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A shift from trusting people to trusting math
Bitcoin is a distributed consensus network that maintains a secure and trusted distributed ledger through a process called “proof-of-work.
Why no altcoin can succeed
New ideas attract not only visionaries and pioneers but also charlatans and fools. The former group understands the nature and potential of the new idea and attempts to extend it in new ways. The latter observes the success of the former and expects similar results through blind imitation and empty hope, rather like the Melanesian cargo cults which arose after World War II when the American military abandoned its airports there.
In the short term future, that is...
I’ve had my fair share of conversations about Bitcoin with people who are both for it and against it. Reasons for an individual’s interest in Bitcoin seem to vary widely from an economics or finance background to a political one to fight against a nationalized currency whose fate lies in the hands of a few unelected individuals. It’s great to see Bitcoin bringing people together from such a variety of backgrounds.
Crash!
There. It’s been said. Over the last few days we have seen a significant fall in the price of bitcoin and it will be days to years, or perhaps never, before it recovers.
What is causing the sell-off? Difficult to say. But several facts stand out. Bitcoin in April saw a rise to heights that it was nowhere near ready for based on the fundamentals. It fell quickly back, but what we are seeing now may be just a further settling back to historic trend-levels.
We have now entered a Brave New World of Forex Trading following the disclosure of a US Surveillance program (“PRISM”), central bank manipulation of currencies (“currency wars”) and random acts of regulators (which are not mutually exclusive). With the increasing politicization of the financial markets, Forex traders are now becoming more exposed to market changes from geo-political rather than economic risk factors.
As we know markets subjected to political rather than economic risk factors create unpredictable sharp short term volatility risk and cross country correlation risk which is almost impossible to risk manage and therefore costly to FOREX traders.
Every few months the Bitcoin media sees it fit to repeat a similar meme: somewhere, in some distant third world land, are some millions of citizens oppressed by rapid inflation or outright theft from a corrupt government, and Bitcoin, being a superior unit of value whose value goes up, not down, can, or in the more optimistic cases already is, swooping in and saving the day.
The sudden rise of the internet may not be the biggest news story in the past fifteen years, but it was certainly the most entertaining. Over the course of only a year the value of technology stocks has doubled, only to crash right back down within months. Suddenly, it felt as if we were back in the tulip era.
Draper University is proud to announce that tuition payments are now being accepted in Bitcoin and it has processed its first tuition payment in Bitcoin using Coinbase, an online wallet for Bitcoin
Draper University, a cutting edge boarding school for young entrepreneurs from all over the world, received its first tuition payment in Bitcoin for its summer session, which starts June 24. Draper University, known for its innovative approach to education, accepts various forms of tuition payments, including bartering for services, and now will also accept Bitcoin for tuition payments.
Revelations about the US government's internet surveillance programme Prism appear to have sent the price of bitcoins plummeting.
Specifically, the unveiling on 9 June of 29-year-old Edward Snowden, a former National Security Agency (NSA) contractor, as the source of the leak coincided with a sudden drop in the value of bitcoins, as this CoinLab article details.
Although there is no lack of Bitcoin exchanges available for people who want to invest or trade in BTC, there are a few things you should know before you get started. Transferring your money over to an exchange can be an arduous process at times. Hopefully, it will get easier in the future, but right now it takes a certain degree of thought and planning.
Bitcoins are not easy for people to acquire. If you’re able to objectively evaluate a few things before deciding on one, you might be better off than choosing the exchange that has the best-looking website.
Early investors in Bitcoin got rich. Now they are the cryptocurrency’s most powerful gatekeepers.
Every time you spend bitcoins to buy a drink at Evr, a swanky bar in midtown Manhattan that accepts the digital currency, you make its co-owner, Charlie Shrem, just a little bit richer.
In the aftermath of the revelation of PRISM, the NSA spying program that collects user data from nine major U.S. tech companies, many have highlighted alternate options from organizations that are not known to be cooperating with government surveillance efforts.
Among those alternatives, Bitcoin has been pegged as a more private payment option. At Prism-Break.org, which lists alternatives to all the services that fall under the PRISM umbrella, Bitcoin is the only listed alternative to online payment services, such as PayPal and Google Wallet.
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