Tag Archives: Wrecked Bitcoin (BTC)

Beyond the Bitcoin bubble

Source: New York Times
by Steven Johnson

“If there’s one thing we’ve learned from the recent history of the internet, it’s that seemingly esoteric decisions about software architecture can unleash profound global forces once the technology moves into wider circulation. If the email standards adopted in the 1970s had included public-private key cryptography as a default setting, we might have avoided the cataclysmic email hacks that have afflicted everyone from Sony to John Podesta, and millions of ordinary consumers might be spared routinized identity theft. If Tim Berners-Lee, the inventor of the World Wide Web, had included a protocol for mapping our social identity in his original specs, we might not have Facebook. The true believers behind blockchain platforms like Ethereum argue that a network of distributed trust is one of those advances in software architecture that will prove, in the long run, to have historic significance.” [hat tip — David Klaus] (01/16/18)

https://www.nytimes.com/2018/01/16/magazine/beyond-the-bitcoin-bubble.html

Is this the beginning of the end of the Bitcoin bubble?

Source: The Atlantic
by Derek Thompson

“Bitcoin’s price rises and falls like a plastic bag in a hurricane, so it’s silly to attach too much significance to one day’s fluctuation. But today’s news still reveals a subtle crack in the bull case for bitcoin. The digital currency was designed to be stateless and leaderless — ‘rules without rulers’ — to evade single points of failure, and to remain impervious to government control. But the great irony is that bitcoin is plunging today in part because it’s failing on all three accounts.” (01/26/18)

https://www.theatlantic.com/business/archive/2018/01/bitcoin-bubble-pop/550601/

The futility of government bans — Bitcoin always finds a way

Source: Bitcoin.com
by C Edward Kelso

“Cryptocurrencies have been threatened at one point or another by nearly every country on the planet. Rarely does a government venture beyond rhetoric. Those resorting to crackdowns are often met with greater public appetite for decentralized virtual money, making all that initial fuss an exercise in futility. Be they communist strongholds or liberal democracies, bitcoin cannot be stopped.” (01/15/18)

https://news.bitcoin.com/the-futility-of-government-bans-bitcoin-always-finds-a-way/

The Bob Zadek Show, 01/14/18

Source: The Bob Zadek Show

“The Basics of Bitcoin & Blockchain with Stan Larimer” [various formats] (01/14/18)

http://www.bobzadek.com/past-shows/2018/1/11/the-basics-of-bitcoin-blockchain-with-stan-larimer

The Satoshi Revolution, Chapter 4, part 2

Source: Bitcoin.com
by Wendy McElroy

“Cryptocurrencies bypass central banks by privatizing the issuance of money and its transfer across borders. The globe should erupt in applause at the return of financial control to the individuals who produce wealth. Finally, financial justice. But a global party over currency freedom would be inadequate because it would overlook another revolutionary aspect of crypto. Cryptocurrencies and the blockchain are a new paradigm of privacy that will replace the old one as surely as the new currency broke the death grip of central banks.” (01/14/18)

https://news.bitcoin.com/the-satoshi-revolution-chapter-4-crypto-a-new-paradigm-of-privacy-and-id-part-2/

How a Bitcoin system is like and unlike a gold standard

Source: Foundation for Economic Education
by Larry White

“Bitcoin is similar to a gold standard in at least two ways. (1) Both Bitcoin and gold are stateless, so either can provide an international base money that is not the creature of any national central bank or finance ministry. (2) Both provide a base money that is reliably limited in quantity (this is the grounding for Selgin’s characterization), unlike a fiat money that a central bank can create in any quantity it likes, ‘out of thin air.’ Bitcoin and the gold standard are obviously different in other ways. Gold is a tangible physical commodity; bitcoin is a purely digital asset.” (01/12/18)

https://fee.org/articles/how-a-bitcoin-system-is-like-and-unlike-a-gold-standard/

Canada: KFC introduces “Bitcoin Bucket” of chicken tenders

Source: CoinTelegraph

“In the latest example of mainstream crypto adoption as a PR stunt, KFC Canada has introduced a new menu item, the Bitcoin Bucket, that customers can buy exclusively with Bitcoin (BTC). The Bitcoin Bucket, which sells for the Bitcoin equivalent of 20 Canadian dollars, contains ten chicken tenders, waffle fries, a medium side, a medium gravy, and two dips. Canadian citizens can order home delivery of the Bitcoin Bucket through Colonel & Co.’s website while the offer lasts.” (01/12/18)

https://cointelegraph.com/news/kfc-canada-introduces-bitcoin-bucket-of-chicken-tenders

Buffett on cryptocurrencies: “I can say almost with certainty that they will come to a bad ending”

CNBC

Source: CNBC

“Billionaire investor Warren Buffett told CNBC on Wednesday the recent craze over bitcoin and other cryptocurrencies won’t end well. … Also on the show, Buffett’s right-hand man, Charlie Munger, also blasted frothiness in bitcoin — and in venture capital funding. … Buffett’s comments came a day after J.P. Morgan Chase Chairman and CEO Jamie Dimon backpedaled his earlier criticisms of cryptocurrencies.” [editor’s note: Of course, in the same interview he confesses that he knows nothing about the subject. I wonder if that’s true, or if he’s talking crypto down with the intention of buying it cheap (he denies that, btw) – TLK] (01/120/18)

https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html

The difference between a Bitcoin and a tulip

Source: Foundation for Economic Education
by Bronwyn Howell

“A starting point for understanding the similarities and differences between bitcoins and tulips comes from William Stanley Jevons. His 1875 work, ‘Money and the Mechanism of Exchange,’ defines the four functions of a currency: as a medium of exchange, a measure of value (or unit of account), a standard of deferred payment, and a store of value. To qualify as a currency, Bitcoin and other cryptocurrencies (which arguably include digital credits such as Airpoints) must fulfill each of these four functions. Clearly, a range of merchants is willing to price in and accept Bitcoin (and Airpoints) in exchange for goods and services, and they can be used to transfer value from one person to another (albeit that Airpoints transferability is somewhat limited), and thereby settle debts. A sum of Bitcoin (or Airpoints) can be held for a period of time as a store of value … However, comparing Bitcoins with tulips reveals that tulips fulfill only the store of value function.” (01/09/18)

https://fee.org/articles/the-difference-between-a-bitcoin-and-a-tulip/

Mises UK Podcast, episode 4

Source: Mises UK

“Andy Duncan discusses with Stephan Kinsella the concept, theory, and practice of Bitcoin ownership, amongst other topics, which include the use of Bitcoin as money, the comparison between gold and Bitcoin, and the possible collapse of states everywhere due to the current monetary revolution which states may have been too slow to respond to, for the sake of their own existence.” [various formats] (01/09/18)

https://misesuk.org/2018/01/09/bitcoin-ownership-and-a-global-withering-of-the-state-with-stephan-kinsella/