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Rick Falkvinge – What We Learn From This Bitcoin Correction

Rick Falkvinge – What We Learn From This Bitcoin Correction:

Rick Falkvinge (@Falkvinge) describes some lessons re-learned with Bitcoin’s recent exchange rate correct.  Excerpts:

“An exchange [Mt. Gox] that has a ten-minute lag in trading orders at best, and is completely unreachable at worst, can barely be taken seriously as a hobby project – and certainly not as the main hub of a next-generation billion-dollar trading system. MtGox shutting down trading mid-correction was just the icing on the cake that confirmed this.”

This was not the second peak, but something like the fourth or fifth similar event. We can be certain it is not the last.”

“Most importantly, failure or success of short-term speculation is irrelevant to bitcoin’s eventual success as a decentralized, resilient currency.”

“The good news, as said, is that we may expect a lot of [the exchanges] to be fixed by the next time this happens. Maybe in the spring of 2015, maybe sooner, maybe later.”

 – http://bit.ly/10ZdzyK
 – http://bitcointalk.org/index.phptopic=174514.0

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http://bit.ly/17KlpB2icing on the cake, mail subscirption, mail subscription, next generation, original source, oriignal source, term speculation

Jeffrey Tucker – What Bitcoin Is Teaching Us

Jeffrey Tucker – What Bitcoin Is Teaching Us:

Jeffrey Tucker (@JeffreyATucker), editor of Lassez-Faire Books and past editorial vice president of the Ludwig von Mises Institute, posts how deflationary currency brings a change to what we know about money.  Excerpts:

“None of us in living memory has had experience with a currency that rises in value. The emergence of Bitcoin — a digital currency that has grown in purchasing power over time — has changed that experience dramatically.”

“The 20th-century experience flipped our expectations for what money should do. Especially in the postwar period, the falling value of the dollar punished savings and rewarded spending. This is exactly what the Keynesian economists hoped for. They wanted money always circulating and never ‘hoarded.’ ‘Deflation’ was to be avoided no matter what.”

“Bitcoin is often described as a ‘deflationary’ currency. This is exactly why Paul Krugman hates it so much.”

“Here’s what beautiful about this experience: It doesn’t matter in the slightest what Paul Krugman thinks. It doesn’t matter how many economic experts Paul Krugman lines up to oppose Bitcoin. It doesn’t matter how many Nobel Prize winners denounce it and oppose it. That’s because Bitcoin is not a “policy” invented by elite and privileged intellectuals. It is a market-based currency, one created by an entrepreneur and chosen by market players.”

“That is an essential postulate of the free society. When government gets hold of the money, freedom is in peril. When the market makes and manages money, freedom has a built-in reinforcement in half of every transaction. In short, just based on our experience with Bitcoin so far, we see the conventional wisdom of a century completely turned on its head. Fantastic!”

 – http://lfb.org/today/what-bitcoin-is-teaching-us
 – http://bitcointalk.org/index.phptopic=171577.0 (Further discussion of the article)

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http://bit.ly/13ishSEconventional wisdom, keynesian economists, ludwig von mises institute, mail subscription, nobel prize winners, nobel prize wniners, vo nmises institute, von mises institute

Timothy B. Lee – Four Reasons Bitcoin Is Worth Studying

Timothy B. Lee – Four Reasons Bitcoin Is Worth Studying:

Forbes contributor Timothy B. Lee (@BinaryBits) writes again on Bitcoin. Excerpts:

“Even if you think the current value of of more than $140 is a bubble, it’s clear that Bitcoin has some genuine applications. The number of daily Bitcoin transactions has soared from around 1000 at the beginning of 2011 to about 50,000 today. Figuring out the “fundamentals” that drive the currency’s long-term value seems like an interesting theoretical puzzle.”

“A core part of Bitcoin’s appeal is that it’s not under anyone’s control. Supposedly, nobody has the authority to change the Bitcoin money supply, cancel or reverse transactions, or otherwise change the attributes of the protocol. But in practice that’s not really true. In the wake of last month’s fork, the elites in the Bitcoin community effectively changed the rules in a matter of hours. In principle, there’s no reason those same elites couldn’t make other changes to the Bitcoin protocol.”

“In principle, these two pools might be able to join forces and execute a 51 percent (or 53 percent) attack on the rest of the network. But doing so might prove foolish in the long run, since that kind of power grab might undermine public confidence in the currency’s long-term viability, since a mining cartel might have the power to change the rules of the Bitcoin protocol in ways that benefit themselves at the expense of ordinary users.”

