YOU ARE ONE WHO INVESTIGATES

YOU ARE ONE WHO INVESTIGATES, RIGHT?

DOES THIS DESCRIBE YOUR INTEREST IN BITCOIN?

You arrive at this blog searching non Bitcoin terms - but - interestingly, you do have an interest in finding out more about Bitcoin. You probably don't know what the term Blockchain means either. Or, that there are over 800 branded "coins" like Bitcoin on the blockchain technology. You know that you would like to know more - but don't know where to start or who to ask. What luck that you are here today. Here's this blogs best advice.................. The sidebar has "Bitcoin" books and "Bitcoin" links - exploring any of these can be helpful for your learning curve....... But, let's say you simply want to get your feet wet - to actually OWN some Bitcoin - and you are simply wanting to know the first steps on obtaining some Bitcoin............. Cool - because it's not hard to do - but - you DO need to know a few things about OWNING Bitcoin...... First things first - Bitcoin in 2017 is totally legit and you are going to have to identify yourself, and verify yourself, to buy OR to "mine" Bitcoin............Next - there is only a place or two to buy Bitcoin at the lowest price - the main company is called Coinbase. Millions of people have Coinbase accounts. MOST people in America buy their first Bitcoin from Coinbase....... Now, interestingly, Coinbase has an interesting "bonus" to those who sign up - and buy their first 100.00 USD of Bitcoin. BUT - the bonus involves USING AN AFFILIATE link to JOIN Coinbase; I'll explain what and why.......First, ONLY IF you use an affiliate link do you get the Coinbase bonus - this is my link at coinbase https://www.coinbase.com/join/52570ca75308dda35e000033 - IF you use it when you join and then eventually buy your FIRST 100.00 USD of Bitcoin from Coinbase - THEN THEY GIVE YOU 10.00 USD OF FREE BITCOIN - (They Also Reward Me). It's Coinbase's way to welcome American People to Bitcoin.....IF YOU DO NOT USE THE AFFILIATE LINK TO SIGN UP - THEY DO NOT REWARD YOU EVER FOR YOUR FIRST 100 USD - IT'S THAT SIMPLE...DO YOU WANT 10 FREE USD OF BITCOIN... You too will have an Affiliate Link after you join - make sure to share that with your friends when they want to buy their first Bitcoin. Also, when you join Coinbase... You will automatically also have a Bitcoin wallet (and address) - you will need a Bitcoin Wallet to acquire BTC from the only other method of OWNING Bitcoin - to "Mine" it....

Yes, it's true...you really can become a miner................ And, to some people that means REALLY getting into the entire Blockchain scene, learning the language, becoming experts, and eventually buying Mining Equipment...... And, that is fine for some people. BUT...it is time consuming - AND - Bitcoin machines are notoriously "hot and loud" and somewhat expensive to run as they consume lots of electricity.......Which FINALLY brings us to the last quick tutorial for you... the news that you can also RENT "mining" equipment - by buying what is called Hashpower - from a reputable company..... UNFORTUNATELY, reputable mining companies, are few and far between - indeed - I can ONLY recommend the one I am using myself, (and even then I suggest caution in over investing as Bitcoin's price is rising so fast, that to send it out to get it back seems non-productive) - Genesis-Mining...... they are a long running mining farm with low electricity costs - and over 500,000 people worldwide are already "mining" with them from buying Hashpower contracts. That Hashpower is assigned to your rented machines - which "mine" cryptocurrency daily - you are sent your earnings the following day, which they accumulate to send to you automatically .... at Genesis Mining there are multiple coins to "mine" and you set the mix of coins you "mine" - and you can change your mix at any time. The return on your investment will ultimately depend on the price of Bitcoin and the coins you choose to "mine". Obviously, if you re-invest your returns in buying additional Hashpower - your ROI will be quicker. Indeed, after a number of months (less than a year currently) you will be "up" and earning daily bitcoin value indefinitely on the Sha256 contract....it's a longer term view - if a year is to be considered long term. And, like Coinbase, Genesis-Mining also has a "win-win" Affiliate Program for new users - IF you use a PROMO code to buy your "mining contract/Hashpower" - you save 3% on your cost (you pay full price if you don't use the promo/coupon code) - AND - they also provide me a bit of FREE Hashpower for bringing you into the "mining" spectrum. "Mining Contracts" begin at ONLY 30.00 USD,it's a no brainer - Here's my Genesis Mining Code (you can see it in other places on this blog too) lcS0Un - use the code when you sign up. Just click the links, or click the banner at the top of the sidebar. Thanks.

Oh - one final thing - the powers that be - may DECLINE your perfectly valid Visa card - In Other Words - You May Need To Call Your Bank Or VISA to be able to buy - to validate your purchase. It's just one additional way the powers that be want to keep you powerless. Once you do that your order will be approved. Yes...you can use credit cards.

It's really just easiest to get that Coinbase account and buy Bitcoin - or - get that Coinbase account and have someone who owns Bitcoin transfer it to you there via your free Bitcoin wallet and address. Thanks for reading...but, now you are actually ready and have the basics...it's up to you.

YOUR BITCOIN - MAKES YOU A MICRO-LENDER BANK - CHECK THIS OUT

Wednesday, July 27, 2011

The BS Of The USA `Running Out Of Money'

I would assume by now after over 500 posts that my BS take on the US government is known - worthless politicians. So, in this RARE total re-print - this is what really happens and what in all likelihood will happen when the USA `defaults' on Aug. 3rd:
http://www.cnbc.com/id/43899646
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The White House insists the U.S. government will not be able to stay current on all of its obligations as of Aug. 2 unless the debt ceiling is raised.

