Over the last couple of weeks, everybody has been weighing in about Bitcoin, the digital currency that might be the money of the future, or a bubble bursting right in front of us. After being worth only $30 in March, on Wednesday, Bitcoin reached an all time high of $266, then plummeting to just over $100 in a few hours, and now stabilizing around $120. When Bitcoin’s price started to increase unexpectedly, it became the one thing everybody in Silicon Valley was talking about. (For those who don’t know what Bitcoin is, this video explains it perfectly in 3 minutes).
Besides leaving a lot of unhappy drug users in the bust’s wake, the Bitcoin took a hit after the news of the federal bust was released online. The digital money went from a high of $141 to below $120 today.
12/1: Hey, you guys are harshing our mellow game! Dealer flashes a card – no voting, it’s dead. Still time to enter to win Design cards. Open face chinese poker – it’s all Greek to me. Spill a beer, clean it up – we don’t need a commercial. Gambling song this week is Game of All Fours by Kate Rusby. [Visit Website] [Download MP3].
Locate your bit coin address: If you have successfully created bitcoins wallet now you are able to login and also you can receive money and coins. At this page you have to fill your address which is about 33 to 36 characters long.
Other details released on Wednesday show that the Fed’s expansion of the monetary supply is not having their desired effect of increasing prices at a rate of 2 percent per year, with their latest projections predicting increases of 1.2-1.3 percent for 2013, 1.5-1.7 percent for 2014, 1.7-2.0 percent for 2015, and 1.9-2.0 percent for 2016. The projected annual growth in gross domestic product (GDP) for 2013 and 2014 was revised downward from the June projection, with the 2013 projection dropping to 2.0-2.3 percent from 2.3-2.6 percent, and the 2014 projection dropping to 2.9-3.1 percent from 3.0-3.5 percent.
Yet as more diners hit the news for offering 1964 menu prices for 1964 coinage and gas stations sell gas for ten cents per gallon if paid for with a pre 1965 dime, people are getting the message.
These projections would seem to indicate that the current policies of the Fed are not helping the economy to recover, and are merely sustaining it artificially. The Keynesian school of economics explains this through the concept of a liquidity trap, while the Austrian school of economics explains this through the concept of malinvestment.