currencies

Bitcoin exchange shuts down after hack

Bitcoin bank Flexcoin is closing after it lost bitcoins worth about $600,000 to a hacker attack.

Flexcoin said in a message posted on its website Tuesday that all 896 bitcoins stored online were stolen on Sunday. The theft comes after a multi-million dollar hacking theft of the digital currency from Mt. Gox and increased scrutiny from federal regulators.

"As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately," the company said in a statement.

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(Photo: Jim Urquhart/Reuters)

I think crypto-currencies could be the new buffalo. Once, it was everything for our survival. We used it for food, for clothes, for everything. It was our economy. I think MazaCoin could serve the same purpose.
— 

Payu Harris, Head of the Lakota Nation, on MazaCoin, a new crypto-currency that has been adopted by a confederation of seven Native American tribes as their national currency.

In preparation, the nation has mined some 25 million MazaCoins to be utilized as a national reserve of sorts. A further 25 million are on standby for a Tribal Trust – a collective which will issue grants to tribe members or support local businesses. A handful have already agreed to start using the coin. 

The FBI has already allegedly contacted Harris to discuss the proposals to immerse themselves in the crypto-currency, apparently having reminded him that cryto-currencies are not considered legal tender in the US, currently. Harris has dismissed the warnings.

Origins of different kinds of money

Dollar

Used by: United States and territories, Canada, Australia, New Zealand, Namibia, Zimbabwe, Ecuador, Guyana, Suriname, Liberia, others

Origin: From daler (Low German) from German taler, a shortening of Joachimstaler, literally “coin from Joachimstal (Joachim’s Valley).”  Joachimstal is a valley in Bohemia where silver for coins was mined in the 16th century.  Now they mostly get uranium from there.

Euro

Used by: Countries of the eurozone (17 of 28 European Union members)

Origin: Shortening of “Europe,” obviously.  This one won’t really have an interesting origin story unless the entire Earth adopts it and then becomes the dominant partner in some interplanetary alliance.

Pound

Used by: United Kingdom and territories, Egypt, Lebanon, Sudan, South Sudan, Syria

Origin: From “pound of silver.”  Originally in Old English as the Saxon pound (pund) from Latin libra pondo.  The symbol £ is from a cursive form of lb (as in pounds of weight), which is from libra, since medieval accountants kept their records in Latin.  The Irish punt (before they switched to the euro) is also from “pound.”

Mark

Used in: currently only in Bosnia and Herzegovina, but formerly in Germany, Estonia, Finland (as the markka), Poland (as the marka).  The picture is of an old German 5 mark note.

Origin: German Mark, cognate with Old English marc, a unit of weight equal to about eight ounces, probably from Old Norse mörk.  Related to the other sense of mark, as in an official mark placed on a weight of gold or silver, and later the coin valued at the same amount.

Krona (and variants)

Used in: Sweden, Denmark (krone), Norway (krone), Iceland (króna), Faeroe Islands (króna), Czech Republic (koruna)

Origin: The Swedish word for “crown,” derived from the Latin corona, probably applied to money when the official mark placed on coins was that of a crown.

Rupee (and variants)

Used in: India, Pakistan, Sri Lanka, Nepal, Mauritius, Seychelles, Maldives (rufiyaa), Indonesia (rupiah)

Origin: From Hindustani rūpiya (रूपिय), from Sanskrit rūpya (रूप्य), meaning “wrought silver,” originally “silver stamped with an image,” from rūpa (रूप), meaning “body” or “shape.”  Rūpa may have a Dravidian origin (cf. Tamil உருப்பு — uruppu, “body part”).  Weirdly, the Bengali/Assamese word for “rupee” is ṭākā/ṭôkā (also the name of the currency of Bangladesh), from the Sanskrit tanaka, which was a specific denomination of silver coins.

Dinar

Used in: Algeria, Bahrain, Iraq, Jordan, Kuwait, Libya, Macedonia (denar), Serbia, Tunisia

Origin: From Arabic dīnār (دينار), a borrowing of Greek dēnárion (δηνάριον), itself from Latin dēnārius.  A dēnārius was a Roman coin worth ten asses (no, really), later revalued to four sestertii.

