Vinay Gupta - Bitcoin Will Die. DIGITAL (CRYPTO) MONEY AND ALTERNATIVE FINANCIAL CIRCUITS: Lead the attack to the heart of the State, sorry, of financial market – by Andrea Fumagalli. “Money in its significant attributes is, above all, a subtle device for linking the present to the future” ”That which is for me through the medium of money – that for which I can pay (i.e., which money can buy) – that am I myself, the possessor of the money.
The 15 weaknesses of Bitcoin and what is being done about it. Excerpted from Jem Bendell: “My view on this field of currency innovation is that new innovations need to effectively address some of the limitations of the bitcoin system.
There are many benefits from bitcoin as an innovation in payment technology. The ability for people to maintain a global ledger of who has what and who pays whom without the need for banks to intermediate is a very powerful innovation. The ability for it to enable global fast transactions with very small fees (or even no fees) means the average person paying international remittances to poorer relatives back home will soon be able to save a lot of money. No wonder Bitpesa launched as a remittance service for Kenya just recently. Blog Archive » Collateralized Identity – Using bitcoin to suppress sockpuppets. Executive Summary This post proposes the notion of a Collateralized Identity which ties a value asset balance and its history to a globally unique identifier.
Such a CID thus becomes a means to verify the identity’s age and balance history and can eliminate the problem of disposable sockpupptet identities. Further, it proposes to use bitcoin addresses as the implementation. Bitcoin Network Speed 8 Times Faster than Top 500 Supercomputers Combined - The Genesis Block. Considering a bitcoin mining hardware purchase?
Make a more informed decision with our Bitcoin Mining Dashboard. The bitcoin network hashrate estimate on bitcoinwatch.com passed 1 exaFLOPS (1,000 petaFLOPS) this week – over 8 times the combined speed of the top 500 supercomputers. Experts will be quick to point out that this estimate is flawed, since no FLOPS are actually used in bitcoin mining. FLOPS stands for FLoating-point Operations Per Second, and is frequently used as a standard to measure computer speed. Let's Cut Through the Bitcoin Hype: A Hacker-Entrepreneur's Take. Bitcoin.
Everybody’s talking about it. What’s true, and what’s hype? Perhaps the only thing that’s clear about Bitcoin is that it’s not going away anytime soon. Who am I to say? I’m not an economist; I’m a hacker, who has spent his career exploring and repairing large networks. I’m on neither “Team Bitcoin” nor “Team Global Financial System.” We do need another currency. I’ll be blunt: Money’s gotten buggy.
Bitcoin is the Internet, applied to Money. I walked into a Jamba Juice recently, and was informed in no uncertain terms that if I attempted to use anything larger than a $20 bill, or if my credit card was demagnetized, no smoothie for me. We do have credit cards. We wouldn’t get this sort of growth without pent-up demand. CoinMap. Leaflet | Map tiles by MapQuest.
Data © by OpenStreetMap contributors. Rich-Get-Richer Effect Observed in BitCoin Digital Currency Network. In January 2009, a small group of Internet enthusiasts began an unusual economic experiment when they began to trade a new type of digital cash known as BitCoin.
After a shaky start, the idea caught on and grew rapidly after 2011. Today, bitcoins can buy a wider range of goods and services. In total, the BitCoin marketplace has hosted over 17 million transactions and the value of all the bitcoins in circulation is over $1 billion. One interesting aspect of this marketplace is that the complete list of all transactions is publicly available. And this gave Daniel Kondor and buddies at Eotvos Lorand University in Hungary an idea.
Hudson Luce: what if Bitcoin where a pyramid scheme. Hudson Luce writes about an article which analyses bitcoin traffic.
The pertinent bit of Shamir’s article is this: “The Bitcoin system is the best known and most widely used alternative payment scheme, but so far it was very difficult to get accurate information about how it is used in practice. In this paper we describe a large number of statistical properties of the Bitcoin transaction graph, which contains all the transactions which were carried out by all the users until May 13th 2012. We discovered that most of the minted bitcoins remain dormant in addresses which had never participated in any outgoing transactions. Crypto-Anarchy and Libertarian Entrepreneurship – Chapter 3: The Killer App of Liberty. Chapter 1: The Strategy Chapter 2: Public-Key Cryptography How Bitcoin Works Unquestionably the greatest example of the kind of free community that can be created using cryptography is Bitcoin , the system of digital cash invented by Satoshi Nakamoto, whose real identity remains unknown.
Bitcoin uses all the principles I have described in the previous chapters. It is built upon free software and it uses public-key cryptography to establish identities and to ensure the validity of the messages relayed upon it. Bitcoin's Value Is Demonstratively Linked To Illicit Use. This past week produced an intriguing illustration of the black market's influence on Bitcoin valuation.
The anonymous crypto-currency’s value dropped suddenly last Wednesday after federal law enforcement agencies shuttered Silk Road, an online black market used to buy and sell illegal drugs with Bitcoins. According to Mt. Gox, one of the most popular Bitcoin exchange services, the value of the virtual currency plunged from $140 to $129 the day Silk Road closed down. Trading volume in Bitcoin simultaneously skyrocketed. Mt. Bitcoin Crash APR 2013: Nearly halving its value in 6 hours! Iterations: How Five Real Economists Think About Bitcoin’s Future. Big banks vs. Bitcoin libertarianism. Banks should learn to work with, rather than against, the new role of money in a peer-to-peer landscape, says media theorist and author Douglas Rushkoff writes on Mashable, based on the arguments of his new book, Present Shock: When Everything Happens Now.
But many libertarians* would rather bypass, not work with banks. The hype has never been hotter for the Internet’s crypto-currency Bitcoin, Salon reports. At a Thursday afternoon all-time-high valuation of $72 per Bitcoin, there were around $700 million worth of Bitcoins in circulation. People are using Bitcoins to buy real goods and services, to hedge against European financial calamity, and to score drugs. Feds step in. Bitcoin analysis, deflation and price estimates. Big banks vs. Bitcoin libertarianism.