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Geplaatst: di 10 apr 2012, 22:39
door meNsies
Ontworpen door hackers.

Een forum over bitcoin:

Max Keiser over bitcoin:

Re: Bitcoin

Geplaatst: di 10 apr 2012, 23:20
door meNsies
Introduction to BitCoin

Forget most things you've heard. People discover BitCoin in a variety of ways, but usually pick up some sort of misconception like "BitCoin gives free money to people with computers" or "in order to use BitCoin I have to use a program that wastes electricity for nothing" along the way. Here is a good summary to help you understand BitCoin in general, by focussing on what BitCoin is and what problem it solves. These two things are not typically well explained on most websites, and it is difficult to appreciate just how effective a technology BitCoin is until they are understood.

What BitCoin is: An agreement amongst a community of people to use 21 million secure mathematical tokens--"bitcoins"--as money, like traditional African and Asian societies used the money cowry. Unlike the money cowry:

* there will never be more bitcoins
* they are impossible to counterfeit
* they can be divided into as small of pieces as you want
* and they can be transferred instantly across great distances via a digital connection such as the internet.

This is accomplished by the use of powerful cryptography many times stronger than that used by banks. Instead of simply being "sent" coins have to be cryptographically signed over from one entity to another, essentially putting a lock and key on each token so that bitcoins can be securely backed up in multiple places, and so that copying doesn't increase the amount you own.

Because bitcoins are given their value by the community, they don't need to be accepted by anyone else or backed by any authority to succeed. They are like a local currency except much, much more effective and local to the whole world. As an example of how effective the community is at "backing" the bitcoin: on April 4th 2011 30,000 bitcoins were abruptly sold on the largest BitCoin exchange, consuming nearly all "buy" offers on the order book and dropping the price by nearly 1/3. But within a couple of days, the price on the exchange had fully rebounded and bitcoins were again trading at good volumes, with large "buy" offers slowly replacing the ones consumed by the trades. The ability of such a small economy (there were only 5 million out of the total 21 million bitcoins circulating then, or about 3.75 million USD worth at then-current exchange rates) to absorb such a large sell-off without crashing shows that bitcoins were already working beautifully.

What problem BitCoin solves: Mathematically, the specific implementation of the bitcoin protocol solves the problem of "how to do all of the above without trusting anyone". If that sounds amazing, it should! Normally a local currency has to trust all kinds of people for it to be able to work. So does a national currency. And in both cases, that trust is often abused. But with BitCoin, there's no one person who can abuse the system. Nobody can print more money, nobody can re-use the coins simply by making a copy, and nobody can use anyone else's coins without having direct access to their keys. People who break its mathematical "rules" simply end up creating a whole different system incompatible with the first. As long as these rules are followed by someone, the only way BitCoin can fail is for everyone to stop using it.

This marvelous quality of not having to trust anyone is achieved in two ways. First, through the use of cutting-edge cryptography. Cryptography ensures that only the owner of the bitcoins has the authority to spend them. The cryptography used in BitCoin is so strong that all the world's online banking would be compromised before BitCoin would be, and it can even be upgraded if that were to start to happen. It's like if each banknote in your pocket had a 100-digit combination lock on it that couldn't be removed without destroying the bill itself. BitCoin is that secure.

But the second way of securing the system, called the blockchain, is where the real magic happens. The blockchain is a single, authoritative record of confirmed transactions which is stored on the peer to peer bitcoin network. Even with top-notch digital encryption, if there was no central registry to show that certain bitcoins had already been "paid" to someone else, you could sign over the same coins to multiple people in what's called a double-spend attack, like writing cheques for more money than you have in your account. Normally this is prevented by a central authority, the bank, who keeps track of all the cheques you write and makes sure they don't exceed the amount of money you have. Even so, most people won't accept a cheque from you unless they really trust you, and the bank has to spend a lot of money physically protecting those central records, whether they are kept in a physical or digital form. Not to mention, sometimes a bank employee can abuse their position of trust. And, in traditional banking, the bank itself doesn't have to follow the rules you do--it can lend out more money than it actually has.

