Fools and Their Money.

“What Nigerian scams are to your grandfather, Bitcoin exchanges are to the 20-30 semi-tech-savvy libertarian demographic. Even if the Bitcoin protocol were perfect, and it isn’t, our computing infrastructure is not up to the task of handling high-value transactions…While the underlying cryptocurrency is quite interesting and the wallet software is fairly good, the [Bitcoin] exchanges are based on layers upon layers of bad software, run by shady characters.”

Making the rounds today: Cornell professor Emin Gün Sirer gives his take on Bitcoin and what happened with Mt. Gox, the world’s largest Bitcoin exchange, where over $400 million recently disappeared. “Human history is full of people who were entrusted with valuables, who then absconded with them…Chances are that this is a simple case of theft, involving at least one insider.”

Also note the conclusion: “If one must pick a cryptocurrency, the lowly dogecoin, of all things, is doing everything right. It’s based on economic principles that provide the right incentives for a healthy economy. The community does not take itself seriously. Most importantly, no one pretends that Doge is an investment vehicle, a slayer of Wall Street, or the next Segway. No one would be stupid enough to store their life savings in Dogecoins. And people freely share the shiba goodness by tipping others with Doge. So, young people who are excited about cryptocurrencies and want to get involved: Dogecoin is where the action is at. Much community. So wow.”

Hey Buffalo Bill (Or coin, whatever.)

They can finally rest easy in Don’s Resale Shop. After 67 years in the wilderness, the buffalo nickel is back for the ’05. (And here I am still way behind on my state quarters…)

The Teddy Bears’ Picnic.

By way of Follow Me Here, the chief economist at Morgan Stanley warns private audiences that, in his opinion, the US is headed for economic “Armageddon.” “In a nutshell, Roach’s argument is that America’s record trade deficit means the dollar will keep falling. To keep foreigners buying T-bills and prevent a resulting rise in inflation, Federal Reserve Chairman Alan Greenspan will be forced to raise interest rates further and faster than he wants. The result: U.S. consumers, who are in debt up to their eyeballs, will get pounded.”

Faith-based Currency.

The dollar tanking? No problemo for this administration, who see a weak dollar as key to offsetting our ballooning trade deficits. “The unsettling worry, however, is what could happen if foreigners suddenly lost interest in holding dollar-denominated investments. The outward rush from U.S. stock and bond markets could send stock prices crashing and interest rates soaring.” Well, at least my college loan debt isn’t in Euros.

Twenty to Remember (and a Ten to Forget.)

By way of Value Judgment, the 20 Most Annoying Conservatives of 2003. Partisan? Oh, hell yeah, and funny to boot. And it’s also where I found this ridiculous link about the GOP trying to kick FDR off the dime. Look, if you’re going to put Reagan on the currency, it only makes sense to put him on one of the crazy big bills, and by that I mean something larger than a ten. The way Ronnie squandered our nation’s money during his eight years in office, placing him on anything less than the $1000 would be an affront to his vaunted “legacy.” Update: Even Nancy’s against it.

Peach?

The Bureau of Engraving and Printing finally unveils the long-awaited new twenty. If you had given me twenty guesses as to the new color, I don’t think I could have come up with “subtle shades of peach and blue.”

The Lost Twenty.

The Bureau of Engraving and Printing finally set a new date for the unveiling of the long–awaited new non-green twenty: May 13.

Green Party.

Hmm…apparently the new non-green twenty dollar bill mentioned in this post was supposed to be officially unveiled last week, but I can’t find any news about it, at the Bureau of Engraving or elsewhere. Couldn’t they at least tell us the color? (How about a nice, soothing, all-American blue?)

New Money Blues (and Reds?)

Only 5 years after introducing the Bighead Jackson, the Bureau of Engraving and Printing will introduce a new $20 bill in three weeks. And, though the word is mum at the moment, apparently the bill in question will not be green! That’s quite a change after two centuries of greenbacks…we’ll have to create all new metaphors for money. Hmmm…I wonder if the new bill will also get rid of this tasteless 9-11 folding trick.