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Similarly, gold's "backing" stems from its scarcity, and other physical properties, that make it suitable to act as a money.
That's true for most of the value of gold, but a small amount of the value of gold stems from its use in industry and jewelry. This "instrinsic" value is what economists and gold bugs point to as the reason gold can be trusted. Bitcoin can emulate this by creating such an organization as proposed.Bitcoin has "intrinsic" value as well (actually, there is no such thing as intrinsic value because all value is subjective to each person engaging in any given trade). Bitcoin's "intrinsic" value stems from the properties it possesses which allow it to act as a money. If Bitcoin did not have the properties it does, no one would voluntarily trade real goods for it. Similarly, if paper currencies were not violently imposed or if paper currencies were not backed by some physical commodity, no one would accept them in exchange for real goods.
While gold can be used for jewelry, its use as a money has nothing to do with this at all. Gold would still be a good money even if it was horribly ugly to look at. The key properties that make up a good money are:
-scarcity
-divisibility
-recognizability (easy to identify, hard to counterfeit, easy to verify)
-ease of transport/storage
How pretty something is doesn't make the list.
Bitcoin's backing stems from its cryptography, which prevents the arbitrary replication of coins, along with its other properties that allow it to act as a good medium of exchange. Similarly, gold's "backing" stems from its scarcity, and other physical properties, that make it suitable to act as a money. If gold could be arbitrarily replicated or if its scarcity was similar to iron, gold would cease to be a good money. Thus, it is totally pointless to back Bitcoins with anything because Bitcoins already have value due to the fundamental properties they possess. They don't need backing like paper because paper can be easily replicated. Initially paper currencies were nothing more than warehouse receipts for gold bullion. People traded the receipts as if they were gold because they could be redeemed for gold at any time.
Think about what would happen if a Bitcoin represented some fixed amount of gold. For each ounce of gold a person places into a bank, that bank would then issue that person one Bitcoin. Obviously this presents a radically different system than the present Bitcoin system, and one that is completely unnecessary anyways. The gold held by the bank would simply sit in the vault unused for any other purpose; it would become a wasted resource.
The purpose of a gold backed currency is to prevent arbitrary inflation of the money supply. In fact, the U.S. could emulate a gold standard WITHOUT any gold by simply creating a monetary system where the number of dollars in circulation is set to a fixed limit. Setting a fixed limit of dollars would achieve the same economic results as if the country was operating on a gold standard, yet the banks wouldn't need to hold any gold at all.
Bitcoin is the best of paper currencies, electronic currencies, and the gold standard all rolled into one. Bitcoin eliminates the need for backing, allows for online transactions, is easy to store and carry, eliminates the need for banks/government to issue the currency, and retains the same anonymity as physical currencies.
Think about what would happen if a Bitcoin represented some fixed amount of gold. For each ounce of gold a person places into a bank, that bank would then issue that person one Bitcoin. Obviously this presents a radically different system than the present Bitcoin system, and one that is completely unnecessary anyways. The gold held by the bank would simply sit in the vault unused for any other purpose; it would become a wasted resource.
The purpose of a gold backed currency is to prevent arbitrary inflation of the money supply. In fact, the U.S. could emulate a gold standard WITHOUT any gold by simply creating a monetary system where the number of dollars in circulation is set to a fixed limit. Setting a fixed limit of dollars would achieve the same economic results as if the country was operating on a gold standard, yet the banks wouldn't need to hold any gold at all.
Bitcoin is the best of paper currencies, electronic currencies, and the gold standard all rolled into one. Bitcoin eliminates the need for backing, allows for online transactions, is easy to store and carry, eliminates the need for banks/government to issue the currency, and retains the same anonymity as physical currencies.
Re: Easy Wordpress Bitcoin Price Widget Using PHP Script
This doesn't work on wordpress.com sites but the only thing that shows is the BTC address and text message,the php widget does not show.Just for those who use wordpress.com blogs.Seems that wordpress.com doesn't allow anything other than basic html on their site.
Yeah I was afraid of that.
