Bitcoin is a peer-to-peer currency, meaning it is not issued by a central authority, like the dollar or yen. The money supply grows as the network grows and will max out at about 21 million bitcoins. But right now, you can purchase them online on the Mt. Gox currency exchange or an over-the counter market. They do not exist in physical form—only electronically, owned and traded by members of a special, anonymous peer-to-peer network. No third-party intermediary, such as a payment processor or a bank, needs to keep tabs on or process the electronic transactions. The network itself does, with each participating computer running a special, secure program that ensures no user can spend a coin twice or create new money out of thin air.A good money for us libertarians and crooks!
Wednesday, May 18, 2011
Annie Lowry and Bitcoins from Slate
A highlite:
LA Bond offering
City Looking for $1.35 Billion in TRANS Funding … May have Trouble Finding Takers
The city borrowing money based on future tax revenue for pensions payments they have to make today. But the pension payments they make today are 25% larger than the ones they borrowed money for last year. Let us see what investors think.
The city borrowing money based on future tax revenue for pensions payments they have to make today. But the pension payments they make today are 25% larger than the ones they borrowed money for last year. Let us see what investors think.
The US Post Office wants another $5,5 billion from the middle class
To cover pension guarantees naturally. I say, no.
Sparse solution set
And just like that, without rhyme or reason (well, technically the draw down in crude was substantial with crude inventories dropping by 3.8MM barrels, on expectations of a 1.7MM build, not to mention gasoline dropping from 1.275MM to 119K) the entire commodity complex explodes, after the market tired of today's 3 hours of contractionary speculation and rotates the dial from Max deflation to Max inflation, bypassing anything in the middle.TylerSignalling between the real economy and OPEC gets muddled by DC.
Good Grief!
Senate Bill 48, sponsored by San Francisco Democrat Mark Leno and currently pending in Sacramento, would require “instruction in social sciences to also include a study of the role and contributions of Native Americans, African Americans, Mexican Americans, Asian Americans, Pacific Islanders, European Americans, lesbian, gay, bisexual, and transgender Americans, persons with disabilities, and other ethnic and cultural groups, to the development of California and the United States.”I want to add to the list
The Senate effect
the “Gang of Six” was on the verge of collapse. Sen. Tom Coburn (R-Okla.) withdrew from the bipartisan working group, saying the senators simply could not overcome the polarizing political pressure that each faces. WA Post
His state gets an extra 39 cents extra back for each tax dollar sent to DC. With a mere 5 congressional districts sending him to Washington, he hears about every dollar he cuts.
Tuesday, May 17, 2011
Sun quotes Ron Paul
Dr. Paul told the Sun today that he reckoned the sale of gold reserves would be “a good and moral decision. An individual would have to do the same.”SunIf you are on the Gold standard, then one sells when its high and buys when its low.
Plain Wrong
On the other hand, American universities really are the best in the world, and the European model of taxpayer financing of higher education really is going through a massive and inevitable restructuring. Economist
The American University has been replaced by the web. Look around, What tool is used for research? What tool for academic reference? What has replaced the sliderule?
A high school kid with Internet technology quickly becomes as smart as any PHD.
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