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Bitcoin Catches Attention Of Goldman Sachs (And Walmart, And Cisco): Goldman Director Joins Bitcoin Startup
When Bitcoin fans were hoping for fast track adoption by the mainstream, catching the attention of the all-seeing eye of Sauron Goldman Sachs was probably low on their list of action items. Yet that is precisely what they got with the arrival of a Goldman Sachs board member M. Michele Burns, who recently joined the board of Boston-based Bitcoin payment processing system startup Circle Internet Financial.
As Fortune reports "Circle launched earlier this year, and was founded by Jeremy Allaire, who has led other Internet start-ups, but recently has become a Bitcoin evangelist. The company got $9 million in funding from a number of venture capitalist firms. Jim Breyer, a partner at Accel and an early backer of Facebook (FB), is also on Circle's board, as is Raj Date, who recently left a top post at the Consumer Financial Protection Bureau. Circle declined to comment about Burns. Two sources with knowledge of her move confirmed it."
Perhaps of same or greater importance is that in addition to being the chair of the audit committee at the preeminent FDIC-backed hedge fund, Burns also was a board member of the largest retailer in the world, Walmart (WMT accepting BTC?), and is currently on the board of the one company that is at the nexus of the Internet economy, Cisco (and which was punished furiously following Snowden's NSA-spying revelations after projected Chinese revenues imploded and that Cisco may or may not have been collaborating with the government in leaking private data).
In fact, when one considers that in the face of Burns, Circle's proximity to Bitcoin now allows no less than three of the preeminent companies of the old and new economy to keep a close eye on the digital currency and one must be either very excited about the future of BTC.... or very worried. Because if escape from the mainstream is the main target behind the Bitcoin movement, this could be problematic now that Goldman, Cisco and Walmart are all starting to sniff around.
Why a Bitcoin transaction processing company? Simple - these companies are the middlemen that will allow much broader acceptance of BTC by merchants. Consider this in the context of the recent announcement by Overstock that it would begin accepting Bitcoin by mid-2014:
Currently 12.1 million Bitcoin are in circulation, with a total value of about $8.8 billion. At this size, the value of Bitcoin can fluctuate violently based on actions by a few big investors or the Chinese government. This is a problem: If a retailer saves 3 percent on credit card transactions, but the value of Bitcoin loses 5 percent before the retailer can convert it back into dollars, the concept will quickly lose its luster.
Bitcoin-processing companies such as Bitpay and Coinbase take on this risk for merchants, offering to convert Bitcoin into U.S. dollars immediately. But they might not be able to handle that risk if any serious slice of Overstock’s transactions comes in Bitcoin, says Barry Silbert, the founder and chief executive of SecondMarket and an investor in both companies. “When you start talking to companies like Overstock or Amazon, they’d only be able to guarantee those rates to a certain transaction amount,” he says. Bitpay processed $100 million in transaction in 2013. “I think the system is going to expand as quickly as it needs to,” says Stephanie Yargo, the company’s vice president of marketing.
Well, maybe not Bitpay, but its competitors such as Circle might, especially if directly or indirectly backed by the balance sheet of, say, Goldman Sachs, especially if in some joint venture with Walmart. Because whereever the money is, either fiat or digital, one can be sure to find Goldman.
Finally, here is the full bio of the Goldman and Cisco, and now Circle, director:

M. Michele Burns
Director Since: October 2011
Committees: Chair, Audit Committee; member of all other standing committees
Other Current Public Company Directorships: Cisco Systems, Inc.
Other Public Company Directorships within past 5 years: Wal-Mart Stores, Inc.