But can the government of the United States ever really run out of money?
The question is a bit more complex than it might seem. In some ways the government really is like every ordinary American family. It has a bank account. Every day the funds in that account grow by the amount of deposits that are made and shrink by the amount of withdrawals.
At the start of the day last Friday, the bank account of the United States government at the Federal Reserve Bank of New York had $83 billion in it. That day the bank received $7 billion in deposits, and saw around $13 billion in withdrawals. So by the end of the day we were down around $6 billion, to $77 billion.
Deposits come from tax receipts, air transport security fees, the postal service, Medicare premiums, and earnings from the Federal Reserve itself. Withdrawals go to pay for everything the government does: federal employee salaries, income tax refunds, NASA, interest on our debt, unemployment insurance benefits and paying defense contracts.
A big source of deposits for the government is usually the government selling bonds. And that’s where the debt ceiling comes in: if the government cannot sell any more bonds because it’s hit the debt ceiling, it won’t have the funds to pay for all those things it makes withdrawals for. That includes social security checks and interest payments on the debt.


So what happens next?


When the government writes a check, it goes to whomever is getting paid. The payee then deposits it in its own bank account. The bank then submits it to the Federal Reserve for clearing.
So far, that’s just pretty much the same thing that happens when anyone else writes a check. Except for something very strange—the Obama administration seems to be insisting the Federal Reserve would not allow the U.S. Treasury Department to overdraw its account.
Millions of Americans have overdraft protection on checking accounts that allow them to write checks in excess of the amounts deposited in the accounts. These are sometimes controversial because banks often attach high fees to overdrafts, which mean that you could put a $3 cup of coffee on your debit card and get hit with a $35 fee. But those kind of fees are generally waived for very wealthy bank customers who, ironically, enjoy feeless overdrafts.
When I was a lawyer I was never terribly wealthy. But I did enough business with my bank that it gave me a free overdraft. If I could have that kind of protection as a young associate in my 20s, shouldn’t Treasury Secretary Tim Geithner be able to get the same deal from the Federal Reserve bank he used to run?
In truth, the Obama administration is either fibbing or misunderstanding the financial system. The United States almost certainly enjoys unlimited overdraft protection from the Federal Reserve because there is almost zero chance the Federal Reserve would ever bounce a check written by the U.S. government.
Think about it. The check comes into the Federal Reserve. It looks at the U.S. government balance and discovers that we’re at zero. What does the Federal Reserve do?
I’m pretty sure the Federal Reserve would go ahead and credit the bank submitting the check with the deposit to account for the fund transfer.
Legally, this is a bit murky. It’s not clear that the Federal Reserve would be required to clear a check that exceeded the amount on deposit. It may be within its authority to reject the check.
But rejecting a check written by the government of the United States would probably violate the dual mandate of the Fed to pursue maximum employment and price stability. A U.S. government that bounced checks would just introduce so much chaos the Fed would likely be obligated by its core mandates to credit the check.
This leads to the next question: Would having the Fed credit the account of a bank that presented a check on the U.S. Treasury Department's empty account amount the incurrence of new debt in violation of the debt ceiling?


The law is not exactly clear on this point. The debt ceiling applies to the face amount of obligations issued under Chapter 31 of Title 31 of the U.S. Code—basically, Treasury notes and bills and the other standard kinds of government debt—and the “face amount of obligations whose principal and interest are guaranteed by the United States Government.” But overdrafts on the Federal Reserve wouldn’t be Treasurys and they aren’t explicitly guaranteed by the U.S. government.


They’re more like unilateral gifts from the Fed.


And guess what? The Treasury is allowed to accept gifts that “reduce the public debt.” Since these overdraft gifts from the Fed would allow the government to spend without incurring additional debt, it seems very plausible to argue that this kind of extension of U.S. credit would be permitted under the debt ceiling.
Notice that this would do something very odd. It would give the U.S. Treasury Department control of the money supply—something usually credited to the Fed. But by writing checks on an empty bank account, the Treasury would be inflating the money supply. It would be printing money to pay its bills, more or less. Monetizing its obligations, rather than borrowing or taxing to pay them.
In order to keep inflation under control, the Fed would have to intervene to soak up the extra dollars by selling securities.
Here’s how Peter Morici, the former chief economist at the U.S. International Trade Commission, describes it:
Now, the Treasury could print money to pay its bills, and the Fed could soak up the excess liquidity by selling its Treasury holdings. Between the Fed’s holdings of Treasurys, and Fannie Mae and Freddie Mac bonds and other securities held by the Fed, this drill could keep the government going and all creditors paid for another 18 months.
So the Treasury cannot actually run out of money. It can only run out if it decides—that is, if Secretary Geithner and President Barack Obama choose—to stop writing checks sufficient to pay all of our obligations.
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As BS said - worthless politicians.
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Thanks for Barfing today.
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Debt Defaults and Lessons from a Decade of Crises
Debt Defaults and Lessons from a Decade of CrisesSovereign Defaults before International Courts and Tribunals (Cambridge Studies in International and Comparative Law)The Credit Default Swap Basis (Bloomberg Financial)

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