Texas Challenges Federal Reserve with its Gold-Backed Bitcoin Loving Bank

The a new front opens up for the Federal Reserve.

Also one definitely gets the sense that the recent decline in gold is looking more and more like an opportunity to put away some real wealth at relatively low cost. This is definitely on the mind of the Chinese, and perhaps the guys in 10 gallon hats.

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There’s a new cryptocurrency coming, and it’s backed by gold

A couple of years ago I spent an evening talking economics and entrepreneurship with the developer of the new gold backed cryptocurrency The Business Insider reports on below.

I’ll say this. Anthem is darn sharp and I love that he has named his currency the Hayek. He told me about this venture when we met and I am pleased to see that his dream has become reality.

A gold backed virtual currency is just smart.

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Citi Economist: Abolish Cash (People should have to pay banks to use money)

The central banks don’t like that cash makes it hard to cut rates to below zero. 0% is pretty much as far as they can go (though there are exceptions such as in Denmark.) Boomberg reports;

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Bitcoin poker exec: “I was led out in handcuffs in my underwear”

Poker is a game that I think most people should learn to play. I am not suggesting that everyone sit down at a Vegas table and start betting. By no means. Unless you have a burning desire to lose money. But learning the rules of the game and how it works is very beneficial. The lessons I’ve learned while playing poker (I haven’t played in years) have served me well. It’s too bad our government(s) has such a problem with the game.

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New York state proposes sweeping Bitcoin regulations—and they’re strict

You cannot do business anonymously any more. There must be a trail for every transaction lest some amount of money escapes the clutches of the managers. There must be control.

Bitcoin directly challenges the current banking system. That’s why the banks (via friends in Albany) are trying to shackle it down with regs.

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Petrocoin? Kuwaiti firm suggests trading oil in Bitcoins

The dollar, and more importantly the petrodollar is in some serious medium to long term trouble. Right now the dollar is the reserve currency of the world and the only currency with which one can buy or sell oil in in any serious amount. This gives the United States enormous power. We “print” dollars. The world needs dollars to buy its oil. We print more dollars. In a sense one could even argue that oil is the de facto commodity which backs the US dollar.

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