Career Highlights
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Chief Executive Officer, Retirement Policy Center, sponsored by Marsh & McLennan Companies, Inc. (MMC); Center focuses on retirement public policy issues (October 2011 - Present); Center Fellow and Strategic Advisor, Stanford University Center on Longevity (August 2012 - Present)
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Chairman and Chief Executive Officer, Mercer LLC, a subsidiary of MMC and a global leader in human resource consulting, outsourcing and investment services (September 2006 – early October 2011)
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Chief Financial Officer, MMC, a global professional services and consulting firm (March 2006 – September 2006)
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Chief Financial Officer, Chief Restructuring Officer and Executive Vice President, Mirant Corporation, a competitive energy company (May 2004 – January 2006)
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Executive Vice President and Chief Financial Officer, Delta Air Lines, Inc., an air carrier, which filed for protection under Chapter 11 of the United States Bankruptcy Code in September 2005 (including various other positions, 1999 – April 2004)
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Senior Partner and Leader, Southern Regional Tax Practice, Arthur Andersen LLP, an accounting firm (including various other positions, 1981 –1999)
Other Professional Experience and Community Involvement
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Board member and Treasurer, Elton John AIDS Foundation
Experience and Qualifications
As the former Chief Financial Officer of several global public companies, Ms. Burns brings to our Board substantial expertise in accounting and the review and preparation of financial statements, which she draws upon as our Audit Committee Chair. In addition, as the former CEO of Mercer LLC, Ms. Burns brings to our Board her experience in human capital management and strategic consulting, which assists our Board in its oversight of our firm’s strategy. Through her service on the boards of directors and board committees of other public companies and not-for-profit entities, Ms. Burns has developed additional leadership and corporate governance expertise.
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And who's to say these new interests can't buy up large lots of BTC's and sell them back and forth to each other to create swings in their favor...
The FED prints 85 billion a month, they could buy all the Bitcoins with 3 days of QE.
I am quite willing to sell a few of my bitcoins for $1,000,000 a piece OTC to these powerful and monied people. Once the funds are transfered, then the bitcoins will show up in their wallets. I will then immediately pay taxes on my capital gains and take the remainder and buy physical silver and gold. Next I will buy energy producers with a proven dividend stream. After that, gain silos in the mid-west.
given the public ledger they can see when people capitulate to the small anonymous accounts GOLDMAN will hold, all at under $20/each.
Finally when the public ledger aka blockchain shows that Goldman holds 90% in THEIR btc wallets THEN it could rise to 1 million each.
Not before.
Goldman does this with HFT's, no reason to stop with btc.
Here come bit coin based derivatives and 100 to 1 leveraged bit coin futures contracts on some kind of digital comex "vault".-----Greenskeeper
You get the pony for today's post. It's gonna be a virtual pony in keeping with the agenda.
Michael Michele Burns has an interesting background. The first thing that stands out, Enron & 9/11
http://www.muckety.com/M-Michele-Burns/4277.muckety
THAT is a very interesting link, Atomizer. You should be a reporter or sumpthin'... I should go see if I am on that list, lol...
I was thinking about you this morning. My battery died in the Navagator. The fine folks at Autozone charged it for me FOC and I installed it this morning. After I finally got everything reprogrammed, went to the site.
http://fiatleak.com/
It’s so amazing to watch.
Your battery died probably because you are too far North, smile,,,,
fiatleak is pretty addictive, I do not have it on now, but I often have it running on another tab, just to "keep up". Right now I can turn my head to the left just a bit and look at some of the "junk silver" I have recently bought... There six coins, just right there. One is from 1918 (a half dollar), a quarter from 1928. I will be sending them to my daughter. My LCS just lets me troll through the junk silver pails and CHOOSE the ones I want.
:)
When I was a kid (5 - 8 years old, say), I saw Mercury Dimes all the time...
Exactly. its even a 850 amp battery. smiles Edit: the little baby has been pampered sitting in the garage in FL. Didn't know what to make of the 5 degree temperature a few days back. Wish I had snow & an empty parking lot, would flirt with the auto 4x4 mode or full 4x4 mode. wheeeee
http://www.youtube.com/watch?v=GPJao1xLe7w
Supercapacitor Battery to start your ride ...
"When I was a kid (5 - 8 years old, say), I saw Mercury Dimes all the time..."
I too. While the sibs were visually scanning rolls for coins without a copper band on the edging (not always easy to spot), I was bouncing several at a time on the table and listening for the tell tale ring. My detection method was faster and failsafe.
(Then we moved across the pond, and I was shocked to learn firsthand that in your pockets you could routinely find coins that were 100+ years old. As a 6 yr old here, finding an Indian Head penny was like finding a 4 leaf clover).
