While these are wonderful new innovations that no doubt will help alternative currency users, the current options come with catches as they are compromises between the old fiat system and their more innovative alternatives.
GoldMoney has two new storage facilities, one in Canada and another in a secure zone of Zurich Airport.
New stuff from Open Transactions, Bullion Vault and the ever evolving Bitcoin.
Vietnam’s ‘war on gold’, GATA’s TV appearance, Bitcoin’s struggles with how to police theft, e-billion news and more.
As reported recently in several major newspapers and on Zero Hedge, the NY Fed is undergoing an audit of the gold stored in the vault of its Wall Street office. Reportedly about 23% of the world’s official gold reserves, including gold owned by foreign countries and the IMF, are stored in the central bank’s vault. One could assume from the Fed’s timing that this might be an effort to put to rest ‘conspiracy theories’ about the Fed’s missing gold. Although those concerned about the Fed’s ‘transactions’ in gold, see this as the Fed’s attempt to quiet concerns while avoiding the real issue.
The Financial Times has just released an article claiming that several people familiar with the CFTC’ silver investigation are saying that the regulator has not found enough evidence to pursue a legal case and will soon drop the investigation.
I once again subjected myself to a House Subcommittee hearing; this time I was pleasantly surprized.
Yesterday the House Subcommittee on Financial Services, held a hearing titled “Sound Money: Parallel Currencies and the Roadmap to Monetary Freedom”. There were an excellent group of witnesses, some intelligent questions from the committee members and testimony from Mr Rob Grey of The American Open Currency Standard that you don’t want to miss.
Bitcoin is now on Brazilian regulators radar. Recently the Comissão de Valores Mobiliários, the Brazilian version of the US’s the Securities and Exchange Commission, ordered a Brazilian man to suspend the operations of his investment fund. Leandro César, an IT Consultant from Belo Horizonte, had setup a small (~US$4,500) investment fund denominated entirely in bitcoin. http://www.bitcoinmoney.com/post/28048708075/brazil-bitcoin-securities
Ron Paul’s Audit the Fed bill passes the house http://www.bloomberg.com/news/2012-07-25/fed-audit-bill-opposed-by-bernanke-approved-by-u-s-house.html
Bitcoin continues its international expansion. In May, Bitcoin caught on in China with a 700% volume increase and BitInstant customers in the US, Russia and Brazil were given 700,000 more locations to purchase bitcoins. Now Bitcoin Nordic, a new Denmark based exchange, is looking to expand into the North Africa and the Middle East market by accepting CashU, a popular payment option in the region. http://bitcoinmagazine.net/bitcoin-nordic-brings-bitcoins-to-middle-east-and-north-africa/
I have recently heard, from a seemingly very knowledgeable source, that Bitcoin’s Android client is getting offline abilities. This means a transaction can be completed with only the merchant connected to the internet.
Well…possibly, “hopefully”, “in the not-too-distant future”, maybe even “in September or October”. This according to a Bloomberg.com article quoting a member of the U.S. Commodity Futures Trading Commission here.