Did they also conveniently "get hacked" and lose some people's cash balances as well? It wouldn't the the first time it happened.
big btc/ltc crash and btc-e down. How about that
Overstock.com has a payment option for BTC. Newegg is talking about adding BTC as an option and other mainstream internet online retailers.
I thought someone posted an article in this thread several weeks ago that stated that Overstock.com now accepts BTC.IIRC, someone asked them on Twitter and they said they are "looking into" it. I'm not sure it ever went farther than that.
Oh balls. I thought LTC was different in this regard, assuming by the name: LITEcoin. Is it basically a bitcoin ripoff with some minor aspects slightly changed then?
Bitcoin will never be widespread enough (as in between "normal" people) simply because of this. It's somewhat popular, but you still can't use it. you can make money off it, but it doesn't really serve the purpose of currency in the slightest. Sadly. And I don't think it ever will.
The Fed buying and selling government bonds, of which they only hold about 12%,...
Money "within the boundaries" of the Fed is not currency in circulation and not part of the money supply. When Treasury bonds are bought by the Fed, money flows into circulation and the money supply expands a little, which then increases the inflation rate. When the bond matures or is sold, the Treasury returns the principal and interest back into the "boundaries of the Fed", and the money is no longer in circulation. The Treasury would ultimately lose money, but since the interest is mostly paid back by the Fed, the only loss is minimal, relatively speaking. If the Fed actually totally "pockets" the interest instead of paying it back, the money supply would actually decrease by the amount of that interest, as money within the Fed is not money usable by outsiders, even the government.
Not only that, but the Treasury cannot tell the Fed to continue buying bonds ad infinitum if the Fed says no.
Also, there are indicators as to whether are government is printing money far too quickly. It is called the inflation rate, the data is out there, and the inflation rate is certainly NOT near the catastrophic levels rhetoric implies it would be. Under 5% is very, very tame to the regimes that have actually printed money like maniacs to pay off their bills, with Zimbabwe being one example.
As for QE, this is the Fed buying up private sector securities in banks to expand the money supply as US dollars flow out of the boundaries of the Fed and into circulation. This is supposed to encourage lending, which allows many entrepreneurs to try to do business.
The rhetoric makes it sound as if our system somehow worse than those in which the governmental authority(-ies) has sufficient control over their money printers. The Fed is still "independent". I have yet to see the U.S in Zimbabwe mode, printing and printing to the point that the currency is no longer even used.
What Bitcoin's main benefit is that when all the coins are mined, which is not now, it will be hyperinflation-proof, which even gold is not immune to. It is also, theoretically, deflation-proof, thus leaving those who need to take out loans to conduct business and pay them off later. But since there will be small losses of Bitcoins, there will be a small amount of deflation. But this is when all the coins are mined.
In its current state, the money supply of Bitcoin and other altcoins is increasing, and hence the inflation rate of these currencies is also positive. Hence, the "purchasing power" of Bitcoin is also eroding with every new coins made, but unlike fiat, there will be a limit. But right now, Bitcoin is no different from fiat.
But ideals are not what garners interest in Bitcoin now. It's the ability to profit through printing it, and the more one can obtain via printing and currency speculation, the more profit. Every miner becomes their own "mini central bank" and some also try to retrace the steps of George Soros in trying to make their fortune.
I have always been wondering about ONE question:
WHO ENDS UP WITH THIS #@&* OF OURS?
You know the stuff we are mining; doge, cat, coinye, lotto, whatever...
I mean why in God's name would you want to give your perfectly fine BTC/LTC for this sludge??
Who ends up buying it? Who are the people injecting $/BTC/LTC into this sewage system of ours?
And for what purpose? And WTH are they going to do with it once they buy it?
Oh and the most important aspect of it:
Balance of total fortune, profit and overall happiness.
For every lucky son of a gun, there are dozen of fools that made him happy.
He passed his hot potato to them, and it's up to them to get rid of it.
https://litecointalk.org/index.php?topic=12874.msg96157#msg96157
Anyone else thinks this guy is high on something? How is this supposed not to fry itself within five minutes?
https://litecointalk.org/index.php?topic=12874.msg96157#msg96157
Anyone else thinks this guy is high on something? How is this supposed not to fry itself within five minutes?