Tag Archive: Bitcoin


The Coming Digital Anarchy

 

 

 

 

 

 

” The rise and rise of Bitcoin has grabbed the world’s attention, yet its devastating potential still isn’t widely understood. Yes, we all know it’s a digital currency. But the developers who worked on Bitcoin believe that it represents a technological breakthrough that could sweep into obsolescence everything from social networks to stock markets… and even governments.

  In short, Bitcoin could be the gateway to a coming digital anarchy – “a catalyst for change that creates a new and different world,” to quote Jeff Garzik, one of Bitcoin’s most prolific developers.

  It’s already beginning. We used to need banks to keep track of who owned what. Not any more. Bitcoin and its rivals have proved that banks can be replaced with software and clever mathematics.

And now programmers of a libertarian bent are starting to ask what else we don’t need.”

 

 

Hmm , what don’t we need ? 

 

 

” Imagine driverless taxis roaming from city to city in search of the most lucrative fares; a sky dark with hovering drones delivering your shopping or illicit drugs. Digital anarchy could fill your lives and your nightmares with machines that answer to you, your employers, crime syndicates… or no one at all. Nearly every aspect of our lives will be uprooted.

  To understand how, we need to grasp the power of the “blockchain” – a peer-to-peer ledger which creates and records agreement on contentious issues with the aid of cryptography.

  A blockchain forms the beating heart of Bitcoin. In time, blockchains will power many radical, disruptive technologies that smart people are working on right now.

  Until recently, we’ve needed central bodies – banks, stock markets, governments, police forces – to settle vital questions. Who owns this money? Who controls this company? Who has the right to vote in this election?

  Now we have a small piece of pure, incorruptible mathematics enshrined in computer code that will allow people to solve the thorniest problems without reference to “the authorities”. “

 

 

Read much more on the coming of digital liberty at the Telegraph

 

 

 

 

 

 

 

 

 

 

 

 

 

Darkcoin, The Shadowy Cousin Of Bitcoin, Is Booming

 

 

 

 

 

” In only a month, the little-known bitcoin alternative known as Darkcoin has rocketed nearly tenfold in value–from around 75 cents a coin to almost seven dollars. Its selling point: Darkcoin offers far greater anonymity than bitcoin, mixing up users’ transactions so that it’s incredibly difficult to trace a payment to a person. And though few have yet to accept that more-anonymous coin for actual goods and services, the promise of Darkcoin’s privacy features seems to have sparked a miniature boom. It’s one of the fastest growing among the wave of cryptocurrencies that’s followed bitcoin’s success, with the total value of its combined coins topping out at nearly $30 million.”

 

 

 

 

 

 

” Darkcoin, supporters argue, serves a real privacy need. Despite its reputation for being more anonymous than traditional money, the bitcoin network actually allows anyone to see every transaction on a public accounting ledger known as the blockchain. Users often have to take extra steps, like mixing their coins in a “laundry” service, to prevent those addresses from being tied to their identity by any government or corporation that wants to snoop.”

 

Wired

 

 

 

 

 

 

 

 

 

Bitcoin Burglary: Hackers ‘Rob Online Bank’

 

 

 

” An Australian man who operates a virtual bank for holding digital currency has claimed hackers stole more than Aus $1m (£788,000) of bitcoins from his website.

The man, known only as TradeFortress, said about 4,100 bitcoins he was holding for his website’s users were stolen from his site in two hacks.

TradeFortress, who told the Australian Broadcasting Corporation that he was over 18 but “not much over”, has denied taking the coins for himself, but said he would be unlikely to report the theft to police because bitcoin transactions are virtually impossible to trace.”

 

 

 

 

 

 

 

Is Bitcoin The Future Of Money ?

 

 

 

 

” You may have seen in the press recently that the US Federal Bureau of Investigation (FBI) has shut down drug website Silk Road.

With this news many commentators have tied in the fact that many customers of Silk Road use Bitcoins to make transactions. Some have even suggested that now the FBI potentially has a grasp on Bitcoin it will mean the end for Bitcoin and all other private digital currencies.