Back in the US now, and it's sad that my kids never got a chance to do that - the success rate is probably 0.005% at this point in time. Maybe they should look for copper versus zinc?
Indian Head pennies, holy cow! I never found one of those. Nowadays, perhaps only 10% of the pennies I get are copper (1981 and before). The WHEAT pennies are now even rare.
"Junk copper" coming soon?
Nickels still have Cu and store more value per sq unit.
I still also take the older pennies out of circulation and give them to my kids.
They even test the 1982's for Cu.
Already teachin' em to listen for a thunk, or a ping & check the year. Magnets are handy too for any that are colorized steel. Makes a good initial check to save tons of time.
Gee ... do you think that M.M. Burns is maybe a spook? Maybe works for the goon squad?
She looks like maybe was even a man just a few years ago.
Elton John AIDS foundation -- just saying.
I just went and checked muckety.com. I'm not there. I guess I am not rich and I am CERTAINLY not famous, LOLOLOL....
Two severe moral failings on your part. I wouldn't be admitting that junk on the interweb.
it was inevitable and from the start the point.
shriek !!
the stuff is officially shit.
If bitcoin was not created by TPTB... it certainly will end up being controlled by them.
Or, alternately, they are ALSO looking for an escape hatch, as they completely understand the decay of the system they have been running ...
I wouldn't hold my breath on oil being sold in bitcoin.
probably why they gave up sactions on Iran
Vampyromorphida.
Great! A .gov crony/squid using other peoples money. What could go wrong? People shit their shorts when fiat loses 4 or 5 % of it's value over time. This is all about the squid getting it's tentacles on the payment processing fees. Leave BTC alone you whores.
Somebody said, "if you can't defend it with an assault rifle, then you don't own it". At least with a dollar you can wipe your ass. With bitcoin, you'll get shit under your fingernails.
If the banks are getting in, you know it's a scam.
Well said, paper is more absorbent than a thumb drive.
And less irritating (than even a Red Sox fan).
Its the beginning of the end of what bitcoin was supposed to be.
No ... it's really just the beginning. BTC is a spook creation for TPTB, just like MS, GOOG, FB ... etc.
It's all working out as planned, I'm sure.
no, it's the end of the end.
The beginning of the end was opening fiat-for-bitcoin exchanges instead of using goods-bartering & services right off the bat & sticking to it.
These players are ignorant or intentionally trying to cash in on others ignorance about BTC. This venture will fail but I'm sure tge scammers will get paid.
Now what bitcoin haters?
Nothing. This is completely ridiculous.
BitPets.com
Slavery thru digital currency manipulation and arbitrage?
Probably the only time I'll ever thank GS - For vindicating every negative thing I ever posted on bitcoin. Yeah, I'm not touching that with a bargepole.
Quite the resume' Arthur Anderson & Enron, Delta Airlines & chapter 11...why, she seems a perfect fit ;-)
If they can't beat them they will join them. Traitors they are.
Bitcoin is finished, buy Ripples.
http://seekingalpha.com/instablog/839735-katchum/2531491-ripple-almost-o...
From Wired magazine, found on Dailypaul.com
Who Owns the World’s Biggest Bitcoin Wallet? The FBIhttp://www.wired.com/wiredenterprise/2013/12/fbi_wallet/
http://www.dailypaul.com/308799/wired-the-fbi-owns-the-world-s-biggest-b...
It's Pat!
Well, Goldman does have SRS (sex rearrangement surgery) in their health insurance coverage, so it is entirely a possibility.
If you want bitcoin, by all means, acquire bitcoin.
The Guns and Dope Party: if you want guns, you can have guns and if you want dope, you can have dope.
http://www.gunsanddopeparty.com/
If you want bitcoin, you can have bitcoin.
Not biased against it, not biased for it.
Gold, silver, jewels. The kind of stuff that will get you through the hard times.
The Who - Won't Get Fooled Again (With Lyrics)
http://www.youtube.com/watch?v=uuzVwiL1i5M
These chicks always look like bull-dykes.
