Bits and Pieces 5thOct12

Text messages from LIBOR banksters, hyperinflation in Iran, introducing The Bitcoin Foundation, CFTC’s position limits rule thrown out, Bill Gate’s thoughts on digital currency and more.

A Greek economist calls for regulation of digital currencies in a BBC article. http://www.bbc.co.uk/news/business-19785935

Crossing the Line in the Sand. “The bankers have drawn a line in the sand at $1900 for gold. The sand, however, is far more important than the line.

The U.S., in fact, is…an addict whose habit extends beyond weed or cocaine and who frequently pleasures itself with budgetary crystal meth.

http://www.24hgold.com/english/news-gold-silver-crossing-the-line-in-the-sand.aspx?article=4075801504G10020&redirect=false&contributor=Darryl+Robert+Schoon

 

A Telegraph article gives details of the LIBOR ‘Cartel’ including instant messages between bankers, such as…

“Where would you like it, Libor that is?”

“OK, I will move the curve down 1 basis point, maybe more if I can.”

“Nice Libor, our six-month fixing moved the entire fixing, hahahah.”

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9568087/RBS-traders-boasted-of-Libor-cartel.html

Judge throws out CFTC’s position limits rule http://www.gata.org/node/11782, http://www.gata.org/node/11795

Hyperinflation in Iran. http://www.cato-at-liberty.org/hyperinflation-has-arrived-in-iran/

And it would seem that Iranian officials are blaming black market currency traders for ‘exacerbating conditions’. http://www.zerohedge.com/news/2012-10-04/iran-arrests-gang-16-currency-manipulators

Andrew Maguire: Investment banks don’t have all that metal. http://www.gata.org/node/11787

Bitcoin makes it into the Economist http://www.economist.com/node/21563752

The Bitcoin Foundation is formed to help people exchange resources and ideas more freely by standardizing, protecting and promoting Bitcoin. “Freeing People to Transact on Their Own Terms.” https://bitcoinfoundation.org/

Bitcoin Usage for Political Donations Expands to Vermont. http://bitcoinmagazine.net/bitcoin-usage-for-political-donations-expands-to-vermont/

Ukash expands into UK gift card market. http://www.finextra.com/news/announcement.aspx?pressreleaseid=46519

Bill Gates understands that digital currencies can prevent corruption. While being interviewed by Charlie Rose he says “You want to designs systems that make it harder for there to be corruption … that’s partly why we would like to get digital currencies on cell phones.” But I don’t think Bitcoin is what he has in mind as he also mentions “The government has to set some standards.” http://blog.coinbase.com/post/32700273456/bill-gates-on-digital-currency

Is India’s Golden Age About To Disappear? The Indian government has been attempting to “persuade people to save in cash rather than importing gold.” But it doesn’t seem to be going too well for them. http://www.forexpros.com/analysis/is-india%E2%80%99s-golden-age-about-to-disappear%20-138138

“With everything from the data retention hearings, the internet filter talk and telecommunication interception activities all going on at once, is it any wonder that more and more Australians are turning to the anonymised Tor network to do their illicit browsing?” http://www.gizmodo.com.au/2012/10/aussies-love-online-anonymity-local-tor-use-on-the-rise/

 

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