The blockchain fixes all these problems by creating a single master registry of the already-cryptographically-secured bitcoin transfers, verifying them and locking them down in a highly competitive market called mining. In return for this critical role, the BitCoin community rewards miners with a set amount of bitcoins per block, taken from the original limited quantity on a pre-agreed schedule. As that original amount gradually runs out, this reward will be replaced by fees paid to prioritise one transaction over another--again in a highly competitive market to ensure the lowest possible cost. The transactions are verified and locked in by the computational work of mining in a very special way so that no one else can change the official record of transactions without doing more computational work than the cumulative work of all miners across the whole network.

In conclusion: All this mathematical technology may be a bit of a mouthful, but what it means in practice is that BitCoin works just like cash. Bitcoin transactions are intentionally irreversible--unlike credit cards or PayPal where chargebacks can invalidate a payment that has already been made. And there are no middlemen. Transactions are completed directly between the sender and the receiver via the peer to peer network.

Because of BitCoin's intricate design, the network remains secure no matter where or how you process bitcoin transactions. Which is incredible--no one else has ever tried to create a system that worked this way! All previous monetary systems have relied on trusting somebody, whether it was the king, town hall, the federal reserve, or banks. BitCoin doesn't. It's guaranteed instead by the laws of mathematics, and that's why it has everyone from technologists to economists very excited. I'm sure you have lots more questions, so scan the index below to see if they've been asked before, then dive in! The so-called "canonical" threads linked from this index are considered newbie-friendly zones; outside of them you're welcome to try your own luck.

Frequently Asked Questions about BitCoin

Is BitCoin a Ponzi or pyramid scheme? See the canonical "newbie-friendly" thread for this question.

Where do I get free bitcoins?

What if someone bought up all the existing bitcoins?

What is a 51% attack? And what is double spending?

Won't loss of wallets and the finite amount of bitcoins create excessive deflation, destroying BitCoin?

What happens if someone starts another blockchain or cryptocurrency?
Could miners collude to give themselves money or fundamentally change the nature of BitCoin?

How can I store bitcoins securely?

What are the pros and cons of using new bitcoin addresses for each transaction?


Re: BitCoin

Geplaatst: wo 11 apr 2012, 22:27
door meNsies

Re: BitCoin

Geplaatst: wo 11 apr 2012, 22:34
door meNsies

Re: BitCoin

Geplaatst: za 17 nov 2012, 00:04
door meNsies
WordPress Lets Bloggers Pay with Bitcoin, Citing Open Access

The world's most popular web publishing platform has begun accepting Bitcoin, an international digital currency and payment system with no central issuing authority.

WordPress, whose software is used by bloggers worldwide, said Thursday that customers can now use Bitcoin in lieu of credit cards or PayPal to pay for upgrades.

While WordPress lets anyone build a website without charge, the company sells hosting and design services, as well as an ad-free version of its blogging platform. Andy Skelton, an engineer with Automattic, the company that owns WordPress, wrote Thursday in a blog post that it is accepting the unregulated currency to ensure universal access to its services.

"PayPal alone blocks access from over 60 countries, and many credit card companies have similar restrictions," Skelton wrote. "Some are blocked for political reasons, some because of higher fraud rates, and some for other financial reasons. Whatever the reason, we don't think an individual blogger from Haiti, Ethiopia, or Kenya should have diminished access to the blogosphere because of payment issues they can't control."

BitPay, an Orlando-based company that helps online merchants accept the digitized currency as payment, will process payments on WordPress' behalf.

Bitcoin, which had an estimated 740,000 users worldwide in 2011, lets users move money instantaneously to others via the Internet.

Though a growing number of merchants worldwide accept Bitcoin, WordPress, which hosts roughly 57.8 million websites worldwide, is almost certainly the biggest to accept the virtual tender. Bitcoin Friday, a sale last week by about 74 merchants that take the currency, had uneven results and appealed mostly to existing users.

WordPress could help Bitcoin go mainstream. Roughly half of the most-visited blogs in the world use the WordPress platform, according to a study published in April by Pingdom, a website monitoring service.

WordPress approached BitPay several months ago, according to Anthony Gallippi, BitPay's founder and chief executive.

According to Gallippi, the platform provider hoped to enable users to pay with Bitcoin but had questions about legal and financial risks associated with the currency, which is not sanctioned or controlled by any government and trades at a volatile exchange rate to the dollar.