Wordpress.com does block all scripting, to the point where you can't even embed video using standard embed code. They will allow Youtube shortcode embeds, but that's about it. The lack of script embedding on Wordpress.com is why I dumped that host for my own standalone in the first place.
Re: Easy Wordpress Bitcoin Price Widget Using PHP Script
Plugin based widget for wordpress.
Just activate the plugin and you'll have the Bitcoin price Widget on your widget administration screen, ready to add to a sidebar of your choice.
It's a little bit rough still, with no options to edit, but I'll probably change that in a couple days. It only took like 5 minutes to put this together.
Download here:
Clicky Clicky
Just activate the plugin and you'll have the Bitcoin price Widget on your widget administration screen, ready to add to a sidebar of your choice.
It's a little bit rough still, with no options to edit, but I'll probably change that in a couple days. It only took like 5 minutes to put this together.
Download here:
Clicky Clicky
Thanks psy.
This widget is basically just a rehash of the code I presented at the top of the page though, only you can't edit the way the info is displayed without editing the file. Not that I don't appreciate you putting it into a widget file format though.
It would be nice to see a widget that incorporates caching and short code tags for the display of variables. Perhaps a customizable CSS as well.
Re: Bitcoin Targeted By Latest FinCEN Ruling? – Implications Are Profound
All the more reason for someone to make a p2p exchange.
Easier said than done. Just think of the various steps that would be involved.
How do you know a buyer has enough dollars in their bank account?
How do you access the account?
How do you know they have enough Bitcoins in their wallet for sale?
How do you pool Bitcoins so that any size order can be placed or sold?
An exchange doesn't work like eBay, where specific amounts of goods are bought and sold. An exchange pools the money so that any arbitrary amount can be bought or sold.
How do you prevent people from altering the client to broadcast more bank funds than they actually have?
It seems incredibly difficult to do those things without a central server to coordinate and secure all the action.
Re: Bitcoin Targeted By Latest FinCEN Ruling? – Implications Are Profound
I guess there are no countries left on the planet where someone could operate an exchange outside of US laws?
The US government doesn't care about borders.
It cares about robbing you blind no matter where you live on the planet.
Bitcoin Targeted By Latest FinCEN Ruling? – Implications Are Profound
From Libertarian News:
Pay close attention to this ruling. It could be the beginning of a war on Bitcoin.
Zero Hedge reports:
In other words, FinCEN thinks it has the authority to go after entities such as Mt. Gox that are located in Japan. Mt. Gox, along with all the other related institutions, such as SpendBitcoins.com that exchange Bitcoins for gift cards, or VirWox which exchange Second Life Linden dollars for Bitcoins would be subject to criminal sanction by FinCEN even if they have no physical presence in the US at all.
It should be noted that these are dictatorial decrees by FinCEN. No legislation has been passed that says FinCEN should be allowed to go after foreign businesses around the globe. FinCEN decided on its own that it has this authority.
Im not sure if FinCEN is directly targeting Bitcoin with this latest fascist power-grab, but it certainly appears that way. FinCEN doesnt like it when people buy and sell things without it being privy to every detail of the transaction. People might attempt to keep their own money! gasp! People might buy evil drugs! gasp! THE HORROR!
The relevant regulations:
Pay close attention to this ruling. It could be the beginning of a war on Bitcoin.
Zero Hedge reports:
Quote
The Long Arm Of Uncle Sam Just Got Longer
This ones hot off the presses. Just yesterday, our friends at the Financial Crimes Enforcement Network (FinCEN) issued a press release on its latest ruling related to foreign money service businesses (MSBs).
An MSB is a private company that provides certain financial services like check cashing, money orders, title pawn, payday loans, travelers checks, prepaid stored value cards, tax refund payments, etc.
Frequently, traditional MSB clients tended to be individuals without bank accounts or access to credit. But increasingly, the US government is looking at companies engaged in electronic payments, crowdsourced funding, and even microcredit finance as money service businesses.
The implication? They should all be regulated. Even if theyre not even US companies.
