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Alex and Max Keiser continue on the topic of rigged global markets and fiat currency vs bitcoin Patrick Byrne enabled bitcoin purchases on Overstock.com earlier than planned as he wanted first mover advantage. It turned out to increase sales far more than he had expected.
Silver might take 10 months to peak and 2 months or less to retrace much of its price increase. It might be a $100 billion market in the US.
The market will be completely overrun and choked with silver, yielding an inventory that might not bleed off for years. The price rise will be fast; the drop will be fast was well. That's the way this always happens when smart money gets in first and dumb money comes in last.
Getting out at that inflection point will be a doozy; the ride heady. Nearly everyone will be sucked in with dreams of becoming silver millionaires. Those who bought at $30-40 will be vindicated.
We discuss whether or not 2014 will be one of economic and financial fallout from the 2013 Year of Bitcoin and Snowden. They look at Paul Krugman's claim that Bitcoin is evil because it's not backed by men with guns and the latest in the financial fallout from Snowden's NSA revelations in terms of contractual demands that data never enter the US. In the second half, Max interviews Barb Jacobson of basicincome2013.eu about the European Citizens Initiative for Unconditional Basic Income. Max compares it to the basic income provided to bankers through policies like quantitative easing.
The Department of Justice said Robert Faiella -- known as "BTCKing" -- and Charlie Shrem from BitInstant have both been charged with money laundering.
The authorities said the pair were engaged in a scheme to sell more than $1m (£603,000) in bitcoins to users of online drug marketplace the Silk Road.
With over 1,000 new merchants adopting Bitcoin every week, it is perhaps not surprising that, as NY Post reports, the first Bitcoin ATM is about to debut in New York City.
Following success inCanada and Europe, Brooklyn native Willard Ling, 30, is set to introduce the first bitcoin ATM to New York City at the East Village bubble tea shop 'Just Sweet'. State regulators with the Department of Financial Services are expected to hold hearings later this month to discuss how the digital currency should be regulated; and until then, Ling's bitcoin ATM will sit in his apartment. Users first download a bitcoin wallet mobile app — such as BlockChain or Mycelium — and set a password. A black-and-white QR code appears. They press the phone against the ATM's glass window so it can scan the code, then feed in cash.
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Once upon a time, money -- in the form of precious metals -- used to be literally dug out of the earth. Limitations on the amount that could be mined, and on how much growth could be borrowed from the future (all debt is, is future consumption denied), is why eventually the world's central bankers moved from money backed by precious metals, to "money" backed by "faith and credit", in the process diluting both. It was the unprecedented explosion in credit money creation that resulted once money could be "printed" out of thin air that nearly destroyed the western financial system. Which brings us to Bitcoin, where currency "mining" takes place not in the earth's crust, or in the basement of the Federal Reserve, but inside supercomputers. Instead of swinging pickaxes, these custom-built machines, which are running an open-source Bitcoin program, perform complex algorithms 24 hours a day. If they come up with the right answers before competitors around the world do, they win a block of 25 new Bitcoins from the virtual currency's decentralized network.
Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today's money worth less tomorrow.
"There will be alternatives to the dollar, and this might be one of them," said former U.S. congressman Ron Paul. If people start using bitcoins en masse, "it'll go down in history as the destroyer of the dollar," Paul added.
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