BitPay removes much of the currency risk for its client since WordPress will never take legal possession of the coins, Gallippi says. BitPay immediately converts the digital currency received from shoppers into dollars and guarantees an exchange rate for merchants.

Gallippi says he expects the move by WordPress to spur other merchants to overcome their concerns. "Now that WordPress has taken the plunge, there's an example the lawyers can review and look at and say ‘Maybe we can try it, too.'"

Alternarieve linQ ... he-planet/

(MSM)linQ ... 417-1.html

Re: BitCoin

Geplaatst: za 17 nov 2012, 21:39
door meNsies ... tcoin.html

What the WordPress Announcement Means for Bitcoin

Yesterday’s announcement came as a shock, even to us. WordPress, the 22nd most visited website on the entire interwebs, is now accepting Bitcoin.

This is very big news (press listed below), and arguably the most important single event thus far in Bitcoin’s history. Yet, the significance does not derive from the fact that WordPress is so massive. Rather, the announcement is significant because of the reasoning behind the decision. WordPress “gets it” – they understand the true importance of the Bitcoin system (hint: it’s not the near-zero fees).

From the announcement:

“PayPal alone blocks access from over 60 countries, and many credit card companies have similar restrictions. Some are blocked for political reasons, some because of higher fraud rates, and some for other financial reasons. Whatever the reason, we don’t think an individual blogger from Haiti, Ethiopia, or Kenya should have diminished access to the blogosphere because of payment issues they can’t control. Our goal is to enable people, not block them.”

My heart skipped a beat when I read that. They get it.

Stated simply, WordPress recognizes that Bitcoin offers something that no other payment system can – a means of payment by anyone, anywhere, for any purpose. Bitcoin has no Terms of Service. As WordPress explains, “Merchants who accept Bitcoin payments can do business with anyone.”

Bitcoin is money without prejudice. It is money incapable of discrimination, and this is why WordPress is standing by it, “With Bitcoin we join a new digital economy that doesn’t leave anyone behind, essentially making financial transactions open source — something is behind 100%. “

WordPress Bitcoin payment screen

Clearly, WordPress is not just a cold corporate entity adding yet another payment option in hopes of gaining marginally more market share in some obscure demographic. Rather, they are taking a stand in favor of certain ideals – namely, freedom. More specifically in this case, WordPress is defending the freedom of speech, a freedom everyone claims to support yet so few actually do.

WordPress doesn’t censor its blogs, so why should it censor the means of payment by which users create them? Or more pointedly, why should WordPress tolerate PayPal, Visa, and Mastercard censoring their users? Before Bitcoin, WordPress didn’t really have a choice, but now they do.

This has profound consequences for Bitcoin’s reputation.

While those who deeply understand the value of individual liberty have had little problem seeing the virtue of a decentralized, non-state monetary system, many shortsighted observers have focused only on the more salacious aspects of its use, discrediting it as such.

Now, however, with WordPress’s far more enlightened and long-term understanding, the debate should change. Bitcoin will be increasingly understood as a tool for human liberty (rightly so). And indeed, if one understands how money works in our world, it is by far the best tool for human liberty since the Internet itself… or, perhaps, since the WordPress blog J.

To Andy Skelton and the entire WordPress team, thank you for being brave enough to stand up for your principles. The EFF is not brave enough. The Mises Institute is not brave enough. Wikipedia is not brave enough. But WordPress is, and we thank you sincerely.



The Next Web


American Banker


The Register

PC World


Ars Technica



Re: BitCoin

Geplaatst: di 29 jan 2013, 16:47
door blackbox
Central Banks Sees Bitcoins as Threat

Anything that emerges from the markets that poses as a threat to the power of central authorities will be harassed via regulations. This seems to be the coming fate of the fast growing decentralized P2P Currency or Bitcoins.


From Bloomberg’s
An increase in the value of bitcoin, the world’s largest online currency, may fuel concerns that virtual money could undermine the role of central banks.

The CHART OF THE DAY shows that bitcoin has more than doubled in the past 12 months, strengthening to $16.37 from $5.88, according to data from Mt. Gox, the world’s largest bitcoin exchange. The money, issued by a decentralized network of computers, has recovered after falling to $2.14 in November 2011 from a high of $29.58 five months earlier.

