Blog 7- BitCoins

Blog #7

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Bitcoins are a virtual currency. It is a revolutionary new concept that has emerged in the past 5 years. Bitcoins are not backed by any central bank or government and allow for more financial anonymity. They are created by "miners" who run algorithms on high end computer hardware in order to "discover" Bitcoins. It gets harder and harder to "mine" them over time. Since their introduction a few years ago, the value of the currency has skyrocketed. Prices reaced record highs on Monday at $800 per Bitcoin and %100 increase in 5 days. However this currency has a dark side. it has been used in the past to conduct illegal transaction due to its untraceable properties. US Congress is meeting this week to discuss Bitcoins validity and place in US Finances.

I believe that Bitcoins are a very interesting concept and that Congress should sanction them. They have become a sort of investment and many people are buying into the concept. It will be interesting to see what an unbacked currency will do.

Blog #6
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This news article is about the worlds most powerful recored typhoon to hit landfall, typhoon Haiyan. This torm has wreaked havok on the Phillipine Islands and The Us is responding with massive amounts of aid. It is believed that alomost two thousand are dead, and three thousand injured. It is estimated that over six hundred thousand people have been displaced, according to the UN. Tsunami force waves bashed the shore while winds over 200 mph blew amost every coastal building over.
The US as well as other nations are sending aid to this devistanded country. 5000 navy sailors are on the way as well as 3 ships and millions of dollars in food and medical supplies. THis shows how the worlds superpower, the US, is willing to