The dark web-based marketplaces are once again making headlines, but this time it’s not about a conflict with the law. American cancer patients are now using the platforms to access darknet pharmacies and buy therapeutic drugs at huge discounts

The online marketplaces are being used by Americans without medical insurance and people across the world in need of medications that haven’t been approved by authorities such as the United States-based Food and Drug Administration (FDA). According to real users of these illegal platforms, several therapeutic drugs can be bought online at massive discount.

A man called Mike, son of an American cancer patient, recently shared his family’s story with the site Vocativ. After his father died of cancer because the drug he needed was only available in France, he was determined to get his mother – who was diagnosed with breast cancer – the best treatment possible.

“The U.S. medical establishment really seems to be more about cancer as a business. Some of the generics that she had been on, in the US it’d be a $27,000 or $28,000 a year on prescription. You look at what you can do online and you get the same thing for about $1,800 to $2,000 per year. It’s 90% saving”, he said.

According to Mike, his family would have to pay $34,000 a year for the treatment even with his mother’s medical insurance. After learning this, he went online to find alternatives. ”The internet being what it is, you just have to poke around a little bit and you’ll find all kinds of things. If there is something that’s available online that may be of utility for her, then you go ahead and try it”, he explained.

Still, doctors have warned about the potential risks of these online-bought drugs. Like many other clients and despite the fact that his experience has been positive so far, Mike aknowledges this situation: ”You don’t know if you’re buying chalk that’s been coated and pressed into a blue pill – you have no idea”.

Mike and his family are customers of one of the busiest darknet pharmacies, the India-based Got Milk, a platform fully licensed by the local government. And according to the owner, Manmohan Singh, Mike is not alone: most of the pharmacy’s clients are from the United States, the United Kingdom and Australia.

Unlike other fraudulent online pharmacies, Got Milk guarantees its products come from the same suppliers as international pharmaceuticals companies, Singh adds. This allows the business to maintain quality, while providing low prices.

The Indian entrepreneur thinks “America is a scam. It’s a monopoly by a few industries who buy off your politicians. Health care costs are not really that high, it’s just this monopoly that keeps your citizens paying top dollar for mediocre care”.

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American Red Cross to Accept Bitcoin Donations Through BitPay

As Black Friday and Bitcoin Black Friday get closer, shoppers around the world can’t wait to score amazing deals this holiday season. However, the holiday season isn’t just about spending, but also about giving back to the community. And now, starting this Friday, with the support of BitPay, consumers will be able to make bitcoin donations […]

The post American Red Cross to Accept Bitcoin Donations Through BitPay appeared first on CryptoCoinsNews.



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Looking at charts showing the price of bitcoin over time is like looking at a child’s crude attempt to draw the world’s craziest roller-coaster. It has certainly been a wild ride for the brave few early adopters with the courage to hold a significant portion of their money in btc.

Since its earliest days, predicting the price of bitcoin next week, let alone next month or year, has largely been a fool’s game. Whilst 10% plus swings in a day would be exceptional events for any other currency or asset, it’s virtually the norm in the cryptocurrency world, and much larger fluctuations have not exactly been uncommon. This tendency for the price to change radically in a short space of time is known in financial circles as ‘volatility.’ Something with a very stable price which doesn’t change much is said to have low volatility, whereas something like bitcoin is said to have high volatility.

Although day traders may revel in high volatility, as these price swings are where they make their money, it’s generally not seen as a good thing for everyone else. Personally, I have always thought that this high volatility is one of the main barriers to mass adoption of bitcoin by the general public. The average man or woman on the street simply isn’t going to want to convert any significant part of their wages into bitcoin if there is such a high risk that their value could so easily drop dramatically overnight. With rent and bills to pay, kids to feed and clothe, and so little extra cash, most people simply can’t take a risk like that with their money, even if they may want to. Of course there are services which aim to combat this by allowing people to ‘lock in’ a certain fiat value of bitcoin in their wallet, having a balance of say $400 worth of BTC instead of a balance of 1 BTC. But although these services may help more people to use bitcoin, they do little to increase the number of people who own bitcoin and in any case they take away some of the natural benefits of cryptocurrency as you have to trust your coins to a centralized financial service provider and, of course, they stop you benefiting from any increases in price over time, just the same as they ameliorate any risk from any sudden falls.

Volatility is also a problem for most businesses which may want to work with bitcoin. With fixed costs in fiat and a volatile bitcoin price most businesses must avoid holding any coins. As a result of this, retailers, for example, must sell their coins instantly as soon as their customers pay with them – which again reduces the number of people holding coins. Some commentators have even speculated that this sell-off by retailers has been partly responsible for this year’s price decline.

Fortunately, it does seem that volatility is decreasing over time. For example, this chart, which shows volatility calculated using a 30-day rolling window, appears to show a long term down trend since 2010:

There are some good reasons to think that this will continue. One reason may be that as more time passes people have a clearer idea of what they think each coin should be worth, and are more confident in their valuation. In other words, as we get more and more information about the use of bitcoin, uncertainty gradually decreases, taking volatility with it. But this can only take us so far. Ultimately it is unlikely that the price will be as stable as the fiat currencies of today, because there is nothing behind the price of bitcoin – as people have often said, there are no fundamentals ‘backing’ the price.