Greater demand for virtual currencies could have a negative impact on the reputation of central banks, according to a report published by the European Central Bank in October last year. Since the report was released, bitcoin has risen more than 55 percent against the dollar and use of the currency has surged.

Bitpay Inc., a bitcoin payment processing company that recently raised $510,000 in an investment round, this month announced that the number of companies using its services has increased almost 50 percent to more than 2,000 since November, when blog management firm said it would accept the digital currency.

“I think the ECB obviously is concerned, and it’s not reputational,” said Steve Hanke, a professor at Johns Hopkins University in Baltimore who helped to establish new currency regimes in countries such as Argentina and Bulgaria. “I think it’s a competitive threat. Maybe virtual currencies will be so convenient that they will pose a threat because of their ease of use.”

If more people will migrate to the use bitcoins, then central bank’s power to influence the economy will likely be diminished, so I expect not only a direct assault on bitcoin by regulations, other means of control will indirectly be coursed through social media via censorship.

http://prudentinvestornewsletters.blogs ... hreat.html ... e-day.html

Re: BitCoin

Geplaatst: di 29 jan 2013, 16:53
door blackbox
Het grote Bitcoin-experiment


De eerste wereldwijde digitale munteenheid zorgt voor opwinding. Voor het eerst is is er een betaalmiddel waar overheden niets over hebben te zeggen.

Het is april 2011. Precies 67 jaar na de monetaire conferentie in het bergdorpje Bretton Woods staat de reprise van dit historische evenement op het programma. In hetzelfde majestueuze Mount Washington Hotel waar in 1944 onder aanvoering van de Britse econoom John Maynard Keynes de naoorlogse economische wereldorde rond de Amerikaanse dollar werd geconstrueerd, staan weer tal van economen te pleiten voor zeer ingrijpende veranderingen. Sinds de ondergang van zakenbank Lehman Brothers in september 2008 is het duidelijk dat het kapitalisme in een diepe crisis verkeert.

Volgens superbelegger en miljardair George Soros – de drijvende kracht achter de conferentie – is het de hoogste tijd dat er ingrijpende veranderingen plaatsvinden. Overheden laten de geldpersen overuren draaien. Valuta-oorlogen tussen China, Amerika en Zuid-Amerikaanse landen dreigen te escaleren, de euro staat op springen. De gevolgen voor de wereldeconomie kunnen dramatische, zo niet catastrofale vormen aannemen.

Keynes was vroeger al een groot voorstander van een systeem van vaste wisselkoersen. Een dergelijk systeem brengt stabiliteit, welvaart en vrede. Nog idealer vond hij één enkele wereldwijde munteenheid. Naast tal van andere gerenommeerde economen is ook Soros daarvan een groot pleitbezorger. Ook weer in Bretton Woods. Wat Soros dan nog niet weet, is dat de kiem van eerste wereldwijde munteenheid al is gelegd: die van de Bitcoin. En in tegenstelling tot alle andere muntsoorten die ooit op aarde werden gecreëerd, is er geen mogendheid, autoriteit of instantie die de Bitcoin uitgeeft en controleert of überhaupt kán controleren. Sommigen noemen het daarom de uitvinding van de eeuw die de mensheid kan verlossen van corrupte inflatoire geldsystemen. Anderen zien in Bitcoin ‘het gevaarlijkste project ooit’.


Re: BitCoin

Geplaatst: di 29 jan 2013, 16:55
door blackbox

Re: BitCoin

Geplaatst: do 31 jan 2013, 01:54
door Z-PiLL
Volg dit al een tijdje met interesse, dank voor de mooie samenvattingen.
Weet niet of er hier ook lieden zijn die ook op het forum van gathering of tweakers rondhangen, maar daar loopt ook al een tijdje een topic erover: ... es/1463377

Daar wordt ook de mogelijkheid tot het zelf minen dmv. een (dikke) videokaart besproken.
Schijnt al met al maar moeilijk uit te kunnen, maar is toch interessant.

Wat nog wel erg afwachten is is het hele ASIC-verhaal.

Mochten die devices echt (massaal) uitkomen, dan zal de huidige voorraad veel sneller op zijn, met alle gevolgen vandien.

