February 27, 2014 |
The sudden collapse of the Mt. Gox bitcoin exchange Tuesday demonstrated to the public just how risky the virtual currency can be. Prosecutors have rushed to investigate, and regulators in the U.S. and Japan, where Mt. Gox was based, are mulling how to extend their purview to bitcoin trades. One senator even called for a ban on the currency. Investors, however, have long been keenly aware of the perils associated with the volatile commodity. While the currency is in its infancy, those with little appetite for risk should stay away.
February 26, 2014 |
The United States could create 5.8 million jobs if it moved to end global currency manipulation, according to a report by the Economic Policy Institute. The group, a Washington think tank supported by organized labor, said that manipulation of currency exchange rates is a key factor in the United States' $703-billion annual trade deficit. Several foreign countries devalue their currencies to make their products cheaper, making it difficult for U.S. manufacturers to compete, the report said.
February 25, 2014 |
It was supposed to revolutionize the global monetary system. Instead, the bitcoin virtual currency that has captured the imagination of investors and financiers is on the verge of collapse. In a stunning blow to a novel way to buy products and services, the world's largest exchange for trading bitcoin currency shut down Tuesday, triggering a massive sell-off and sending many prospective investors away - perhaps for good. "This is extremely destructive," said Mark Williams, a risk-management expert and former Federal Reserve Bank examiner.
December 27, 2013 |
"Kindness is the language which the deaf can hear and the blind can see. " - Mark Twain I just got home from a four-month-long around-the-world trip. When I left Los Angeles on my motorcycle on Aug. 10, I took almost nothing with me, except hope. My pockets were empty. I had no money, nothing, really, to offer those I met along the way except my story and my gratitude for their kindness in providing me with food, shelter and money for gasoline. My trip took me across the United States and to and through 19 countries, from the Hollywood sign to the plains of Nebraska, to the streets of Pittsburgh, to the shores of Lake Como, Italy, to the slums of India, to the ecstasy of Bhutan and into the rigors of Vietnam.
December 26, 2013 |
There was much sadness for some owners of Dogecoins -- a digital currency that started out as a joke but has now become a popular way to tip someone on the Internet. On Christmas day, hackers digitally robbed 21 million Dogecoins, an amount whose reported value on virtual-currency exchanges is between $14,900 to $17,200. The Dogecoin currency was created earlier this month to poke fun at Bitcoin, a new form of currency that is being used to purchase products and services. PHOTOS: Got a Christmas gadget?
CALIFORNIA | LOCAL
December 26, 2013 |
When Newport Beach City Council candidate Michael Glenn thinks of freedom, that includes the freedom to choose how to donate, be it with dollars, pesos or bitcoins. Glenn claims to be the first local politician to accept campaign donations in the esoteric digital currency. He is seeking the Balboa Peninsula's 1st District council seat being vacated by Mike Henn. Also in the race are businesswoman Diane Dixon and Harbor Commissioner Joe Stapleton. Glenn's announcement comes weeks after individuals used bitcoins to pay for a Tesla car, and then a Lamborghini , from a Costa Mesa dealership.