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The Rise and Fall of Bitcoin

The Rise and Fall of Bitcoin
In November 1, 2008, a man named Satoshi Nakamoto posted a research paper to an obscure cryptography listserv describing his design for a new digital currency that he called bitcoin. None of the list’s veterans had heard of him, and what little information could be gleaned was murky and contradictory. In an online profile, he said he lived in Japan. His email address was from a free German service. Google searches for his name turned up no relevant information; it was clearly a pseudonym. But while Nakamoto himself may have been a puzzle, his creation cracked a problem that had stumped cryptographers for decades. One of the core challenges of designing a digital currency involves something called the double-spending problem. Bitcoin did away with the third party by publicly distributing the ledger, what Nakamoto called the “block chain.” When Nakamoto’s paper came out in 2008, trust in the ability of governments and banks to manage the economy and the money supply was at its nadir.

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Student startup storms cyberspace A student start-up launched in July gives consumers easy access to new digital currency that is quickly spreading across cyberspace. Thomas McCabe ’12 founded this summer after struggling to find websites that sell Bitcoins, a digital currency created in 2009 that people can use to anonymously trade and buy products from select companies. McCabe said traffic on the website is increasing daily — the site earned over $8,500 in revenue on Monday alone — but the company could potentially face restrictions from the U.S. government. Since Bitcoin trading is anonymous, people often use them to buy or sell illegal drugs and services, and this illegal activity has prompted U.S. Senators Charles Schumer and Joe Manchin to call for government regulation of Bitcoins. The government could potentially regulate Bitcoins like they oversee commodities by issuing rules such as a requirement to hold a license, McCabe said.

One Per Cent: Bitcoin value plummets as main exchange is hacked Jacob Aron, technology reporter Bitcoin freefall: the market plummets as large amounts of bitcoins are sold off at rock-bottom prices - bigger circles correspond to larger transactions (Image: Mt. Gox) Following reports of theft last week, the Bitcoin community suffered another major loss of confidence yesterday when its largest exchange, Mt. Gox, was compromised, causing Bitcoin's value to fall from around $17.5 to just a few cents. Kaliningrad area, Russia 2009 Field trips as part of the Sound Art Camp in Kaliningrad region, Russia from the 20st till the 27th July 2009. Curated by Danil and Julia from the organisation ncca-kaliningrad. Participating artists were Carl Michael von Hausswolff, Maia Urstad, Sigtryggur Berg Sigmarsson, Jana Winderen, Tobias Kirstein, Maksims Shentelevs, Tautvydas Bajarkevičius, Robert Piotrowicz, Sergey Ivanov, Danil Akimov, Andrey Kolomyjcev, Dimitri Demidov, Vadim Chalyj, Oleg Blyablyas. The Camp ended with installations, presentations and performances, more information under performances on this site soon.

L019: Bitcoin P2P Currency: The Most Dangerous Project We've Ever Seen - Launch - Solid discussions of this piece on, Hacker News, Slashdot and Reddit. Rob Tercek has a follow up to this piece here. by Jason Calacanis and the LAUNCH team Will Bitcoins join the ranks of US dollars, Euros and other currencies? I first heard about Bitcoins seven months ago on the radio. I understood them to be some sort of alternative, online “currency” but it sounded a little too esoteric to me at the time. A few months later I heard about them again in a story covering an underground website called Silk Road that sold drugs, including illicit drugs, and people used Bitcoins to pay for these drugs. Bitcoins were real and being used to buy real products. In a day and age when people are starting to question the true interests of the government and corporations and banks, especially in light of the Occupy protests, it’s no wonder that Bitcoins were created. To pay for something over the internet usually requires the backing of a bank or some other centralized financial institution.

Bitcoin: The Cryptoanarchists’ Answer to Cash Illustration: Harry Campbell There's nothing like a dollar bill for paying a stripper. Anonymous, yet highly personal—wherever you use it, that dollar will fit the occasion. Purveyors of Internet smut, after years of hiding charges on credit cards, or just giving it away for free, recently found their own version of the dollar—a new digital currency called Bitcoin.

Galapagos Goats Exterminated: Capricide on a Pacific Island If you've ever wanted a job as a professional goat-murderer, sorry, but you've missed your chance. Now please stay far away from us and try to get some help. A team of conservationists have successfully exterminated the invasive Galapagos goats on Santiago, completing a four year campaign of capricide on the Pacific island. The Galapagos goats (or as they were known back then, "just goats") were introduced in the 1920's and they immediately begin eating so much, so hard, that they didn't just threaten the island's species - they threatened the island itself.

Bitcoin and Disruptive Currencies Ars Technica reported earlier this month that Bitcoin, the open source cryptographically secured alternate currency, was back to trading at 9 US dollars per bitcoin. The currency had experienced a bubble last year, trading as high as almost 30 USD before crashing spectacularly. Since then, however, it has regained stability and traded within a fairly small range around 5 USD. If Bitcoin can keep its stability, what might it mean for disruptive competition? Bitcoin is an online currency, but not one that should be confused with prior attempts at the idea. While companies in the past have tried to create their own online currencies, they all more or less relied upon the US Dollar as an underlying base, and were centrally controlled.

Bitcoin in France: first legal decision directly related to Bitcoin? A few people around here know about the legal drama currently happening in France between us (Tibanne, MtGox and Macaraja, the company representing us in France) and french banks. A few weeks ago, our previous French bank closed our bank account despite knowing about our activity, which we explained fully before starting. We challenged this decision in court, to which the bank tried to defend itself by saying "Bitcoin is an electronic money, Macaraja is not a bank, therefore it's illegal for Macaraja to be handling this".

Why most people refuse to accept and understand Bitcoin. - Bitcoin Community The answer is simple. It is because most modern people are prisoners of The Cave. ( ) How is this related to biticoin (and gold standard) ?

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