 – http://onforb.es/10yeRSe
 – http://bitcointalk.org/index.phptopic=170270.0 (Further discussion of this article)

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Gigaom’s David Meyer – Yes, You Should Care About Bitcoin

Gigaom’s David Meyer – Yes, You Should Care About Bitcoin:

David Meyer (@superglaze)’s post on Gigaom offers a current introduction to Bitcoin for any of its readers who haven’t yet brought themselves up to speed.  Excerpts:

“No one’s really sure where [Bitcoin] will end up, because no one has really done this distributed, borderless digital currency thing for real before – yes, there are Facebook Credits and Linden dollars, but these are still centralized and controlled as such.”

“There have also been multiple previous attempts at creating non-digital alternative currencies, such as the Liberty Dollar, which earned its creator Bernard von NotHaus a counterfeiting conviction. Bitcoin may share the anti-statist motivation behind that wannabe currency, but it’s hard to see how it could constitute counterfeiting.”

“If you lose your Bitcoin wallet, the money is lost forever, to everyone. If you lose your bankcard, it doesn’t wipe out the money in your account, and your bank will issue you a new one. There is no such mechanism in place here; losing Bitcoins is effectively like burning banknotes.”

“From where I’m sitting, Bitcoin is already proving its worth as a disruptor and as a test-case for how technology could divorce currency from certain external factors.”

[Note, the same article was syndicated on CNN Money]

 – http://bit.ly/XfAVAz
 – http://bitcointalk.org/index.phptopic=167472.0 (Further discussion of the article)

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http://bit.ly/ZrtNirdavid meyer, digital currency, external factors, external factosr, liberty dollar, mail subscription, mail susbcription, original source

Video: FBN’s Melissa Francis Interviews Trace Mayer

Video: FBN’s Melissa Francis Interviews Trace Mayer:

Trace Mayer (@RunToGold) helps Fox Business News’ Melissa Francis understand Bitcoin.

Duration: 5 minutes

 – http://bit.ly/ZbyDiJ
 – http://bitcointalk.org/index.phptopic=167267.0 (Further discussion of the interview)

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http://bit.ly/1135vvfbusiness news, druation, duration, e mail, fox, fxo, mail subscription, melissa, original source

Rick Falvinge – Bitcoin Poised To Change Society

Rick Falvinge – Bitcoin Poised To Change Society:

Rick Falkvinge (@RickFalkvinge) posts his view that Bitcoin can change society even more than the Internet has.  Excerpts:

“We essentially have four different types of players that keep the economy going, and by extension, the government funded and operational.
One, there is the government itself, which issues money and regulates banks.
Two, there are commercial banks which are in complete control of the money flow, in exchange for sharing that insight with the government and letting it siphon off as much as it likes to operate itself.
At the bottom of the food chain are, three, corporations which are tasked with using this system, running all its operations through these banks,
and four, the ordinary citizen, who is supposed to be doing actual work and actually produce something that fuels the entire ecosystem.”

“What bitcoin does is cut the banks out of the loop, and by extension, the government’s ability to operate.”

 – http://bit.ly/10wqNT8
 – http://bitcointalk.org/index.phptopic=166432.0 (Further discussion of the article)

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http://bit.ly/14jfiomcommercial banks, complete control, corporations, fodo chain, food chain, mail subscripiton, mail subscription, money flow, original source

New Yorker’s Maria Bustillos – The Bitcoin Boom

New Yorker’s Maria Bustillos – The Bitcoin Boom:

In one of her first contributions to NewYorker.com, Maria Bustillos (@MariaBustillos) excels with her introduction of Bitcoin for that site’s audience.  Excerpts:

“[The fearmongering typical for most media coverage of Bitcoin] is a red herring, and has so far prevented the rational evaluation of the potential benefits and shortcomings of crypto-currency.”

“Cash is also anonymous; it is also used in money laundering and illegal transactions. Like bitcoins, stolen cash is difficult to recover, and a cash transaction can’t readily be traced back to the source. Nor is there immediate recourse for the reversal of transactions, as with credit-card chargebacks or bank refunds when one’s identity has been stolen. However, I find it difficult to believe that anyone who has written critically of the dangers of bitcoin would prefer an economy where private cash transactions are illegal.”

“‘I think if the U.S. government decided that Bitcoin was a bad thing and told me [to stop development of Bitcoin] I’d stop doing what I’m doing, quite frankly. But that wouldn’t be very effective […].’ [said Gavin Andresen] .”

“In response to a question about his politics, Casascius’ Mike Caldwell had this to say:I am not an anarchist; I believe in the rule of law and a civilized society. But I also believe that unchecked power is a threat to the common good, and that anything that the public can do to challenge that power is a benefit to society. As an individual, if you accept bitcoin in exchange for your goods or your work, that is a vote for economic fairness’.”

 – http://nyr.kr/14C8LEo
 – http://bitcointalk.org/index.phptopic=164977.0 (Futher discussion of the article)

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http://bit.ly/YgOYU0cash transactions, civilized society, credit card chargbeacks, credit card chargebacks, illegal transactions, mail subscription, rational evaluaiton, rational evaluation