GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!
Bitcoin Price Plunge as Baidu Stops Accepting The Crypto Currency After China Ban. Keiser Report
In this episode of the Keiser Report, Max Keiser and Stacy Herbert
discuss the bitcoin price plunge as Baidu ditches the crypto currency
and China bans it for financial firms. Unnoticed at the same time,
Germany declares bitcoin to be private money and Merrill Lynch claims it
can replace money transfer systems like Western Union. In the second
half, Max interviews Dr. Christos Vlachos, CFO of the University of
Nicosia, which is now accepting bitcoin as payment and he explains how
the volatility in the price won't matter to the university. They also
discuss Dr. Vlachos' hope to turn Cyprus into a bitcoin hub.
Bitcoin
is an open source peer-to-peer payment network and digital currency
introduced in 2009 by pseudonymous developer "Satoshi Nakamoto". Bitcoin
has been called a cryptocurrency because it uses cryptography to secure
funds.
Transactions transfer bitcoins, the unit of currency, between
Bitcoin addresses derived from cryptographic public keys. To spend the
funds associated with an address, a user must broadcast a payment
message digitally signed with the associated private key. Transactions
are verified by a decentralized network of computers all over the world.
Specialized computers use a proof-of-work system to prevent people from
copying and spending the same bitcoin multiple times, a problem for
digital currencies known as double-spending.The operators of these
computers, known as "miners", are rewarded with transaction fees and
newly minted bitcoins.
A collection of addresses and their
associated private keys is known as a wallet. These may be stored online
on the web, on local hardware (like a personal computer or mobile
device), or on paper print-outs. Thefts of bitcoins from online wallets
have been covered in the media, prompting assertions that the safest way
to store bitcoins is in a paper wallet generated by the owner on an
uncompromised computer.
In 2012, The Economist reasoned that
Bitcoin has been popular because of "its role in dodgy online markets",
and in 2013 the FBI shut down one such service, Silk Road, which
specialized in illegal drugs (whereupon the FBI took control of
approximately 1.5% of all bitcoins in circulation). However, Bitcoins
are increasingly used as payment for legitimate products and services,
and merchants have an incentive to accept the currency because
transaction fees are lower than the 2 to 3% typically imposed by credit
card processors. Notable vendors include OkCupid, Reddit, and WordPress.
A subsidiary of the Chinese internet giant Baidu accepted bitcoins,
however on December 7th 2013 stopped after China's Central Bank barred
financial institutions from handling transactions.
Speculators
have been attracted to Bitcoin, fueling volatility and price swings. As
of November 2013, the use of Bitcoin in the retail and commercial
marketplace is relatively small compared with a relatively large use by
speculators.
No comments:
Post a Comment