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Virtual currency: Bits and bob

Virtual currency: Bits and bob
Related:  Understand BitcoinsBitcoin

THE BITCOIN BUBBLE If you haven't already heard about bitcoin, the first popular cypto-currency, you soon will. The idea for the currency is simple. It's a software system that makes it possible to manufacture and trade (P2P), in a public and decentralized way, a limited digital resource. That's it. So why the interest in bitcoin? Simple. As a transactional currency that operates outside of traditional systems, it's actually a pretty good medium of exchange (particularly if those transactions are small and quick). As a store of value or an asset it's shady. So, for those of you with the stomach to take bets with eastern european mobsters and US financial boiler rooms or if your willing to bet on the fickleness of viral adoption, you might be interested in taking a look at bitcoin as an asset. As far as I know this could become the first P2P bubble. NOTE: Here's some more traditional economic analysis of bitcoin from Adam Cohen.

Digital Black Friday: First Bitcoin "Depression" Hits Much like the New York Stock Exchange, Bitcoin exchanges have suffered from their first massive loss -- a virtual "Black Friday", so to speak. (Source: Google Images) Some say Bitcoins could make buying illegal drugs easier. However, in reality Bitcoins are far from "untraceable". Mt. Currency experiences massive inflation in a single day, markets stay open The day was October 28, 1929 and the sky was falling. Today modern exchanges automatically close to prevent such catastrophic sell offs. I. This Friday the New York Stock Exchange (NYSE) was hammered, losing 172.45 points (approximately a 1.4 percent dip) to close below 12,000 for the first time since March 18, 2011 -- nearly three months ago. But as bad a day as Friday was for NYSE traders, it was far worse for those who invested in an increasingly popular digital currency -- Bitcoins (BTC). Granted, in recent weeks the market for Bitcoins has soared upwards, nearly tripling, due to increased demand and built in technical issues. 1.

What Bitcoin Is, and Why It Matters Unlike other currencies, Bitcoin is underwritten not by a government, but by a clever cryptographic scheme. For now, little can be bought with bitcoins, and the new currency is still a long way from competing with the dollar. But this explainer lays out what Bitcoin is, why it matters, and what needs to happen for it to succeed. Where does Bitcoin come from? In 2008, a programmer known as Satoshi Nakamoto—a name believed to be an alias—posted a paper outlining Bitcoin’s design to a cryptography e-mail list. “Satoshi’s a bit of a mysterious figure,” says Jeff Garzik, a member of that core team and founder of Bitcoin Watch, which tracks the Bitcoin economy. How does Bitcoin work? Nakamoto wanted people to be able to exchange money electronically securely without the need for a third party, such as a bank or a company like PayPal. The Basics A Bitcoin address looks something like this: 15VjRaDX9zpbA8LVnbrCAFzrVzN7ixHNsC. Transferring Bitcoins Those clients make two checks on a transaction.

Keynesian beauty contest A Keynesian beauty contest is a concept developed by John Maynard Keynes and introduced in Chapter 12 of his work, The General Theory of Employment, Interest and Money (1936), to explain price fluctuations in equity markets. Overview[edit] Keynes described the action of rational agents in a market using an analogy based on a fictional newspaper contest, in which entrants are asked to choose the six prettiest faces from a hundred photographs. Those who picked the most popular faces are then eligible for a prize. A naive strategy would be to choose the face that, in the opinion of the entrant, is the most beautiful. "It is not a case of choosing those [faces] that, to the best of one's judgment, are really the prettiest, nor even those that average opinion genuinely thinks the prettiest. National Public Radio's Planet Money tested the theory by having its listeners select the cutest of three animal videos. Subsequent theory[edit] See also[edit] Tactical voting Notes[edit] References[edit]

Banco Palmas Bitcoin Mt Gox - Bitcoin Exchange Tor (anonymity network) Tor (previously an acronym for The Onion Router)[4] is free software for enabling online anonymity and censorship resistance. Tor directs Internet traffic through a free, worldwide, volunteer network consisting of more than five thousand relays[5] to conceal a user's location or usage from anyone conducting network surveillance or traffic analysis. Using Tor makes it more difficult to trace Internet activity, including "visits to Web sites, online posts, instant messages, and other communication forms", back to the user[6] and is intended to protect the personal privacy of users, as well as their freedom and ability to conduct confidential business by keeping their internet activities from being monitored. The term "onion routing" refers to layers of encryption, nested like the layers of an onion, used to anonymize communication. In 2013, Jacob Appelbaum described Tor as a "part of an ecosystem of software that helps people regain and reclaim their autonomy. Steven J.

R.I.P. Peter Falk – La dernière enquête du Lieutenant Columbo En exclusivité pour Objectif Liberté, voici la dernière enquête du lieutenant Columbo, Alias Peter Falk, décédé ce 24 juin 2011. Reposez en paix, lieutenant. Columbo, The last episode : « Eco Lumbo » Acte I, Scène 1 (vers 2015) Columbo - Sergent Wilson, qui est la victime ? Wilson - Eh bien, lieutenant, c’est l’économie mondiale. Columbo (au bord du vomissement) - Euh, non, occupez vous en, Wilson… Je lirai votre rapport. Wilson - Oui, l’enquête est trop facile. Columbo (pensif) – Oui, Wilson, continuez à chercher de ce côté-là… Ah, un instant, Wilson, qu’est-ce que c’est que ce papier, à côté de la victime ? Wilson - Euh… Attendez… Columbo - On dirait un billet de mille dollars… A peine de quoi s’acheter un plein d’essence aujourd’hui… Bon, faites analyser, Wilson. Wilson - OK, Lieutenant ! Acte II, scène 1Une riche maison d’une grande ville inconnue. Lord Keynes - Pardon, monsieur, mais je ne reçois pas les clochards. (Il ferme la porte. Columbo - Ah, ça… C’est comme ma femme, tiens.

From Credit Card to PayPal: 3 Ways to Move Money | Wired Magazine Credit cards are expensive and inefficient. iTunes and PayPal streamline the transaction process. Credit Cards The swipe is just the beginning. The actual transfer of money from a buyer to a vendor can take days and cost up to 3.5 percent of the sale price. 1 Merchant runs customer’s card through card reader, for which it pays a fee. 2 Card reader sends sales data to merchant’s bank. 3 Merchant’s bank requests approval from the card-issuing bank. 4 Card-issuing bank grants approval. 5 Merchant’s bank sends approval to card reader. 6 Merchant approves sale. 7 Merchant sends record of transactions to its bank for processing. 8 Merchant’s bank requests payment from card-issuing bank. 9 Card-issuing bank transfers funds, minus a fee. 10 Merchant’s bank deposits payment in account, minus a fee. iTunes Apple’s online store cuts credit card fees and friction by bundling a customer’s purchases over time and processing them as one transaction. PayPal inShare0