Thats right. FinCENs latest ruling suggests a foreign MSB may now be subject to US regulations AND CRIMINAL PENALTIES even if none of its agents, agencies, branches or offices are physically located in the United States.
FinCEN goes on to say that foreign-located MSBs must also comply with US anti-money laundering regulations and submit suspicious activity reports, i.e. assimilate into the US financial system and become yet another unpaid spy of the US government.
Further, foreign MSBs must register with FinCEN AND appoint a person residing in the United States as a legal representative in matters of compliance. If not, foreign MSBs risk severe civil and criminal penalties.
This ones hot off the presses. Just yesterday, our friends at the Financial Crimes Enforcement Network (FinCEN) issued a press release on its latest ruling related to foreign money service businesses (MSBs).
An MSB is a private company that provides certain financial services like check cashing, money orders, title pawn, payday loans, travelers checks, prepaid stored value cards, tax refund payments, etc.
Frequently, traditional MSB clients tended to be individuals without bank accounts or access to credit. But increasingly, the US government is looking at companies engaged in electronic payments, crowdsourced funding, and even microcredit finance as money service businesses.
The implication? They should all be regulated. Even if theyre not even US companies.
Thats right. FinCENs latest ruling suggests a foreign MSB may now be subject to US regulations AND CRIMINAL PENALTIES even if none of its agents, agencies, branches or offices are physically located in the United States.
FinCEN goes on to say that foreign-located MSBs must also comply with US anti-money laundering regulations and submit suspicious activity reports, i.e. assimilate into the US financial system and become yet another unpaid spy of the US government.
Further, foreign MSBs must register with FinCEN AND appoint a person residing in the United States as a legal representative in matters of compliance. If not, foreign MSBs risk severe civil and criminal penalties.
In other words, FinCEN thinks it has the authority to go after entities such as Mt. Gox that are located in Japan. Mt. Gox, along with all the other related institutions, such as SpendBitcoins.com that exchange Bitcoins for gift cards, or VirWox which exchange Second Life Linden dollars for Bitcoins would be subject to criminal sanction by FinCEN even if they have no physical presence in the US at all.
It should be noted that these are dictatorial decrees by FinCEN. No legislation has been passed that says FinCEN should be allowed to go after foreign businesses around the globe. FinCEN decided on its own that it has this authority.
Im not sure if FinCEN is directly targeting Bitcoin with this latest fascist power-grab, but it certainly appears that way. FinCEN doesnt like it when people buy and sell things without it being privy to every detail of the transaction. People might attempt to keep their own money! gasp! People might buy evil drugs! gasp! THE HORROR!
The relevant regulations:
Quote
Foreign-Located Money Services Businesses:
On July 21, 2011, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a final rule on definitions and other regulations relating to money services businesses (Final Rule).1 The Final Rule amended the definition of money services business at 31 CFR 1010.100(ff). An entity may now qualify as a money services business (MSB) under the Bank Secrecy Act (BSA) regulations based on its activities within the United States, even if none of its agents, agencies, branches or offices are physically located in the United States. The Final Rule arose in part from the recognition that the Internet and other technological advances make it increasingly possible for persons to offer MSB services in the United States from foreign locations.2 FinCEN seeks to ensure that the BSA rules apply to all persons engaging in covered activities within the United States, regardless of the persons physical location.
On July 21, 2011, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a final rule on definitions and other regulations relating to money services businesses (Final Rule).1 The Final Rule amended the definition of money services business at 31 CFR 1010.100(ff). An entity may now qualify as a money services business (MSB) under the Bank Secrecy Act (BSA) regulations based on its activities within the United States, even if none of its agents, agencies, branches or offices are physically located in the United States. The Final Rule arose in part from the recognition that the Internet and other technological advances make it increasingly possible for persons to offer MSB services in the United States from foreign locations.2 FinCEN seeks to ensure that the BSA rules apply to all persons engaging in covered activities within the United States, regardless of the persons physical location.
Quote
Money Services Business:
The term money services business includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities:
(1) Currency dealer or exchanger.
(2) Check casher.
