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.
In the beginning it was the crime. People would offer to sell something for free bitcoins and not pay. Or offer to sell bitcoins and never deliver. You get this in almost every online marketplace. It erodes the trust in the system and is common. Most internet savvy folks know just how to prevent the worst of it. Since bitcoins is still confined mostly to techies, it has been even less of a difficulty. Sites instantly sprang up that listed trustworthy sites, buyers and sellers as well as those never to do business with. The machine was self policing in a nutshell order.
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12/19: Mark “dipthrong” Herm, an online poker superstar over the last 5 years, joins BIG Dave and Steve Karp to discuss his deep run at EPT Prague. He also talks about his experiences as a backer along with his current gig hosting a poker podcast. [Visit Website] [Download MP3].
Yet as more diners hit the news for offering 1964 menu prices for 1964 coinage and gas stations sell gas for ten cents per gallon if paid for with a pre 1965 dime, people are getting the message.
There were some “freelancers” offering to provide this service, but I would caution against that. Mostly because you have to provide them with your address, which we were not comfortable doing.
One, is history. Fiat currencies never last. The U.S. Dollar is a fiat currency, no longer backed by anything other than an ever faltering “full faith and credit” of the U.S. Government. Since the Federal Reserve Act of 1913 the dollar has lost 92% of its purchasing power.
The man was arrested at the San Francisco Public Library, Glen Park Branch, at 3:15 p.m. on Tuesday. Ulbricht was known by a nickname online, “Dread Pirate Roberts.” The FBI teamed with other government agencies on the take down of the Silk Road website. The IRS, Drug Enforcement Administration, Department of Immigration and Customs Enforcement. The FBI was able to seize $3.5 million in bitcoins during Ulbricht initial arrest.