(#215) "Bitcoin" Explained (Part 2)

An alternative to the Dollar?

As posted at www.futuremoneytrends.com on 9/15/12

 

What is "Bitcoin"?

Back in The Profit Center Blog #177 from 6/6/11, we posted the clip above which provided a short introduction to "Bitcoin" . . .

 Understanding Bitcoin Security

In this 9/15/12 interview conducted by VisionVictory, Trace Mayer of Run To Gold & How To Vanish uses excellent analogies and explanations in order to help people grasp what "Bitcoin" is, what "bitcoins" are, how it works, and why you should care.

With the current global fiat money system coming to an end, why not invest 30 minutes to learn about this acceleratingly popular alternative currency known as "Bitcoin".

QUOTES

5:27: Regarding the Bitcoin code, "It's open source; so far there hasn't been anyone that's able to compromise the code" 

6:13: "It allows for capital to be accumulated and be saved and stored in a much better way I think than necessarily gold or silver" 

6:51: "Currently the Bitcoin network is secured by processing power. Approximately 250 petaFLOPS. The department of Energy just built a supercomputer for $1.2 Billion that has 15 petaFLOPs"

MORE INFORMATION 

To learn more about bitcoins, see:

http://FreeBitcoinGuide.com

http://www.weusecoins.com 

(#214) The Broken Window Fallacy

Is Hurricane Sandy good for the economy?

As posted at the LearningLiberty.org You Tube Channel on 6/23/11

 

Does destruction create jobs? After natural disasters, terrorist attacks, and wars, some people argue that these disasters are good for the economy, because they create jobs and prosperity. As Prof. Art Carden of Rhodes College explains, this is an example of the "Broken Window Fallacy", a term coined by Frederic Bastiat in his 1850 essay, "That Which is Seen, and That Which is Not Seen".

When a shopkeeper's window is broken, he will spend money on a new window, which gives income and jobs for glaziers. This activity is "seen", but the "unseen" is just as important: the money spend on a new window could have been spent on other things. Wealth has not increased, but only reallocated from some people to others, and society is worse off by one window.

(#213) Citizens from 29 States Petition to Secede from the USA

White House must respond if a petition gathers 25,000 signatures within 30 days

As posted at www.examiner.com on 11/11/12

 

Within days of the presidential election, citizens from 29 States have petitioned the Obama Administration for withdrawal from the United States of America in order to create their own respective governments.  Louisiana was the first State to file a petition, followed by Texas.  A complete list of states is as follows:

1. Louisiana
2. Texas
3. Montana
4. North Dakota
5. Indiana
6. Mississippi
7. Kentucky
8. North Carolina
9. Alabama
10. Florida
11. Georgia
12. New Jersey
13. Colorado
14. Oregon
15. New York
16. Arkansas
17. South Carolina
18. Missouri
19. Tennessee
20. Michigan
21. Oklahoma
22. Utah
23. Arizona
24. Pennsylvania
25. Nevada
26. Delaware
27. Ohio
28. California
29. Wyoming 

The federal government allows one month from the day the petition is submitted to obtain 25,000 signatures in order for the Obama administration to consider the request.  As of the time of this writing, Louisiana and Texas lead the pack, having collected 24,602 and 53,223 signatures, respectively.

The Texas petition reads as follows:

The US continues to suffer economic difficulties stemming from the federal government’s neglect to reform domestic and foreign spending. The citizens of the US suffer from blatant abuses of their rights such as the NDAA, the TSA, etc. Given that the state of Texas maintains a balanced budget and is the 15th largest economy in the world, it is practically feasible for Texas to withdraw from the union, and to do so would protect it’s citizens’ standard of living and re-secure their rights and liberties in accordance with the original ideas and beliefs of our founding fathers which are no longer being reflected by the federal government.  

The website for the petitions is:

https://petitions.whitehouse.gov/petitions

Dr. Paul on the Constitutional Principle of Secession

Although the clip immediately above is by no means new, nor was it filmed in response to the recent proliferation of succession petitions (it was originally posted on 4/19/09), it appears to fit into the discussion.  In it, U.S. Congressman Ron Paul discusses the Constitutional concept of secession.

Ron Paul, is an American physician, author, and politician.  He has served 12 terms in Congress, currently as the U.S. Representative for Texas' 14th congressional district since 1997.

(#212) Obama 2.0 & The Fiscal Cliff

Implications for America, the Markets, the Dollar and Gold

 As posted on the SchiffReport You Tube Channel on 11/8/12

 

Peter Schiff provides his analysis of what the economic future holds for the next four years.

Peter Schiff, is an American businessman, investment broker, author and financial commentator. Schiff is CEO and chief global strategist  of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut, and CEO of Euro Pacific Precious Metals, LLC, a gold and silver dealer based in New York City.