She is...
If Gollum Sacks is interested, you know the result for everyone else can't be good!
Another testicle....errr....tentacle reaching around. (Sorry saw the pic and was distracted)
EDIT: Sorry Mr. Burns but you're one ugly dude who looks like a....dude.
did he get raped by his rabbi when he was a baby?
just askin.
you see some people believe rape trauma shock is a tavistock thing later used by the cia mk ultra.
but the rabbi have been up to no good with kids for a real long time.
shock therapy
energy extractions.
the strong of stomach look up the ritual
metzitzah b’peh
FUCKKKKKKKKKKKKKKK!!!
Now it's ruined.
Bitcoin did just fine when all these niggers weren't running around trying to improve something that's already perfect.
Where white man went wrong, interview of a Native American -http://imgur.com/3sHr3
.
LOL at all you BitCoin dopes thinking you're investing in some super rebellious new currency. This was clearly created by the NSA and is being used to set up a one-world currency. If you can't see it I really feel sorry for you. The only path to real monetary change is through silver, not gold or bitcoin. I'm sure it's just a coincidence bitcoin saw huge gains both times gold went into the tank in 2013. They're marching all of the 2011 metals dopes into another top...
You stupid naive paranoid cunt.
How can it be a one world currency if China, India, and Thailand have banned it (so far).
Go to your zombie bunker and jerk off to Illuminati conspiracies.
Dude, EAST Vs. WEST. Its not rocket science. East wants tangible and west wants digital. Cognitive Dissonance. Its quite worrisome that you digital lovers do not see the horizon. Downvote away. Thanks for perpetuating our eventual slavery.
I own gold. I am not a gold bug.
Gold bugs are the most irritating fucking people aside from red sox fans and I wish harm on you all. Have to put up with em like the gnats when you're fishing.
> ... and I wish harm on you all.
Karma's a bitch.
Except for those who are both /s
no, he nailed it.
Once people are stuck on a currency that can't be used offgrid and must be shared by the most powerful cloud storage & computing architecture at a huge size of blockchain - you're enslaved forever. You can't break off the power grid, their money grid (they can buy them all with printed dollars before transition) OR their computing grid.
100% slavery.
Idiot.
India just wants to tax it.
Just saw your comment and I agree that this is a string possibility.
There are plenty of alternatives though
https://bitcointalk.org/index.php?topic=134179.0
q: why not gold?
You can always tell something has legs when Goldman gets its nose into it
seems legit... better go all in!
oh yah - it's yah birthday - it's yah birthday!
Understand what I said. I said it probably has legs....I didn't say it was or was not legit
of course!
Nothing says subtle caution like doubling-down
Fresh Goldman Cock!
http://www.youtube.com/watch?v=g_SWP3qI7Rg
The Who - Won't Get Fooled Again - 1978 - Keith Moon!!!
aaaaaand...
http://flic.kr/p/iFQMoV
it's gone!
I may be mistaken but I have a suspicion that bitcoin has either been set up by government or is to be taken over by the government, so that in the event of a collapse it will find the exuse to do away with all paper money and have every transaction traced through bitcoin. Total control in other words.
the phrase "kiss of death" comes to mind.
http://www.youtube.com/watch?v=Ih6WPWlii0c
the second noel … nrbq
.
NRBQ – “Thedy,” “Get Rhythm”, “Ridin’ In My Car”
http://www.youtube.com/watch?v=lbJji2nuUAo
.
As I understand it most the mining has been done: http://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints...
What remains is a supercomputing race to get at the small remaining fraction of resource before others does - another reason why the value of BTC will advance in a super-commodity wave. As pointed out, the blockchain is the main bottleneck but by design in the public domain. Although it can be usurped - and that will be how the battle lines are drawn down the line.
+ 1
Excellent link, thanks!
Mighty convenient a company that makes most routers also would then have the ability to both snoop on physical locations + IP address for every bitcoin transfer, or filter the packets at every router, since they MAKE the routers...
nothing to see here, move along, move along. These aren't the droids you're looking for.
http://flic.kr/p/iFQMoV
and....
it's gone!