(3) Issuer of travelers checks, money orders or stored value.
(4) Seller or redeemer of travelers checks, money orders or stored value.
(5) Money transmitter.
(6) U.S. Postal Service.
An activity threshold of greater than $1,000 per person per day in one or more transactions applies to the definitions of: currency dealer or exchanger; check casher; issuer of travelers checks, money orders or stored value; and seller or redeemer of travelers checks, money orders or stored value. The threshold applies separately to each activity if the threshold is not met for the specific activity, the person engaged in that activity is not an MSB on the basis of that activity.
No activity threshold applies to the definition of money transmitter. Thus, a person who engages as a business in the transfer of funds is an MSB as a money transmitter, regardless of the amount of money transmission activity.
The term money services business includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities:
(1) Currency dealer or exchanger.
(2) Check casher.
(3) Issuer of travelers checks, money orders or stored value.
(4) Seller or redeemer of travelers checks, money orders or stored value.
(5) Money transmitter.
(6) U.S. Postal Service.
An activity threshold of greater than $1,000 per person per day in one or more transactions applies to the definitions of: currency dealer or exchanger; check casher; issuer of travelers checks, money orders or stored value; and seller or redeemer of travelers checks, money orders or stored value. The threshold applies separately to each activity if the threshold is not met for the specific activity, the person engaged in that activity is not an MSB on the basis of that activity.
No activity threshold applies to the definition of money transmitter. Thus, a person who engages as a business in the transfer of funds is an MSB as a money transmitter, regardless of the amount of money transmission activity.
Re: Easy Wordpress Bitcoin Price Widget Using PHP Script
That's a good idea, but more work than I'm willing to put into it at the moment.
I suppose we can just leave this "as is" for low to medium traffic blogs, but it is worth noting that high traffic sites should cache these results.
If someone updates the code snippet to cache against a MySQL database, I'll update the OP to include install instructions and the relevant code. Ideally this code should be wrapped in its own Wordpress widget and the MySQL script to setup the database cache should be set to install automatically with the install of the Widget from inside Wordpress, with the return variables from Mt. Gox being accessible by short code in the widget text field. This way people who have no technical knowledge would still be able to easily install the script.
It might be worthwhile to not even limit the short code variable results to a widget, but rather make them accessible from anywhere on the site, such as in headers, footers or post content.
I suppose we can just leave this "as is" for low to medium traffic blogs, but it is worth noting that high traffic sites should cache these results.
If someone updates the code snippet to cache against a MySQL database, I'll update the OP to include install instructions and the relevant code. Ideally this code should be wrapped in its own Wordpress widget and the MySQL script to setup the database cache should be set to install automatically with the install of the Widget from inside Wordpress, with the return variables from Mt. Gox being accessible by short code in the widget text field. This way people who have no technical knowledge would still be able to easily install the script.
It might be worthwhile to not even limit the short code variable results to a widget, but rather make them accessible from anywhere on the site, such as in headers, footers or post content.
It sounds like *somebody* needs to put together a suite of Wordpress plugins for various Bitcoin economic parameters: difficulty, # blocks, market cap, ticker.
That would be even more ideal hahah.
Unfortunately my code expertise does not lie with PHP, but rather .Net, so I'm not well suited to undertake such a task.
Perhaps someday I'll get around to learning the language and putting together a nice package like that. It would be nice if some pro-php people got around to this though. There's a lot of e-commerce and informational sites that could benefit from such a suite of Wordpress plugins.
Re: Easy Wordpress Bitcoin Price Widget Using PHP Script
I would cache this result with a timeout of a minute or so. You might even make it do an AJAX callback so your page loads faster.
Caching is needed because if you get visitors more often than every 10 seconds, then MtGox might start throttling/blocking you.
You need to do it asynchronously so that every page load doesn't have to talk to MtGox's server before delivering the final page to the user.
Caching is needed because if you get visitors more often than every 10 seconds, then MtGox might start throttling/blocking you.
You need to do it asynchronously so that every page load doesn't have to talk to MtGox's server before delivering the final page to the user.
