Posts Tagged: bitcoin
6

How Do We Know Who People Are?

It seems worthwhile to revisit the idea of the universal reputation market, in light of Schrödinger's Satoshi Nakamoto. Is this man Satoshi, or isn't he? For now, he equally is and he definitely isn't the progenitor of Bitcoin. No one has yet elaborated a way to decide.

One way, of course, that we might discover if this person is Satoshi Nakamoto is through constant surveillance—both physical and digital. Would that be a good thing?

How do we know who people are? We have some definite if hackable systems, like social security numbers. Names are a problem; sometimes unique, often not. So people are who they say they are—except, more [...]

11

The Great Crypto Stagecoach Robbery

Anyone holding Bitcoins—or pretty much any cryptocurrency, really—has taken a substantial hit in the last few months, with the exchange rate of dollars to Bitcoins dropping from a high of around $1200 last November to around $550 today. But it's possible that those whose Bitcoins were parked at the long-troubled Mt. Gox exchange have suffered a near-wipeout, or even a total one, in what may have been the catastrophic theft of some 744,000 Bitcoin from that exchange.

Mt. Gox was the first big Bitcoin exchange; as such it attracted the most attention, the most traffic, and the most trouble. It was hacked repeatedly because, at one time, it was [...]

1

What We're Doing While The World Ends

"The psychology of bitcoin captured in one bizarre, catchy Cypriot anthem"

14

Reddit Reeling From Brutal Dox Of Alleged Bitcoin Founder Satoshi Nakamoto

With Leah McGrath Goodman's identification of the founder of Bitcoin at Newsweek (not really a slam-dunk case? But, I'll take it, for now?), the greater Bitcoin-Internet is aghast. How dare this magazine expose this person? Not only are the comments on the piece itself entirely about how outrageous the reveal is, certainly Reddit is AFLAME.

"This is unbelievable. How can we, as a community, protect Satoshi? It's on us. He gave us this gift. What can we do for him? I'm thinking bounties on the heads of any criminal that touches Satoshi? Is that too rash?"

"This is scary as hell. This thing makes me [...]

1

"I don’t think we’ll all be paying in bitcoin for tickets to Kanye West’s 2024 presidential victory tour."

You can’t use bitcoin for much today besides gambling in online casinos and reserving seats on Virgin Galactic spaceflights, and a vast majority of it is held by speculators. Even with the imprimatur of government regulation, the promise of bitcoin seems to end with helping online retailers avoid credit-card processing fees. Bitcoin is mainly innovative in the way of credit default swaps: new ways to gamble with money.

Thomas L. Friedman is off today, so here's this.

4

Mt. Gox Topples

So long, Mt. Gox! Early this morning our time, the Bitcoin exchange announced it was entering bankruptcy protection. What was Mt. Gox? It was a dreaaaammmmm. And how: "The company's lawyers added that Mt.Gox may have lost nearly all of its virtual currency, leading to a black hole of 2.8 billion Japanese yen, local media reported."

30

The Great VC Coin Rush: At The Bitcoin Convention

The world-altering monetary miracle and/or freakshow that is Bitcoin was on full display at the Bitcoin 2013 conference in San Jose this May. There were more than a thousand attendees, among them bankers, libertarians, conspiracy theorists, sea-preneurs, developers, scantily clad vodka models, the Winklevoss twins, Internet Archive founder Brewster Kahle, Soft Skull Press founder Sander Hicks, and a large fraction of the world's Bitcoin experts. Also, in the lobby, roaming gangs of Imperial stormtroopers and superheroes, since there was a comics convention going at the same time.

So is Bitcoin a great invention, or a trainwreck in the making? Maybe!

Because it's decentralized and no third parties such as [...]