currency

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Zimbabwe Exchange Rate: $35 Quadrillion to US Dollar

Country getting ready to kill off currency

(Newser) - If you happen to have a spare few thousand trillion Zimbabwean dollars lying around the house, now is the time to cash them in. The country is finally killing off the hyperinflated currency it stopped printing in 2009 and is offering $5 US to people with up to 175 quadrillion—...

Poll: Harriet Tubman Should Be on the $20

She beats out Eleanor Roosevelt and other luminaries in bid to get Jackson replaced

(Newser) - Nothing is officially settled in the debate over a replacement face for the $20 bill . But a poll that received more than 600,000 votes shows Harriet Tubman as the clear preference to take Andrew Jackson's spot, USA Today reports. The Women on 20s campaign had four finalists in...

Senate Bill Asks Treasury to Consider Woman on $20 Bill

Jeanne Shaheen's measure comes amid online push

(Newser) - The campaign to put a woman on the $20 bill isn't just an online movement anymore. Sen. Jeanne Shaheen has introduced legislation to help make it happen, reports the Washington Post . Under the New Hampshire Democrat's measure, the Treasury would "convene a panel of citizens" to discuss...

Even Beggars Don't Want Zimbabwe's New Coins

Locals consider them worthless

(Newser) - American bills have been used in Zimbabwe since the country adopted the US dollar in 2009. American coins? Not so much. Coins are more difficult to get into circulation, so locals had been using lollipops, gum, and pens as change, Reuters reports. Last month, however, Zimbabwe introduced its own "...

ISIS to Mint Coin Worth About $700

New currency intended to sidestep 'global economic system'

(Newser) - Who needs a "tyrant's financial system" when you can mint your own money? That's apparently the thinking of the self-proclaimed Islamic State, which plans to mint its own currency of seven coins—two gold, three silver, and two copper, reports CNN . The Telegraph adds that the coins...

5 Banks Fined $3.4B for Market Manipulation

Foreign exchange probe involves Citibank, JPMorgan Chase, HSBC

(Newser) - US, British, and Swiss regulators have fined five global banks for attempting to manipulate foreign exchange markets—the latest penalties for an industry previously criticized for rigging interest rates and for its role in triggering the global financial crisis. Citibank, JPMorgan Chase Bank, Royal Bank of Scotland, HSBC Bank, and...

Time for Women on US Paper Money?

Obama says it's a 'pretty good idea'

(Newser) - The days of American paper money being an all-boys club could be numbered. President Obama said yesterday that he had received a letter from a young girl wondering why there were no women on US bills, "and then she gave me a long list of possible women to put...

Bitcoin Is Doomed; Long Live Bitcoin
Bitcoin Is Doomed;
Long Live Bitcoin
OPINION
Feb 26, 2014 1:08 PM CST

Bitcoin Is Doomed; Long Live Bitcoin

Most think the currency will survive this body blow

(Newser) - Will Bitcoin survive? USA Today talks to a slew of experts and finds a general consensus that, yes, the currency will bounce back after the collapse of its largest exchange . "The Internet didn't die when the dot.com bubble popped," says one expert who works with Bitcoin...

Bitcoin World Rattled by Exchange Glitch

Mt. Gox has suspended withdrawals since Friday

(Newser) - Bitcoin's value was reeling yesterday amid suspension of withdrawals at a key exchange called Mt. Gox. That marketplace reported "unusual activity," suggesting the problem could be due to "a bug in the Bitcoin software." Mt. Gox said yesterday it would continue to prevent withdrawals, a...

Krugman: Bitcoin Is Barbaric
 Krugman: 
 Bitcoin Is 
 Barbaric 
OPINION
Dec 23, 2013 12:48 PM CST

Krugman: Bitcoin Is Barbaric

We're 'digging our way back to the 17th century'

(Newser) - Economist John Maynard Keynes called gold the "barbarous relic"—and it has a lot in common with Bitcoin, writes Paul Krugman in the New York Times . Right now, both are being collected at high cost. In Papua New Guinea, the Porgera open-pit gold mine is a leading producer...