Real (and variants)

Used in: Brazil, Qatar (riyal), Saudi Arabia (riyal), Iran (rial), Oman (rial), Yemen (rial), Cambodia (riel)

Origin: This got all over the place, from Latin America to the Middle East to Southeast Asia.  It comes from the Spanish real, meaning “royal” as in “royal coinage.”  It’s not used in any Spanish-speaking countries anymore.

Peso

Used in: Mexico, Phillipines, Uruguay, Dominican Republic, Cuba, Colombia, Chile, Argentina

Origin: Spanish for “weight,” from Latin pensum (think “pendant”).

Yen/Yuan/Won

Used in: China (yuan), Japan (yen), North and South Korea (won)

Origin: Literally means “round.”  China had traded silver in simple masses and weights before European traders arrived with round silver coins that they used the same way the Chinese used paper money.  All three words come from Chinese.

World’s largest bitcoin exchange files for bankruptcy

The world’s largest bitcoin exchange filed for bankruptcy protection in Japan on Friday, saying it had lost about $420 million worth of its customers’ bitcoins because of a “weakness” in its system.

Mark Karpeles, the French CEO of Mt. Gox, bowed in contrition at a press conference at the Tokyo District Court and said he was “sorry.”

"There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble," he said, according to the Wall Street Journal.

In addition to its bankruptcy issues, Mt. Gox appears to be the subject of a federal criminal investigation in the United States.

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(Photo: JIJI PRESS/AFP/Getty Images)

Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve’s inflationary policies. This represents a real, if hidden, tax imposed on the American people.

From the Great Depression, to the stagflation of the seventies, to the burst of the dotcom bubble last year, every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial “boom” followed by a recession or depression when the Fed-created bubble bursts.

In conclusion, Mr. Speaker, I urge my colleagues to stand up for working Americans by putting an end to the manipulation of the money supply which erodes Americans’ standard of living, enlarges big government, and enriches well-connected elites, by cosponsoring my legislation to abolish the Federal Reserve.
—  Ron Paul, Sept 10, 2002

thehappyanarchist asked:

Don't you think with some kind of currency, it's going to lead to oppression and the evil construction of this monopoly of greed we face everyday?

Currencies are just tools. A tool for the medium of exchange. Tools should never be feared. Currencies are made possible when one individual wants to exchange their goods/services for another individual’s goods/services. 

Only when the state controls money can it lead to oppression and monopoly. 

The problem isn’t the currency. The problem is the state. 

It is no longer a hypothetical theory that bitcoin can be used to help the downtrodden; it is a reality that takes place every day. Sean’s Outpost Homeless Outreach has served over 50,000 meals to homeless residents in Pensacola alone and has bought a nine acre property that will be used as a safe camping space for the homeless, Bitcoin Not Bombs clothed and fed hundreds in their Hoodie the Homeless project, Fr33 Aid sent medical supplies and aid to hundreds afflicted by the typhoon in the Philippines, and Shire Sharing fed over 1,000 people Thanksgiving dinner in New Hampshire. The ability of bitcoin to be sent internationally in a matter of seconds directly to individuals in need for nearly free is ushering a new era of mutual aid and global cooperation.

Bitcoin is the first practical solution to a longstanding problem in computer science called the Byzantine Generals Problem. To quote from the original paper defining the B.G.P.: “[Imagine] a group of generals of the Byzantine army camped with their troops around an enemy city. Communicating only by messenger, the generals must agree upon a common battle plan. However, one or more of them may be traitors who will try to confuse the others. The problem is to find an algorithm to ensure that the loyal generals will reach agreement.”

Jamaican bobsled team raises $25,000 in dogecoin

A fundraising campaign has raised more than 26,000 dogecoins, a crypto-currency which could allow the cash-strapped Jamaican bobsleigh team to make the distance to the 2014 Sochi Olympic Games.

Dogecoin is a crypto-currency, based on a combination of bitcoin, the popular digital money, which uses the Shiba Inu Doge meme. It has attracted millions of internet fans with its comical broken English phrases.

The drive has been so successful, in fact, that the trade has helped to boost the value of the crypto-currency; in just half a day, the dogecoin to bitcoin exchange rate rose by 50 percent.