Should nation states create their own crypto currencies to circumvent the crippling dept imposed upon them by the Western banking cartels? Would the nation state mine or pre-nine the coins? Would there be a mechanism for inflation my allowing an infinite number to be mined? Would the common people be able to mine the coins? Would a portion be given outright to the people?
Today I was checking in with coinmarketcap.com and to my surprise noticed a new crypto called Auroracoin (AUR). I followed the link to the official www.auroracoin.org page and was very intrigued by the following:
Auroracoin is a crypto currency for Iceland. It is based on litecoin and is 50% premined. The premined coins will be distributed to the entire population of Iceland, commencing on midnight 25th of March 2014.
The website is an awesome read and a incredible idea. Make sure to check it out!
The other day I came across this rather funny graph that I found while reading another article on bitcoin by Jesse Colombo of Forbes called “Bitcoin May Be Following This Classic Bubble Stages Chart“. In the article Colombo compares the rise and fall of bitcoin prices to that of Dr. Jean-Paul Rodrigue’s “Stages in a Bubble” in which enthusiasm leads to greed and then delusion only to be followed by a massive slide back to reality… which is still upwards but nowhere near the flamboyant “highs”. Now I’m all for bitcoin! But I do think that rampant speculation and human greed has pushed it too high too quickly. Corrections are a given. The best technical charting I’ve seen for bitcoin can be found at bitcoincharts.com where you are able to access such charting capabilities as MACD, Aroon Up/Down, Chaikin Volatility and Commodity Channel Index. Check out the link I just mentioned and it will take you to an updated graph that includes those same technical indicators. So what’s Colombo’s position on BTC?
I plan to eventually take a position in Bitcoin (in addition to precious metals and other hard assets) for my portfolio as a hedge against an eventual global economic crisis that I foresee occurring due to the popping of numerous post-2009 economic bubbles as well as the ensuing debasement of currencies that would occur as a reaction to this economic crisis. For now, I am waiting for the current froth to blow over before buying in.
As for me… I still own some bitcoin… and I still mine it and yes I’m still selling my art for it!
Art 4 Bitcoin™ is brand spanking new. There is only one artist up so far and that would be me – Chris Schillinger. I need your help to get the word out to get artists listed on this site. The listing if free and the only catch is they need to accept bitcoin as a payment method. No it does not mean only bitcoin – just one of the options for payment must be in BTC. I will even list a gallery page on this site and link out to their site.
If you are interested in accepting bitcoin I suggest researching it via Google… I myself process though Bitpay. I decided to use Bitpay because I made a purchase of bitcoin miners online and paid with bitcoin. The processing agent was Bitpay and I found that the transaction went smoothly. There are other BTC payment processors and more information can be found on the bitcoin wiki located here.
Help me get the word out… Bitcoin Artists Wanted!
So… if bitcoin is a bubble or ponzi scheme then why is JP Morgan trying so desperately to patent it’s own version of it? To add fodder to the conspiracy canon… if bitcoin is part of a Hegelian dialectic, that is to say if the bankers themselves surreptitiously created it to then have it take over as the “one world currency”, then why did they do such a bad job of protecting their interests? Bitcoin is open source and cannot be patented. So maybe the “bitcoiners” are bang on! More from Tyler Durden of Zero Hedge:
Earlier in the week, we detailed JPMorgan’s attempt to create their own “web cash” alternative to Bitcoin (and Sberbank’s talk of doing the same). However, as M-Cam details, following the failure of the first 154 ‘claims’, JPMorgan issued a further 20 claims – which were summarily rejected (making JPMorgan 0-175 for approved claims). As they note, The United States Patent & Trademark Office (USPTO)’s handling of applications like JPMorgan’s ‘984 application (“Bitcoin Alternative”) highlights the need to fix a broken system – patent applications of existing inventions need to be finally rejected and not be resurrected as zombies (no matter how powerful the claimant). Full story here
Yes I hold and mine bitcoin. I also sell my art for bitcoin. The above article is one of the many reasons I do so.