Bitcoin Plummets in China Amid Ban

Central bank: It's not a real currency

(Newser) - On Monday, China's central bank told top Chinese payment-processing firms they could no longer deal in digital currencies; two days later, the country's top Bitcoin exchange, BTC China, has now had to stop taking deposits in China's currency, the renminbi. Now, the value of bitcoin in the...

Tesla Model S Sells —for 91.4 Bitcoins

Plus a police chief is now getting paid in the virtual currency

(Newser) - Bitcoin continues to inch toward the mainstream: First a university offered students the option of paying tuition in the digital currency ; now a Newport Beach Lamborghini dealer has opened its doors to Bitcoin business. This week it sold a pre-owned Tesla Model S for 91.4 Bitcoins, delivered via Bitpay...

As Currency Falls, Venezuela Wages War on ... Bit.ly

Government turns to censorship to stop flight to dollar

(Newser) - The bolivar is in freefall. Panicked Venezuelans are rushing to buy dollars before their savings become worthless, which is only exacerbating the trend. Faced with this crisis, Nicolas Maduro's government has stepped up … and blocked Bit.ly? The popular link-shortening service has become collateral damage in the government'...

Bitcoin Scammer May Have Stolen $100M

Users of underground bazaar are trying to track their money

(Newser) - At this point, it's one of the largest thefts in history—and one of the most convoluted. Some person, or group, apparently made off with 96,000 Bitcoins worth a staggering $100 million, reports the Verge . The Bitcoins came from users of the underground bazaar called Sheep Marketplace, one...

Bitcoins Soar to Major Milestone

Digital currency crosses $1K-mark

(Newser) - Bitcoins reached a major milestone today, with a single coin now worth more than $1,000—which is pretty impressive, given that they started the month just a bit north of $200, the Washington Post points out. Bitcoin has soared to these heights in part thanks to praise from the...

Man Forgets $27 for 4 Years, Finds $886K
 Man's Forgotten 
 $27 Bitcoin Buy 
 Becomes $886K 
IN CASE YOU MISSED IT
Nov 3, 2013 5:45 PM CST

Man's Forgotten $27 Bitcoin Buy Becomes $886K

Researcher bought 5K Bitcoins on a whim in 2009

(Newser) - Completely forgetting about the $27 in Bitcoin he bought while researching the online currency is the best investment move Kristoffer Koch is ever likely to make. Four years after his 2009 research on encryption, media coverage of the currency earlier this year jogged the Norwegian's memory and he was...

Pa. Guy's $10 Bill Could Be Worth $500K

Collector's note has 'fancy serial number,' rare label

(Newser) - Sure, it says "$10" on the corner, but a Pennsylvania collector's bill is worth far more. Billy Baeder, of Royersford, Pa., is into "fancy serial numbers" and other unusual currency characteristics collectors value: printing mistakes, for instance. Fancy serial numbers, the Philadelphia Inquirer explains, include those in...

Some of the New $100 Bills Will Be Worth $1K—or More

All thanks to serial number-minded collectors

(Newser) - We are a couple of weeks away from getting our newly designed $100 bills , and when they arrive on October 8, some will actually be worth $1,000 ... or more. No, the government isn't slipping in an extra zero. But it is including, as always, an eight-digit serial number....

Jane Austen Replaces Darwin on British Currency

She will be on the 10-pound note in 2017

(Newser) - Jane Austen is going on Britain's 10-pound note in 2017, reports the BBC . And the guy she's replacing is no slouch—Charles Darwin. Along with her image will be a quote from Austen's Pride and Prejudice: "I declare after all there is no enjoyment like reading!...

Bitcoin Exchange Halts Trading After Big Selloff

It's either because of a huge influx of accounts or hackers

(Newser) - Bitcoin fans have to cool their heels until 10pm Eastern. The biggest exchange of the digital currency has halted trading after a steep drop in value yesterday, reports the Guardian . Tokyo exchange Mt. Gox blamed the drop—from $266 to about $100—on an "astonishing" number of new accounts...

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