Ik kijk het nog even aan, maar lees meer en meer over "sound investments gold, silver & bitcoins". En een valuta waar de banksters geen controle over hebben valt wmb. alleen maar toe te juichen. B)

Re: BitCoin

Geplaatst: zo 03 feb 2013, 22:10
door Z-PiLL
Start-up belooft snellere Bitcoin-mining met modulair asic-systeem

Door Dimitri Reijerman, zondag 3 februari 2013 16:14, views: 14.244

De firma BitSynCom heeft de Avalon V1 aangekondigd, een modulair systeem waarin asic-processors zijn geplaatst die zijn geoptimaliseerd voor het minen van Bitcoins. De ontwikkelaar claimt een snelheidswinst die kan oplopen tot een factor 50.

Bij het zogenaamde minen worden via brute force continu hashes berekend, veelal met behulp van gpu's. Deelnemers worden beloond met Bitcoins. Door de beperkte hoeveelheid Bitcoins en de toenemende complexiteit in de gebruikte cryptografie binnen de virtuele munteenheid - bedoeld om 'inflatie' tegen te gaan - neemt de benodigde rekenkracht voor het verkrijgen van Bitcoins steeds verder toe.

De Avalon V1, met afmetingen van een gemiddelde pc-behuizing, moet iets doen aan de afnemende winstgevendheid van de inzet van energievretende gpu's bij het minen. Het systeem, dat is ontworpen door de 23-jarige Yifu Guo, bevat asics, een afkorting voor application specific integrated circuits. Deze processors zijn specifiek ontworpen voor het zo efficiënt mogelijk 'delven' van Bitcoins.

Een Avalon V1-moederbord met vier hashing units zou goed zijn voor in totaal circa 89 gigahashes per seconde, vergelijkbaar met circa 250 Radeon HD 5850-gpu's. Terwijl elke Radeon-kaart circa 200W zou verstoken, zou de Avalon V1 slechts 500 tot 600W in zijn geheel gebruiken. Het apparaat, dat alleen in Bitcoin is te betalen, kost 1500 dollar en zou momenteel Bitcoins ter waarde van 200 tot 300 dollar per dag kunnen genereren. Bitcoin-miners kunnen al een verbeterd model bestellen, de Avalon V2. Deze heeft uitbreidingsmogelijkheden en kan zes hashing units bevatten.

Guo zegt de Avalon bewust op de markt te willen brengen om er voor te zorgen dat niemand een monopolie krijgt op het minen van Bitcoins en daarmee in theorie de virtuele valuta zou kunnen controleren. Ook denkt de ondernemer dat het voor hackers minder aantrekkelijk wordt om botnets te gebruiken voor mining-doeleinden. Het afgelopen jaar werden diverse asic-systemen aangekondigd, maar de Avalon V1 is het eerste systeem dat daadwerkelijk op de markt zal verschijnen. ... steem.html

Re: BitCoin

Geplaatst: di 26 feb 2013, 09:31
door meNsies
The Bitcoin ATM has Arrived…Here’s How it Works
Posted on February 25, 2013

The more I learn about Bitcoin, the more I support it. In fact, the only donations we accept on this site are Bitcoin donations. As I mentioned in a post late last summer, I think it represents another way to fight back against the current repressive and immoral monetary system that has a strangle hold on the planet. Ever since (the extremely popular blogging platform and 22nd most popular site on the internet), decided to accept Bitcoin as payment last November the value of Bitcoins versus the U.S. dollar has more than doubled.


The esoteric crypto-currency continues to gain popularity and technologies to make it even more user friendly are popping up all over the place. The latest is the Bitcoin ATM, which could be a serious game changer for adoption. From CNET:

NASHUA, N.H. — Zach Harvey has an ambitious plan to accelerate adoption of the Internet’s favorite alternative currency: installing in thousands of bars, restaurants, and grocery stores ATMs that will let you buy Bitcoins anonymously.

It’s the opposite of a traditional automated teller that dispenses currency. Instead, these Bitcoin ATMs will accept dollar bills — using the same validation mechanism as vending machines — and instantly convert the amount to Bitcoins and deposit the result in your account.