That's a good idea, but more work than I'm willing to put into it at the moment.
I suppose we can just leave this "as is" for low to medium traffic blogs, but it is worth noting that high traffic sites should cache these results.
If someone updates the code snippet to cache against a MySQL database, I'll update the OP to include install instructions and the relevant code. Ideally this code should be wrapped in its own Wordpress widget and the MySQL script to setup the database cache should be set to install automatically with the install of the Widget from inside Wordpress, with the return variables from Mt. Gox being accessible by short code in the widget text field. This way people who have no technical knowledge would still be able to easily install the script.
It might be worthwhile to not even limit the short code variable results to a widget, but rather make them accessible from anywhere on the site, such as in headers, footers or post content.
Re: Easy Wordpress Bitcoin Price Widget Using PHP Script
Thanks.
I was using those image widgets before but they kept on breaking because the site operators got lazy in maintaining them.
This widget obviously pulls directly from Mt. Gox's API. So as long as Mt. Gox API is working, this widget will continue to work correctly.
I also like it because I can format it however I want.
I just thought I would share this so that blog operators can easily add a modifiable BTC price widget to their Wordpress sites.
I'm not sure if this will work on a Wordpress.com hosted site, but it works fine on my stand-alone Wordpress installation.
High traffic blogs should take additional steps to cache the results from Mt. Gox or they may be throttled/blocked from updates by Mt. Gox. However, this widget should be suitable for most blog operators that don't have a regular viewership of more than several thousand page views per day.
To make this work, install the "PHP Code Widget" from the plugin gallery.
Widget can be found here:
http://wordpress.org/extend/plugins/php-code-widget/
Then add the PHP Code Widget to your sidebar and paste this into the widget's text field. You can modify the text to display anything you like:
You can contribute to this site by making Bitcoin donations to:
To see it in action (and to donate
), visit my site:
http://www.libertariannews.org/
I'm not sure if this will work on a Wordpress.com hosted site, but it works fine on my stand-alone Wordpress installation.
High traffic blogs should take additional steps to cache the results from Mt. Gox or they may be throttled/blocked from updates by Mt. Gox. However, this widget should be suitable for most blog operators that don't have a regular viewership of more than several thousand page views per day.
To make this work, install the "PHP Code Widget" from the plugin gallery.
Widget can be found here:
http://wordpress.org/extend/plugins/php-code-widget/
Then add the PHP Code Widget to your sidebar and paste this into the widget's text field. You can modify the text to display anything you like:
Code:
You can contribute to this site by making Bitcoin donations to:
xxxxxxxxxxxxxxxxx
Thanks for contributing!
//first fetch the current rate from MtGox
$ch = curl_init('https://mtgox.com/api/0/data/ticker.php');
curl_setopt($ch, CURLOPT_REFERER, 'Mozilla/5.0 (compatible; MtGox PHP client; '.php_uname('s').'; PHP/'.phpversion().')');
curl_setopt($ch, CURLOPT_USERAGENT, "CakeScript/0.1");
curl_setopt($ch, CURLOPT_HEADER, 0);
curl_setopt($ch, CURLOPT_RETURNTRANSFER, 1);
curl_setopt($ch, CURLOPT_SSL_VERIFYHOST, false);
curl_setopt($ch, CURLOPT_SSL_VERIFYPEER, false);
$mtgoxjson = curl_exec($ch);
curl_close($ch);
//decode from an object to array
$output_mtgox = json_decode($mtgoxjson);
$output_mtgox_1 = get_object_vars($output_mtgox);
$mtgox_array = get_object_vars($output_mtgox_1['ticker']);
?>
Last: echo $mtgox_array['last']; ?>
High: echo $mtgox_array['high']; ?>
Low: echo $mtgox_array['low']; ?>
Avg: echo $mtgox_array['avg']; ?>
Vol: echo $mtgox_array['vol']; ?>
To see it in action (and to donate
), visit my site:http://www.libertariannews.org/
Would it be possible to leverage the ability of major community stake holders (Mt. Gox, Pool Operators) to incentivize or encourage activity on the testnet for new builds?
