Happy Veteran’s Day: 40% of NYC Vets Need Food Assistance

Just the sort of headline you’d expect four years into an economic recovery. Well at least we bailed out the TBTF banks and saved Wall Street bonuses! From CBS: NEW YORK (CBSNewYork) — Veterans are returning to New York City from their service only to be faced with going hungry, the head a city food bank said. “On … Read more

Video of the Day: Guy Buys a Subway Sandwich with Bitcoin in Pennsylvania

The video below is both entertaining and informative at the same time. Those of us who share more than a passing interest in Bitcoin are well aware that one of the main issues as far as using it to purchase goods in real time at brick and mortar businesses is the transaction time. Of course, … Read more

Meet “FiatLeak.com” – Real Time Map Analysis of Bitcoin Transactions by Country

This site is pretty sweet. It uses data from the three major Bitcoin exchanges for which data is published, Mt. Gox, Bitstamp and BTC China to show you which countries and which currencies are moving in and out of bitcoin in real time. I really like the table at the bottom which keeps a tally … Read more

Obama’s Approval Ratings are Lower than Crack Smoking Toronto Mayor’s

Just in case you weren’t up to speed on the uncontrolled demolition that is the Obama Administration, recent poll data demonstrates that he is less popular than Toronto mayor Rob Ford, who recently admitted to smoking crack while in a drunken stupor. The decline of Obama has been underway for a while now, let’s not … Read more

The Chinese Can Now Buy Real Estate and the Dutch Can Order Food Online with Bitcoin

Understandably, pretty much all of the focus on Bitcoin as of late has been on price appreciation considering the extraordinary move it has undergone. Specifically, it has quadrupled in value from the post Silk Road shutdown lows a little over a month ago. While understandable, it’s a bit unfortunate at the same time. The focus on price is taking away from the great strides being made in its acceptance, and at the end of the day, it is acceptance that gives ultimate value to Bitcoin not buyers and sellers. In that spirit, I want to highlight two recent significant early adopters of Bitcoin, both overseas.

While I reported in April on a NYC landlord accepting bitcoin for rental payments, in China you can now buy property with bitcoin. More from Finextra:

Bitcoin acceptance in China has now extended into real estate with a residential developer in Zhangjiang Hi-Tech park in Shanghai finding a new way to promote sales through the acceptance of Bitcoin virtual currency.

As part of the promotion, Shanda accepted Bitcoins for payment. Although the exchange rate was ‘fixed’ at 1,000 Chinese Yuan (CNY) to one Bitcoin and the developer reserved the right to adjust the rate, the deal represents one of the first times that Bitcoin could be used for such a large scale ‘public’ purchase. The exchange rate was about 1,200 CNY : 1 Bitcoin on BTCChina that day, so the developer was obviously trying to hedge a bit in case Bitcoin fell through, but considering the rate is rapidly reaching nearly 2,000 CNY : 1 Bitcoin, it would have been a great deal for the developer – Bitcoin is one of the few investments in China that has been increasing faster than real estate in 2013.

The current run-up in the price of Bitcoin is an indicator of the interest in the currency, but is likely largely due to speculation. However, examples like this property development show how Bitcoin could be used for non-speculative purposes in nearly every industry. Regular bank transactions to pay for property would typically involve a stack of paperwork and likely a solid afternoon in the bank. With Bitcoin, the transaction could be completed in minutes.

Additionally, the 10th biggest Dutch online retailer now accepts Bitcoin. The company handles payments for around 5,000 restaurants and on its first day accepting BTC, it processed 250 Bitcoin transactions.

More from Coindesk:

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The United States has More People in Jail than High School Teachers and Engineers

America has become a gigantic gulag over the past few decades and most of its citizens don’t know, or just don’t care. One of the primary causes of the over incarceration in the U.S. is the absurd, tragic failure that is the “war on drugs”, and indeed nearly half of the folks in prison are … Read more

My Recent Webinar with TF Metals Report

It’s been a little while since I joined the always witty and entertaining Turd Ferguson of TF Metals Report for an interview. Last week, we sat down and conducted a webinar where the site’s premium subscribers we able to ask me on the spot questions on pretty much any topic they could think of. It … Read more

Colorado Rejects State Tax Increase Supported by Former NYC Mayor Michael Bloomberg

One of the measures on the ballot in the state of Colorado on Tuesday was Amendment 66, which would have raised the state income tax in order to provide more funds for public education. I voted against it for two main reasons.

First, it seems any time politicians want to take money out of your pocket they now scream “public education” as if like some pavlovian dogs we will all immediately say yes. It has become increasingly clear to me, as well as many other Americans, that a lack of money is clearly not the problem. Not in public education and not in a lot of things. Certainly it wasn’t hard to come up with trillions out of thin air when the bankers needed it. So give me a fucking break.

Second, the measure would have taxed certain communities disproportionately to others. This is precisely the problem with centralization. When one community gets taxed to provide for another there will almost always be zero accountability.

The measure failed by a wide majority, and what makes it failure even sweeter is the fact that nanny-state former NYC mayor Michael Bloomberg was a strong supporter. This is the second time this year (that I know of) where Bloomberg tried to influence local Colorado politics and the second time his efforts have failed. The first instance was his support for pro-gun control candidates that faced a recall election.

As I said at the time, I hope the oligarch wastes all his billions on his pet causes no one cares about.

More from the WSJ:

A ballot measure to raise income taxes to fund education in Colorado failed by a wide margin Tuesday, two years after state voters rejected a similar plan to increase taxes for schools.

Roughly 66% of voters had rejected the tax proposal, with 85% of Colorado precincts reporting, according to the Associated Press. The measure, known as Amendment 66, would have raised close to $1 billion a year for schools and overhauled the way the state assigns money to school districts.

The measure had attracted national attention from political observers who saw it as a test of whether tax increases tied to education reform had a better chance of passing.

“Coloradans recognize that now is not the time to raise taxes,” said Kelly Maher, a member of Coloradans for Real Education Reform, a group that opposed the new tax. “We need real education reform before Coloradans are going to reach into their pocketbook and give any more money.”

Supporters said the tax, backed by a coalition that included teachers unions and charter-school proponents as well as New York Mayor Michael Bloomberg and philanthropist Melinda Gates, was necessary to ensure that all Colorado children get a quality education. The funds would be used to improve art and sports programs, as well as provide more support to poor students. Money would also be used to extend classroom time for preschoolers and kindergartners.

You’ve done enough damage to my hometown of NYC, we don’t need your meddling here Bloomie.

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World’s First Bitcoin ATM Processes $100k in Transactions in its First 8 Days

A little over a week ago, the world’s first Bitcoin ATM was launched to much fanfare in a Vancouver coffee shop called Waves Coffee. This particular machine is made by a company called Robocoin and they sell for $20,000 per unit. While I applaud the company for installing the world’s first Bitcoin ATM, I have … Read more

Is NYPD Police Commissioner Ray Kelly is About to Take a Job at JP Morgan?

Thought the revolving door couldn’t get any worse? Think again. The Banana Republicization of these United States is now traveling at hyperloop speed. It’s one thing for folks at the SEC and Congress to jump ship for Wall Street, but the head of the country’s largest police force going to JP Morgan? This is particularly … Read more