But from what I can see, the Feds shutting down Silk Road is evidence Bitcoin will survive and be a permanent fixture in the global economy, whatever shape or form it might take in the future.

The biggest issue with Bitcoin is the insane price volatility and people using it in a way not suited for its intended design. Most people see Bitcoin as an investment.

Because Bitcoin is so new, people are confused about what it is and how to use it.

And that’s half the issue, people are trying to pigeon-hole it into a definition, ‘Oh it’s like gold. Oh it’s like cash. Oh it’s like a stock.’ In fact, it’s all of the above and more.

It’s a whole new medium of economic exchange.

It’s most similar comparison is to gold. But it’s as flexible and liquid as cash…with the potential to appreciate in value like a stock. You can’t define it as anything other than Bitcoins.

You need to also remember its history to appreciate its actual current resistance to turmoil.”

 

 

 

 

 

 

 

 

 

Bitcoins Catching On In Latin America

 

 

” The Bitcoin, a virtual currency that circulates outside regular financial systems, is catching on in Latin America.

Mexican systems engineer Moisés Briseño is a user and student of this completely digital cash system that is independent of any central issuing authority.

“I buy and sell Bitcoins. I check the exchange rate quotations and trends. They are still not much used in the region. One of my aims is to encourage existing businesses to accept them and to show their advantages for users and businesses,” said Briseño.

The Bitcoin was invented in 2008 by Satoshi Nakamoto – thought to be the pseudonym of a Japanese programmer or group of people. The software to issue and exchange it among a network of users was published in January 2009.

It isn’t just a “fashionable” online currency, but something far more revolutionary, Fernando Ulrich of the Instituto Ludwig von Mises in the southern Brazilian city of Porto Alegre told IPS.

Ulrich is a Bitcoin enthusiast, saying that not only does it reduce transaction costs, but it also represents a new way of thinking about the international economy without interference from national states and central banks.

“I was astonished at its revolutionary potential. It is a robust network and an innovation that can change the way people conduct transactions, by liberating people from dependence on the monopoly of money issued by the state,” Ulrich said.

Each Bitcoin is produced by computers that solve highly complex cryptographic problems.”

 

 

 

 

 

 

 

 

The Bitcoin Life As Lived By Beckie and Austin

 

 

 

   Become a part of a fascinating experiment as newlyweds Austin and Beccy Craig attempt to live the first 90 days their married lives spending nothing but bitcoins . To make it even more interesting they are doing a documentary film of their adventure and you are invited to help pay for the filming through Kickstarter if you are so inclined . 

 

 

 

” Can a newly married couple survive when every living necessity can only be purchased with “cryptocurrency”?

Right now, you can buy anything online from soap to illegal drugs with bitcoin—you can date online, setup a WordPress blog, buy bee-keeping equipment, or even buy gold. It’s come a long way, but could you survive using just bitcoin in the REAL world? We’re going to find out! (What is bitcoin?)

 

5 OBJECTIVES

When we get off the plane after our honeymoon, the adventure begins. We will hand our credit cards, cell phones, and cash over to the film crew and from then on, for at least the next three months, we will ONLY USE BITCOIN. Period. To see how far this experiment can go, we’ve established some goals, with each level taking the project further.

1. Live on Bitcoin at Home

The baseline for our project and documentary is for everyday necessities to be found and bought using bitcoin. That includes:

  • Furniture
  • Groceries
  • Cell phone
  • Internet
  • Rent
  • Restaurants
  • Medical
  • Life Insurance
  • Everything else we might need, from chewing gum to a plumber

This also means no cutting corners. If we need anything, there’s only one way we buy it: bitcoin.

2. Get paid in Bitcoin

As creative professionals, we often freelance projects for a variety of clients. We’ll find out if our clients are willing to make the jump to paying in bitcoin, just as we’ll pay anybody we hire with bitcoin.

3. Road Trip

We think the project will get even more interesting if we leave home, away from supportive friends and family. When we’re buying from complete strangers, will bitcoin keep us from starving or being stranded?

