Dip your dollar into liquid anhydrous ammonia, dry it, and repeat. The surface tension of the boiling and evaporating ammonia shrinks the bill. Caveat: It could prove difficult to use a mini-dollar and mutilating a bill may even be illegal.
A yet-to-be-determined woman will replace Alexander Hamilton's mug on the US $10 bill, according to Treasury Secretary Jack Lew. Read the rest
Miami, Florida resident Fernando Caignet Aguilera, 64, was cited after he attempted to trade an alligator he found in a nearby park for a 12-pack of beer at a convenience store. According to CNN, he faces six months in jail and a $500 fine for "taking possession and selling an alligator, which is a second-degree misdemeanor." Read the rest
Robert McMillan on Bitcoin "maverick" Jed McCaleb, who started Mt. Gox and now offers Ripple, an alternative to the digital currency. [Wired]
After selling Mt. Gox, McCaleb started thinking more deeply about Bitcoin. He was a huge fan, but he thought he could so some things better. First, he wanted to do away with Bitcoin mining — the process by which computers on the network verify transactions in exchange for Bitcoins. Because miners are rewarded in proportion to the processing power they add to the network, Bitcoin mining has become a bit of an arms race, with very specialized and powerful computers now doing the bulk of the work. McCaleb, a 38-year-old surfer and Berkeley dropout from Little Rock, Arkansas, sees this as excessive. By his reckoning, there’s $160 million spent annually on mining the Bitcoin network, “which is insane,” he says. “And this isn’t something that’s going to go away. It just gets worse and worse.”Read the rest
An interesting piece in the Guardian this week about cashless commerce in Greece, where the currency crisis has prompted citizens to take unusual measures to obtain essential goods. One exchange website in particular is cited, and a unit of barter known as "tems." The network has been online for about a year and a half. Snip from a portion of Jon Henley's report about the open-air markets where tems are exchanged for daily neccessities:
Read the rest
“They’re quite joyous occasions,” she said. “It’s very liberating, not using money.” At one market, she said, she approached a woman who had come along with three large trays of homemade cakes and was selling them for a unit a cake. “I asked her: ‘Do you think that’s enough? After all, you had the cost of the ingredients, the electricity to cook …’
“She replied: ‘Wait until the market is over’, and at the end she had three different kinds of fruit, two one-litre bottles of olive oil, soaps, beans, a dozen eggs and a whole lot of yoghurt. ‘If I had bought all this at the supermarket,’ she said, ‘it would have cost me a great deal more than what it cost to make these cakes.’”
What rules the system has are designed to ensure the tems continue “to circulate, and work hard as a currency”, said Christos Pappionannou, a mechanical engineer who runs the network’s website using open-source software. No one may hold more than 1,200 tems in the account “so people don’t start hoarding; once you reach the top limit you have to start using them.” And no one may owe more than 300, so people “can’t get into debt, and have to start offering something.
Ironically, there's no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds.3 ways Obama could bypass Congress (Thanks, Fipi Lele!)