I think something along these lines is a good way to ensure proper testing.
The use of a reward type system would be ideal.
For example, a set reward amount, to be awarded by private exchange or business owners, for discovering a bug.
If I were to test the code and get a reward from the community for each bug discovered, I would be much more motivated to do so. The higher the reward, the higher the incentive for bug testing.
Another way of funding: Say in the client, put in an option to auto-contribute a tiny portion of each transaction to a bug testing reward pool that people may chose to opt into.
Something else to consider: a bug testing reward tracking website that people could also contribute to? Perhaps funded by auto-contributions from the client?
LOL
Be sure to up-vote this on Reddit.
There is currently a pile of Keynesians who are monitoring the Bitcoin subreddit who are down-voting any articles or propaganda that support Bitcoin.
Be sure to up-vote this on Reddit.
There is currently a pile of Keynesians who are monitoring the Bitcoin subreddit who are down-voting any articles or propaganda that support Bitcoin.
Libertarian News responds to Krugman's latest anti-bitcoin screed.
http://www.libertariannews.org/2011/09/07/questions-for-krugman-on-his-latest-bitcoin-screed/
http://www.libertariannews.org/2011/09/07/questions-for-krugman-on-his-latest-bitcoin-screed/
it's offline 
WHERE CAN I GET A NEW ONE!!!! LSKDJFLSDKJFL
hahah
I love that ticker, I have it on my news site.
I really would like to get a new one.
Before anyone else starts ANOTHER thread about this, please realize that the UABB is already spearheading a legal and unbiased investigation into MyBitcoin.com but needs your support. Discussion about MyBitcoin.com is very healthy for the sharing of ideas and suggestions on how to tackle this very serious and difficult problem, but nothing will be done about it through forum posts.
Please start contributing to the actual investigation by adding your affidavit, attaching evidence of funds lost, and contributing to the fund to pay for international investigators. Thank you.
http://uabci.org/redmine/projects/mbci
Please start contributing to the actual investigation by adding your affidavit, attaching evidence of funds lost, and contributing to the fund to pay for international investigators. Thank you.
http://uabci.org/redmine/projects/mbci
I don't trust the UABB.
I don't trust lawyers.
Businesses are supposed to compete with each other, and any time a bunch of them get together with lawyers bad things are sure to happen.
Just stay out of it.
⭐ Merited by paxmao (1)
After making this contribution to the Austrian Business Cycle page:
My revisions were reverted back to this version:
continue reading about this nonsense here.
The predictions made by Paul and Schiff (the Ron Paul video will floor you if you haven't seen it before... trust me):
Schiff: http://www.youtube.com/watch?v=2I0QN-FYkpw
Paul: http://www.youtube.com/watch?v=48Gfzgxh3ZQ
Quote
Financial crisis of 20072010
The financial crisis of 2007-2010 has resulted in a revival of interest in the Austrian business cycle theory,[31] but has also resulted in a revival of interest of theories more critical of Austrian theory, such as Keynesianism and Post-Keynesian economics.[32] In 2006, before home prices began their decline, Peter Schiff, a supporter of the Austrian school, made predictions regarding a crash in home prices. Schiff predicted a dramatic fall in home prices as the result of a bursting housing bubble which was inflated by artificially low interest rates, adjustable rate mortgages and real estate speculation. Schiff felt the bubble was being fueled primarily by the Federal Reserve and GSEs. [33] Ron Paul also indicated that housing was in a bubble back in September of 2001 for the same reasons noted by Schiff. While Paul did not put a date on when he expected a crash in home prices to occur, he did indicate that eventually a crash in home prices would result from the expansionary policies of the Fed and GSEs.[34] Ron Paul also spoke about the Austrian business cycle repeatedly throughout his 2008 presidential campaign.
