Wrestling with Bitcoin. Why even hard-core goldbugs should respect and support cryptocurrencies.

Don’t get me wrong, I’m not suggesting you sell your gold for Bitcoins. What I’m saying is although they may not realize it, Bitcoin is a goldbugs friend. It has a real chance of changing the way the average person thinks about money and that is good news for anyone who is not a fan of fiat.

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New Debit Cards Offer Options but Come with Compromises

Euro Pacific Bank’s gold debit card has been available since late last year and now BitInstant has a Bitcoin backed debit card in the works.

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.

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Fed side stepping transaction and ownership issues by conducting its own gold audit?

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.

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A House Subcommittee holds an interesting hearing, including some testimony you can’t miss

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.

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