Bitcoin, The European Central Bank Sees You As a Threat to Financial Stability

The ECB recently released a report on “Virtual Currency Schemes”.  It is, in parts, surprisingly well done. It includes a good definition of money, it recognizes that virtual currencies are ‘digital cash’, it discusses Austrian economics and even quotes Rothbard, Hayek and Mises! The guys that put this together are smart and understand “Virtual Currency Schemes” i.e. Bitcoin.

But the piece can be summed up with this line… Should Bitcoin ever truly catch on, it will damage the current banking system and threaten “financial stability”.

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Bernard von NotHaus, the ‘Rosa Parks’ of the Dollar

Bernard von NotHaus, creator of the Liberty Dollar and ‘domestic terrorist’ is currently awaiting sentencing and faces more than 20 years in prison. Last week the NY Times published the below interview with Mr. von NotHaus, Prison May Be the Next Stop on a Gold Currency Journey.

 

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The Blue Market: Bitcoin, Dollars and Pot-Banging Protests in Argentina

From The Blue Market

This post is a peep into the underground exchange markets for dollars and bitcoins in Argentina. For the last couple of weeks, I have experienced the informal exchange of bitcoin and dollars on first hand in Buenos Aires. Furthermore, I have realized how both locals and expats may reap significant gains by using bitcoins as a medium of exchange.

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Dwolla offers new MassPay option

Dwolla  is an online and mobile payment system, similar to PayPal, however, Dwolla’s fee’s are much lower at $0.25 per transaction over $10, and transactions under $10 free of charge. Like PayPal, Dwolla is based on the US dollar. Un-like PayPal, you can use it to purchase bitcoins at exchanges such as Mt.Gox.

Dwolla has just announced their new mass payment system, appropriately titled MassPay.

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The Old Radical: How Bitcoin Is Being Destroyed

This piece was recently sent to me by “an old radical.” The message is perhaps a bit harsh, but I have to admit, all I can do is grimace and nod in agreement to this thesis… “Bitcoin and state banking systems are born enemies: only one can survive. If you are imagining that they can peacefully coexist, you are fooling yourself.

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BitInstant: Surprise, The US Dollar is a Virtual Currency

In a blog post put up today, BitInstant’s Erik Voorhees makes an excellent and very simple argument.  People often have an aversion to Bitcoin on the basis that it is purely virtual, but the money you have sitting in your bank account “is virtual already… bitcoins, and other virtual currencies, are no more virtual than the money we’re already using every day.”

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