Through 2008 to 2009 Schiffs investment firm had not been able to turn a net profit from his strategies, although his firm did have a track record of profitability prior to the 2008 correction.[35][36] Schiff responded to his critics by stating his investment strategy time horizon was longer than the course of a year. The following year, Schiffs managed portfolios were producing a net profit once again. [37]
Austrian economist Walter Block produced a list of over 25 Austrian school economists who made accurate predictions regarding artificially inflated home prices and the nature of the correction in housing prices that would ultimately precipitate from this.[38] The economists on the list followed the same logic laid out by Schiff and Paul to arrive at their predictions.
The financial crisis of 2007-2010 has resulted in a revival of interest in the Austrian business cycle theory,[31] but has also resulted in a revival of interest of theories more critical of Austrian theory, such as Keynesianism and Post-Keynesian economics.[32] In 2006, before home prices began their decline, Peter Schiff, a supporter of the Austrian school, made predictions regarding a crash in home prices. Schiff predicted a dramatic fall in home prices as the result of a bursting housing bubble which was inflated by artificially low interest rates, adjustable rate mortgages and real estate speculation. Schiff felt the bubble was being fueled primarily by the Federal Reserve and GSEs. [33] Ron Paul also indicated that housing was in a bubble back in September of 2001 for the same reasons noted by Schiff. While Paul did not put a date on when he expected a crash in home prices to occur, he did indicate that eventually a crash in home prices would result from the expansionary policies of the Fed and GSEs.[34] Ron Paul also spoke about the Austrian business cycle repeatedly throughout his 2008 presidential campaign.
Through 2008 to 2009 Schiffs investment firm had not been able to turn a net profit from his strategies, although his firm did have a track record of profitability prior to the 2008 correction.[35][36] Schiff responded to his critics by stating his investment strategy time horizon was longer than the course of a year. The following year, Schiffs managed portfolios were producing a net profit once again. [37]
Austrian economist Walter Block produced a list of over 25 Austrian school economists who made accurate predictions regarding artificially inflated home prices and the nature of the correction in housing prices that would ultimately precipitate from this.[38] The economists on the list followed the same logic laid out by Schiff and Paul to arrive at their predictions.
My revisions were reverted back to this version:
Quote
Financial crisis of 20072010
The financial crisis of 2007-2010 has resulted in a revival of interest in the Austrian business cycle theory,[31] but has also resulted in a revival of interest of theories more critical of Austrian theory, such as Keynesianism and Post-Keynesian economics.[32] After the United States housing bubble began its decline in 2006, Peter Schiff, a supporter of the Austrian school, made some predictions[33] regarding a housing crash in the US, though (as of early 2009) Schiffs investment firm had not been able to profit from strategies based on his predictions.[34][35] Ron Paul also spoke about the Austrian business cycle repeatedly throughout his 2008 presidential campaign.
The financial crisis of 2007-2010 has resulted in a revival of interest in the Austrian business cycle theory,[31] but has also resulted in a revival of interest of theories more critical of Austrian theory, such as Keynesianism and Post-Keynesian economics.[32] After the United States housing bubble began its decline in 2006, Peter Schiff, a supporter of the Austrian school, made some predictions[33] regarding a housing crash in the US, though (as of early 2009) Schiffs investment firm had not been able to profit from strategies based on his predictions.[34][35] Ron Paul also spoke about the Austrian business cycle repeatedly throughout his 2008 presidential campaign.
continue reading about this nonsense here.
The predictions made by Paul and Schiff (the Ron Paul video will floor you if you haven't seen it before... trust me):
Schiff: http://www.youtube.com/watch?v=2I0QN-FYkpw
Paul: http://www.youtube.com/watch?v=48Gfzgxh3ZQ
Re: Keyboard Symbol "Ƀ" Latin Capital Letter B With Stroke
looks nice.
where can i find some or your latest writings? (last 2 wks or so)
where can i find some or your latest writings? (last 2 wks or so)
Probably on my blog by selecting "Bitcoin" category from the drop down.
I've been writing more about the police state than I have about Bitcoins recently.
Most of my police state articles aren't quite so... academic in nature as my Bitcoin articles.
I have a low tolerance for tyranny.
http://www.libertariannews.org/