Silk Road was shut down and the FBI has arrested the man who runs and created the most sophisticated online drug bazaar to date. Ross William Ulbricht was arrested on Tuesday afternoon charging him with drug trafficking, money laundering and computer hacking, according to CNN Money on Oct. 2.
So, yes. Basic economics would suggest that when bitcoin surges in price commerce on the Silk Road could decrease. But what the chattering class is ignoring is that when that happens the merchants of the Silk Road, and anyone who is saving their Icomarkets.com, profits from their savings. So, they win either way.
Always one to try to understand the relation of economics and politics, I asked our Argentine contact what life was like for the average Argentinian in Buenos Aires. She related how expensive it was for the average person to purchase imported items. This resulted from their most recent economic crisis of 2001-2002. When I mentioned traveling overseas, she looked at me cross-eyed. There was no way this was possible for her without saving for quite some time.
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They are bought and sold through exchange sites. There they can be exchanged into traditional currencies like the Dollar or Euro or for virtual world currencies like the Linden dollar.
This opportunity requires zero financial investment. You do not require any programming or technical knowledge to make money from home. All you need is a connected computer.
Advantages associated with Bitcoins: 1. Bit coins are easiest mode of online payment. 2. There is no need to worry about its security. 3. No one can steel its informations. 4. It is safe and secure mode of payment. 5. It is easy to use. 6. It can be used just like cash. 7. The main advantage associated with this currency that it can be buy, exchange and also can be sale. 8. It also preserves your privacy. 9. It is useful for those people who do not have cards. 10. Online payment and playing online games has become easier due to use of these coins. 11. It is also used in many casinos. 12. It can be used worldwide.
That confidence has and will continue to erode. The first reflection of that erosion will be in long-term interest rates. Despite all the efforts, and they are massive, to hold interest rates down, they are on the rise. This is a recognition by the market that it is uncomfortable with the current debt condition of the U.S. That discomfort will increase. Even if rates simply return to a long-term average, the collision of politics and economics will be in full display in Washington and state capitals across the country. This time is NOT different.