Silver

Video of the Day: Shit Bitcoin Fanatics Say

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Back in 2012, I introduced you to a hilarious video created by my friend Dan Ameduri titled: Shit Gold Bugs Say. If you haven’t seen it, I definitely suggest checking it out. I even make a brief cameo appearance at the 0:57 mark. Today I bring you a new video. Similar concept, different item and … Read more

Overstock.com Passes $1 Million in Bitcoin Sales in Less than Two Months

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The decision by Patrick Byrne, CEO of Overstock.com, to accept Bitcoin in exchange for its products has turned out to be a very savvy business decision for the online retailer. While the pace of Bitcoin sales has dropped off significantly from the tremendous $130k recorded in the first 24 hours, the sales have continued to come in. Only two months into the experiment, the retailer has now surpassed $1 million in BTC sales. More importantly, Mr. Byrne estimate 60% of these sales came from entirely new customers.

From TechDirt:

“We did not expect to hit this milestone so quickly,” states Overstock.com Chairman and CEO Patrick M. Byrne. “Bitcoin customers are good customers, and we’re pleased to provide them this service.”

Overstock.com started accepting Bitcoin in early January by partnering with Coinbase to process the payments and handle the conversion of Bitcoin into U.S. dollars. Since then, Overstock.com reports 4,300 customers paid for over $1 million worth of goods with Bitcoin. The retailer estimates almost 60% of those are new customers to Overstock.com.

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Inaugural Interview with “The News Doctors” – Bitcoin, Freedom and Decentralization

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Last Friday, I had the opportunity to sit down with Eric Dubin, editor of The News Doctors, an alternative news site, and host of Liberty Rising Radio. This was a lengthy interview and we cover a lot of very important bases. Eric asked many key questions on the minds of Bitcoin skeptics, so I think this particular … Read more

Amagi Metals: The Place to Buy Precious Metals with Bitcoin

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Even those in the precious metals community who do not support Bitcoin, cannot deny two very significant facts. First, there is an undeniable overlap between many of those in the precious metals community and those within the Bitcoin ecosystem. Second, many of the early adopters of BTC have amassed sizable fortunes. So we have a … Read more

GoldMoney Adds Bitcoin to its Suite of Services

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The explosion in the price and popularity of Bitcoin over the past six months has caused a major rift within the precious metals community. It is quite clear which side I am on, and quite frankly, I am having a hard time understanding the outright hostility toward Bitcoin from many gold and silver stackers. The disdain toward Bitcoin borders on dogmatic religious type hostility characterized by a “gold and silver or nothing” mentality, while the attitude from folks in my camp consists of a “let’s support this experiment and see how it works” mentality, while still maintaining a very positive stance on the precious metals as a store of value. As I have said many times before, gold is a store of value, while Bitcoin is primarily a disruptive technology and innovative payment system that is now in direct competition with the traditional financial system. Seeing value in one, doesn’t preclude seeing value in the other.

It appears that the folks at GoldMoney understand this, and have just announced Bitcoin cold storage as a new service.

From the the UK’s Independent: 

One of the UK’s leading precious metals storage firms is adding an altogether more unusual commodity to its vaults – Bitcoin.

GoldMoney Group, which holds $1.4 billion worth of precious metals for customers, is setting up a new business specializing in “cold” storage of Bitcoin, an increasingly popular digital currency. Netagio will encrypt Bitcoins and store them on offline storage devices in secure vaults.

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New Interview with Future Money Trends – Bitcoin, Real Estate and More!

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Last week, I once again sat down with my friend Dan Ameduri of Future Money Trends to discuss, well, future money trends. It should come as no surprise that Bitcoin was the focal point of discussion given the recent price rise, increased adoption, capital investment as well as media attention. I have to give Dan … Read more

Inaugural Interview with Miles Franklin – Gold, Bitcoin and Oligarch Theft

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Last week, I sat down for a chat with my fellow Coloradan and friend Andy Hoffman, Media Director for precious metals dealer Miles Franklin. Many precious metals focused people have taken a very aggressive, and in my opinion ignorant and short-sighted negative perspective on Bitcoin as of late. I personally feel that this is rooted … Read more

Video of the Day: Greenspan Calls Bitcoin a Bubble

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I have to admit I was starting to get a little worried in recent days as certain folks who’s opinions I hold in very low regard started to rethink their prior clearly poorly researched opinions on Bitcoin. Personally, I would prefer small thinkers and professional media trolls to continue to mock and bash Bitcoin at … Read more

Ron Paul Says Bitcoin Could be the “Destroyer of the Dollar”

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Personally, I wouldn’t put it that way. The dollar is being destroyed by the Federal Reserve. Bitcoin is merely a preferred conduit through which fed up citizens decide to express their displeasure with the incredibly corrupt corporatist-facist state being shoved down our throats by a handful of insane and greedy oligarchs. Interesting comments nonetheless. From CNN Money:

Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today’s money worth less tomorrow.

The digital currency Bitcoin promises all these things. And while it’s far from achieving any of them — its value is unstable and it’s rarely used — some have high hopes. 

“There will be alternatives to the dollar, and this might be one of them,” said former U.S. congressman Ron Paul. If people start using bitcoins en masse, “it’ll go down in history as the destroyer of the dollar,” Paul added.

It’s unlikely that Bitcoin would replace the dollar or other government-controlled currencies. But it could serve as a kind of universal alternative currency that is accepted everywhere around the globe. Concerned about the dollar’s inflation? Just move your cash to bitcoins and use them to pay your bills instead. Tired of hefty credit card fees? Bitcoin allows transactions that bypass banks.

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Gold Smuggling Increases 7x in India and Surpasses Illegal Drug Trade

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The absurd “War on Gold” that India has launched this year has been covered many times on this site. From the moment I read about it, it was obvious that if Indians want their gold, the Indians will have their gold. You can’t break thousands of years of tradition and culture because of the ignorant whims of a few bureaucrats.

Earlier today, Reuters published an article detailing the extent to which Indian smugglers will go in order to bring the money of kings into the country. This includes hiding it in underwear, swallowing it whole and even painting gold staples gray. What is most disturbing is the lengths authorities are willing to go to in order to stop a supposedly free people from buying a brick of metal. From Reuters:

(Reuters) – Indian gold smugglers are adopting the methods of drug couriers to sidestep a government crackdown on imports of the precious metal, stashing gold in imported vehicles and even using mules who swallow nuggets to try to get them past airport security.

Stung by rules imposed this year to cut a high trade deficit and a record duty on imports, dealers and individual customers are fanning out across Asia to buy gold and sneak it back into the country.

Sri Lanka, Thailand and Singapore are the latest hotspots as authorities crack down on travelers from Dubai, the traditional source of smuggled gold.

Stop one and another will rise. As always.

In a sign of the times, whistleblowers who help bust illegal gold shipments can get a bigger reward in India than those who help catch cocaine and heroin smugglers.

Because that makes a so much sense.

“There has been a several-fold increase in gold smuggling this year after restrictions from the government, which has left narcotics behind.” 

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