On Sept. 18, the Federal Open Market Committee issued a statement saying that they would not yet begin to reduce the $85 billion monthly debasement of the US dollar, which is carried out by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term treasury securities at a pace of $45 billion per month. The Committee also decided to keep the target range for short-term interest rates at 0 to 0.25 percent for at least as long as the unemployment rate remains above 6.5 percent.
A run on Argentine bank deposits occurred in 2001. The natives were understandably restless with the continued failure of their government’s economic policies. People wanted to flee the Argentine peso for the refuge of the USD. As you might expect, the government froze bank accounts for up to a year and limited customer withdrawals. Recently we had something similar occur in Cyprus when rumors began swirling about deposit confiscation in order to deal with the poor financial state of banks in that country. In similar fashion, the government of that country took measures to limit withdrawals and the rumors became fact. Depositors did lose money though the term used was the more euphemistic “tax”.
JK: I said I wouldn’t get back into it unless we had the technical side taken care of, the legal side and the money behind it. We hired 7 lawyers to take care of the legal side, and convinced Miron Cuperman who worked on PCI compliance at Google, to join as the CTO. He was a really big fan of bitcoin superstar anmelden and he’s working for us full time now, he’s pretty awesome. Having him really convinced me it was worth doing. We also raised 400, 000 in seed money and right now most of us are not taking a salary, so we’re working really hard on it.
The bitcoins are not actually in the wallet, they are still on the web. In fact, the outside of the wallet will have a QR code that will allow you ship coins to the wallet any time you like.
12/22: David Randall made his second appearance on the Strategy with Kristy Podcast this week. After finishing third in a $1,125 buy-in no-limit hold’em World Series of Poker Circuit Harrah’s Rincon prelim event and then eighth in the $1,675 Main Event, Randall’s live tournament winnings are nearly $500,000. That, coupled with his online tournament winnings of more than twice that, make him a player to look out for in the upcoming year. [Visit Website] [Download MP3].
Whether you think free bitcoins are the money of the future or even a passing gimmick, you can not deny that some people have already made millions. So with the drawing card of “easy” money comes crime. And the crime is getting bigger and more advanced.
12/12: This week on The Mental Game of Poker radio show I’m joined by Zach Elwood, author of “Reading Poker Tells.” This is the first time that I’ve talked extensively about tells on the show. We discuss some of Zach’s methods for deciphering tells from random information and how to get a handle on your own tells. Surprise surprise, there is often a mental connection to them. [Visit Website] [Download MP3].
Disadvantages associated with Bit coins: 1.Since bit coins are also the way of private payment these currencies are also used for purchasing illegal things. 2. purchasing of bitcoins are usually not so easy. 3. There is also no refund when you buy bitcoins. 3. Since payment with bitcoins do not need name, address and information of purchaser, hence if any fraud happens then it is not easy to find that person. 4. In many countries bit coins are banned hence you cannot use it worldwide.