoin and other cryptocurrencies won’t end well. … Also on the show, Buffett’s right-hand man, Charlie Munger, also blasted frothiness in bitcoin — and in venture capital funding. … Buffett’s comments came a day after J.P. Morgan Chase Chairman and CEO Jamie Dimon backpedaled his earlier criticisms of cryptocurrencies.” [editor’s note: Of course, in the same interview he confesses that he knows nothing about the subject. I wonder if that’s true, or if he’s talking crypto down with the intention of buying it cheap (he denies that, btw) – TLK] (01/120/18)


The difference between a Bitcoin and a tulip

Source: Foundation for Economic Education
by Bronwyn Howell

“A starting point for understanding the similarities and differences between bitcoins and tulips comes from William Stanley Jevons. His 1875 work, ‘Money and the Mechanism of Exchange,’ defines the four functions of a currency: as a medium of exchange, a measure of value (or unit of account), a standard of deferred payment, and a store of value. To qualify as a currency, Bitcoin and other cryptocurrencies (which arguably include digital credits such as Airpoints) must fulfill each of these four functions. Clearly, a range of merchants is willing to price in and accept Bitcoin (and Airpoints) in exchange for goods and services, and they can be used to transfer value from one person to another (albeit that Airpoints transferability is somewhat limited), and thereby settle debts. A sum of Bitcoin (or Airpoints) can be held for a period of time as a store of value … However, comparing Bitcoins with tulips reveals that tulips fulfill only the store of value function.” (01/09/18)


Mises UK Podcast, episode 4

Source: Mises UK

“Andy Duncan discusses with Stephan Kinsella the concept, theory, and practice of Bitcoin ownership, amongst other topics, which include the use of Bitcoin as money, the comparison between gold and Bitcoin, and the possible collapse of states everywhere due to the current monetary revolution which states may have been too slow to respond to, for the sake of their own existence.” [various formats] (01/09/18)


US regime to fence stolen Bitcoin

Source: Bitcoin.com

“The U.S government is expected to sell all crypto assets of Aaron Michael Shamo(Shamo)following his recent arrest, including approx. $10 million worth of Bitcoin (BTC) and Bitcoin Cash (BTC). On May 31, 2017, Shamo along with other dark web operators including Drew Wilson Crandall, Mario Anthony Noble, and Sean Michael Gygi were found guilty of [operating a business without the gang’s permission]. When the dark web operators were found guilty of the charges filed by the FBI, the Bitcoin and Bitcoin Cash holdings of the criminals were [stolen] and moved to the custody of the United States Marshals Service (USMS).” (01/09/18)


Bitcoin isn’t the bubble — the global financial system is

Source: The Hill
by Michael Krieger

“Pretty much every article you read about bitcoin in the mainstream press ends up in the same place. You may not hear it until the seventh or eighth paragraph, but eventually you’ll be told that the whole thing is nothing more than a modern day ‘tulip bubble.’ The more creative types will also throw around the South Sea or Mississippi Bubble. You get the point. The consensus among the very smart experts is unanimous: bitcoin is clearly and indisputably a gigantic bubble that’s set to burst. I’ve been hearing this since the early days of getting involved in the space back in 2012. But I’m not convinced.” (01/08/18)


China: Regime reportedly orders crackdown on Bitcoin mining

Source: Sputnik News [Russian state media]

“A Chinese watchdog for internet financial risk has reportedly ordered local governments to implement measures to limit Bitcoin mining in the country. On Friday, a tweet was posted online which appears to show a notice from China’s Internet Financial Risk Special Rectification Work Leadership Team Office, the country’s online financial risk regulator. The order requests that local governments gradually force Bitcoin miners out of the business. Measures which local authorities are instructed to use include control of the power supply to Bitcoin mines, as well laws regarding tax, land use and environmental protection. More than two-thirds of the world’s processing power devoted to bitcoin mining is located in China, but authorities there want to clamp down on the sector. They fear that cryptocurrencies are used as a tool for speculation and thereby fuel financial risk. In addition, it is feared they may be used to finance illegal activities including money laundering.” [editor’s note: What is ACTUALLY feared is that the Communist Party will lose control of the movement of wealth in the country. That’s a rational fear for an authoritarian regime to have. It’s also going to happen no matter what crackdowns occur – TLK] (01/08/18)