We’ll try to the following:

  • Buy a reliable but cheap car with bitcoin
  • Travel at least 600 miles each way
  • Pay for gas (even if we have to barter with farmers)
  • Find car insurance
  • Stay in hotels (or camp if we can’t find hotels)

4. Travel to Another Country (stretch goal)

We want to see how far our life on bitcoin can go, literally and figuratively. We’ll travel to another country where enough businesses and individuals have shown support for bitcoin. If you own a small business and are willing to accept bitcoin, tell us!

5. Cross an Ocean (stretch goal)

How far can we go? South America? Europe? The other side of the globe? This will mean finding a travel agency or airline willing to take bitcoin, or maybe even a private jet or boat. If you know someone with the means who is willing to take bitcoin, let us know.

 

 

 

FOLLOW OUR EVERY MOVE

 

 

As we film this documentary we’re going to need the help of independent businesses. Without the merchants to sell us the living necessities, there’s no way we’ll succeed. Gas stations, grocery stores, restaurants, car rental shops, taxis, attorneys, doctors, travel agents, dentists, hotels… if you own a small business and you’d be willing to take Bitcoin, submit your business to us at LifeOnBitcoin.com/Local so we can come find you.

 

TEAM EXPERIENCE

Thankfully, we are not doing this whole project alone. We have a very talented and experienced team working on this project with us.

BECCY AND AUSTIN

Beccy is a brilliant graphic designer and Austin is a pitchman for Internet infomercials like Orabrush (his face has been viewed over 50 million times as the “Orabrush Guy” on YouTube).

FILMING – JOE AND TRAVIS

They’re in high demand, but for this project, Joe and Travis will put other productions at THE GOOD LINE on hold. They’ll follow our every step while we live on Bitcoin, plus they’ll work for months after we’re done to get the film finished. Take a look at some of their fantastic work and you’ll see why we wanted them on the project.” 

 

 

 

 

 

 

 

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The Top 3 Things I Learned At The Bitcoin Conference

 

 

 

” This past weekend I attended the Bitcoin 2013 conference in San Jose, where over one thousand enthusiasts, developers, entrepreneurs, venture capitalists, and, yes, lawyers gathered to chart the future of the virtual currency. Here are the top three things I learned at the conference.”

 

 

Read More

 

 

 

 

 

 

 

 

Bitcoin vs. Big Government

 

 

 

File:Bitcoin exchange.png

 

 

 

” Interest in Bitcoin has surged along with its valuation. Last week saw its exchange rate soar past $100 for the first time ever, landing the virtual currency on the front pages of The Washington Post and the Financial Times. Yet the media frenzy, which has focused on the rapidly rising valuation and its possible causes stemming from the bank crisis in Cyprus, is overlooking Bitcoin’s true radical significance—that it can’t be controlled by government.

Until Bitcoin, virtual currencies have in one way or another relied on a third party intermediary, such as a bank or a credit card company, to prevent “double spending.” In the physical world, if I give you a $20 bill, I will no longer have it. You can’t be as sure of that, however, when the cash is a digital file that can be easily copied. The solution has been to have a trusted intermediary keep a ledger of balances and deduct a transaction’s amount from the payer’s account, and add it to the payee’s.”

 

Get started on your Bitcoin wallet here : 

 

Bitcoin

A little Bitcoin history from Wikipedia

 

 

 

Background Information 

The Race to Unmask Bitcoin‘s Inventor(s)

FAQ – Bitcoin

Who Created Bitcoin?

 

 

 

 

 

 

 

Bitcoin Bonanza: Cyprus Crisis Boosts Digital Dollars

 

 

 

” The online alternative currency, previously little more than a curiosity in financial markets since its 2009 inception, has zoomed in trading value since the Cyprus banking crisis erupted two weeks ago.

With fears spreading that even insured deposits might not be safe in similar nations hit by banking crises, those looking for a haven to store their wealth have fled to the complicated world of digital cash.

Bitcoincharts.com lists the value of bitcoins compared to other currencies, including U.S. and Canadian dollars, euros and pounds.

On one of the U.S. currency exchanges, labeled “Mt. Gox,” the bitcoin value has zoomed to more than $87 in Wednesday trade. That represents close to a 20 percent gain over just the past week, a one-month gain of 41 percent and nearly a quintupling of value in the past year.”