The answer to the question of what a bitcoin is worth is the same as the question of what a dollar is worth (if we consider it to be a currency, to be used for buying things). The answer is, simply, it is worth whatever you can buy with it. If you can buy a loaf of bread for a dollar then the value of a dollar = 1 loaf of bread. Of course dollars aren’t valued exclusively in bread – the value is equal to anything which can be bought for a dollar. This may sound like I’m pointlessly stating the obvious, but this is a major part of the inertia behind the value of any currency which can be freely traded. That’s because if the value of a dollar changes against other currencies, without there being a corresponding change in the fundamentals of the US econonomy and how it interacts with the global economy, then everything priced in dollars is effectively ‘the wrong price’. If the dollar is too cheap then, unless everyone re-prices everything they sell, American products are all too cheap, and the world buys dollars to buy the products, but if the dollar is too expensive then people stop paying for American products and services so demand for the dollar declines and the price must fall. What that means is that the value of the dollar should only fluctuate with the fundamentals of the US economy, and any additional volatility coming from traders should be dampened by underlying economic forces. This is an oversimplification of course, because politicians and bankers routinely engage in practices which distort the markets (google ‘petrodollar’ for the most infamous example), but the general principle is sound and this remains a significant part of the way foreign currency markets work.

These powerful forces, which dampen a currency’s volatility, can only operate if products or services are actually priced in that currency, otherwise nothing could ever end up being ‘the wrong price’. One big reason why bitcoin is so volatile compared to, say, the dollar, or the euro, is therefore the fact that very few things are actually priced in dollars. This is becomes a vicious circle: businesses can’t price their products in BTC because of the volatility, so they price them in dollars and simply use Bitcoin as a payment solution, which in turn contributes to that same volatility.

In many ways this is a real shame, because the use of national fiat currencies by internationalized internet businesses with customers all over the world often doesn’t make much sense. Our use of these national currencies is a very real drag on the growth of successful businesses and digital currency could well be the answer. One of the great advantages of Bitcoin is that it is fundamentally an international currency, independent of national government – the Esperanto of money. The use of Bitcoin for international pricing could, therefore, one day be one of its biggest growth drivers. But for that to happen, the vicious circle needs to be broken, and volatility needs to give way to steady price growth.

Although very few things are priced in bitcoin at the moment (even the Bitcoin Foundation prices its memberships in USD) there are some things. In particular other crypto currencies, or ‘alt coins’, and tokens issued as part of crowd-funding initiatives. In many cases these things can only be bought with BTC, and as a result an increase or decrease in price is measured in BTC.

Alt coins don’t always have the best reputation amongst Bitcoin purists. They may be seen as reducing Bitcoin’s network effect before it has even had a chance to hit the big time by competing unnecessarily. They harbour many scams and often fail, leaving their supporters out of pocket and perhaps disillusioned with the whole idea of cryptocurrency. But it may be that they are actually providing Bitcoin with the most valuable service possible: they may be the beginning of a newly emerging economy priced in BTC.

Despite a slow down in the number of new alt coins being launched, this is still a growth area, too. With projects springing up every day to introduce novel uses of the blockchain using tokens that are sold for bitcoin, there is an ever growing number of things whose price or value must change whenever the bitcoin price changes if they are to avoind being ‘the wrong price’. For example, Patrick Byrne’s Medici is seeking to build a legally compliant stock market on top of the Bitcoin protocol using the Counterparty protocol (which itself hasn’t always been popular with Bitcoiners). In the future it may not only be new coins and small software projects which are priced in BTC, but also large international businesses such as Overstock. And what could be more natural than a company doing business with Bitcoin, whose success is at least partially linked to the success of Bitcoin, being valued in bitcoin?

Alt coins, then, may just be the foundation and beginning of a new economy in which Bitcoin is not just a payment technology, but a transnational unit of value – the first truly international currency.

(source: http://bitcoinmagazine.com)

Wala na talaga akong balita kay ck. Hahaha! Whatever. Hmm, naging okay naman kahit papano yung reporting namin. Exciting nga eh. Minsan lang ako magreport. Jusko. Di ko talaga yun forte pero pinilit ko na lang. Di na rin naman ako masyadong kinakabahan tulad ng dati sa tuwing haharap ako sa maraming tao. Pano kasi kilala ko na naman mga kaklase ko haha. Si mam naman, napaka charming pa. Hays.

Pagdating ng hapon, uwian na talaga kami pero nagdecide muna kaming mga btch na kumain sa foodcourt. Actually di naman ako kumain. Kasi wala na naman akong pera. Ganun naman lagi. Nag-stay pa kami dun. Tawanan at chikahan. Kumain rin kami ng pasalubong sa amin na peanut brittle galing kayna Jhinky at Ivan. Super sweet! Galing kasi sila ng Baguio for an activity. By the way, nakakastress minsan ang mga btch dahil pinapapili nila ako kung aling barkada ang pipiliin ko. Hindi ko yun nagustuhan at wala akong pakealam kung mabasa man nila tong post ko. Yun lang.