BitBuzz Daily: A look at all things new and interesting about bitcoin
Friday 15 November 2013
In yesterday's roundup, we posted an interesting video about the challenges facing regulators when it comes to bitcoin and the law. Today, we hear of a series of hearings due to take place next week at the Senate Homeland Security about digital currency. Writing on Politico, Zachary Warmbrodt says, "Bitcoin has moved from a head-scratching curiosity in Washington to an issue both regulators and lawmakers say they need to better understand and decide how to handle."
Bitcoin is now getting ready to face the government...
As Bitcoin gets an increasing amount of attention from the government, the entrepreneurs and advocates behind the digital currency are getting ready for their close-up.
They are hiring lawyers skilled in navigating the regulatory gauntlet, political operatives who can deal with the curiosities and concerns of Congress, and former government officials who can give the fledgling industry a good housekeeping seal of approval.
Continue Reading“It is still very much the early days here,” said Jeremy Allaire, chief executive of Bitcoin startup Circle. “There’s just got to be a lot more education and understanding among policymakers and regulators.”
Here's a video to watch. A former official at the Federal Reserve Bank of New York apologising over quantitative easing (QE - the central bank's buying up of bonds to try to increase the money supply).
The US prolonged its economic stimulus policy of QE after Federal Reserve Chairman, Ben Bernanke announced it would start to taper off its buying of bonds, sending the markets into a spin. Now any sign of tapering is more likely some months down the line so with Quantitative Easing continuing indefinitely, Andrew Huszar talks to Erik Schatzker and Stephanie Ruhle at Bloomberg, saying the Fed should have stopped after Round 1.
Bitcoin for pensioners? Could the currency be an ideal investment for your pension plan? This piece on Forbes, by Rob Russell, looks at the investment funds, which could offer that possibility.
Bitcoin, the virtual currency dubbed as “Gold 2.0,” has been attracting significant interest from investors who are skeptical of the long-term health of the US Dollar and want an alternative to gold. Naysayers of Bitcoin cite that the currency is unregulated and not backed by any financial institution. Believers are eager to point out the 3,000% YTD return.
Bitcoin/USD YTD performance (Source: gold.net/chart/currency/BTCUSD)
Of course, this exponential growth has attracted darker uses than investing. Silk Road, an online illegal drug black market that was recently shut down by the FBI, extensively accepted Bitcoins as payment. Still yet, some vendors like WordPress, Reddit, and Chinese Internet giant Baidu have started to accept this new currency, fueling more interest and curiosity among consumers.
And we thought we'd end on a lighter note, 'scuse the pun. Vendors take note. If you accept bitcoin, or just want to promote it - this might be for you. Stickers in windows are one thing, but this beauty from Cryptocables is a whole new level!
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