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.”
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Hand Picked Resources for WordPress Professionals
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Keep an eye out for more of these site sections as our Resource pages roll out across the Tuts+ network.
What WordPress Tools Do You Recommend
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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.”
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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://bitcointalk.org/index.phptopic=167472.0 (Further discussion of the article)
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Trace Mayer (@RunToGold) helps Fox Business News’ Melissa Francis understand Bitcoin.
Duration: 5 minutes
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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.”
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