Harvey and Matt Whitlock are partners in a New Hampshire-based venture, Lamassu Bitcoin Advisors, that’s hoping to commercialize the ATM by selling to retail businesses, especially ones that also want to accept the decentralized alternative currency from customers.

Unlike modern currency, which can be brought into existence at the whim of politicians or a central bank, leading to each note being devalued, the number of Bitcoins is governed by predictable mathematical algorithms. That’s made Bitcoin popular among libertarians and other activists skeptical of the Federal Reserve; the Free State Project accepts payment for its summer festival in Bitcoins, for instance. (The U.S. dollar has lost 96 percent of its value over the last century because of cumulative year-over-year inflation, according to federal government data.)

To obtain Bitcoins, people use an iPhone app like Blockchain or Android‘s BitcoinSpinner to show the ATM a QR code with their desired address for payments. After they insert a dollar bill (denominations up to $100 are accepted), the ATM automatically credits their Bitcoin account with the proceeds. There’s a 1 percent transaction fee.

Just awesome. Great work guys!

Full article here ... r-account/

In Liberty,

Re: BitCoin

Geplaatst: vr 01 mar 2013, 11:50
door meNsies
A Bitcoin for Your Thoughts

The best performing currency year-to-date has no home country, no central banker and no physical scrip; it is the online-only ‘Bitcoin’ and as we noted recently, it is becoming more mainstream. BTC, as the currency is known, up 130% year to date in dollar terms, thanks to rising demand from a wide variety of adherents, which ConvergEx's Nick Colas notes, includes libertarian activists, small businesses, online drug dealers and gambling sites. That makes the Bitcoin a controversial subject, to be sure, but Nick notes we can also learn from this unique case study a lesson in global economics. Bitcoin ‘Money supply’ growth is capped at a slow rate – far below its current levels of demand. That makes it prone to boom-bust cycles. It also has no sovereign sponsorship, which means it works outside any nation’s security apparatus. Lose your bitcoins to hackers? Tough luck – there is no FDIC in these parts. Still, Colas concludes, in the creation and growth of the Bitcoin it is not hard to see the online future of currency, especially as real-world alternatives continue to struggle with sluggish economies.


Via ConvergEx's Nick Colas,

Every journalist knows that the epithet “Secretive billionaire” catches most readers’ attention like the landing hook on an F-16 making a carrier landing. If someone is rich and not in the public eye, what are they hiding? Are they crooks? Or just so happy with their lives that they don’t want to inspire any more jealousy than necessary? Inquiring minds (always) want to know...

Let me introduce you to Satoshi Nakamoto, secretive central banker. OK, truth is that he (it is probably a man) only uses that nom du guerre when writing research papers; no one knows his real name. And he isn’t so much a central banker as a technologist and architect of something called Bitcoin. Yeah, I hadn’t really heard of it either until I read an article on zerohedge about a “Bitcoin ATM” yesterday. I spent most of the day reading about Mr. Nakamoto and his virtual monetary construct, and there is much to learn from this first online success story in the world of stateless currencies.

Here’s a primer on the “Who-what-wheres” of Bitcoin:
The elusive Satoshi Nakamoto published a research paper back in November 2008 outlining the structure for an Internet-only currency he dubbed bitcoin. Confidence in global currencies and financial system were at low points around the world. Why not try something new?
Rather than have one central database of user balances and transaction history, Nakamoto’s design distributed the database to a network of third parties. Each one keeps the “Ledger” of owners and also runs hugely complex programs to solve cryptographic puzzles. Crack the puzzle, and you get fresh bitcoin currency for your trouble. The puzzles have grown so complex that people interested in working on them now band together online to share their computing power and hopefully earn a few bitcoins for their trouble.
The overall supply of bitcoin in the system therefore grows at a slow and pre-ordained rate. There are currently 10.8 million bitcoins in the system, and this will cap out at 21 million coins in just over 125 years (2140, to be precise).
To use bitcoin, you need a “Wallet” which allows you convert your local currency into BTC and back again. There are many available options online, as well as BTC “Exchanges” to execute the conversions. The distributed database which manages the system is anonymous, so there’s no central record of what you own or where you spent your money.

So what we have is a stateless currency, with essentially no government oversight, run by a bunch of nerds cracking puzzles, with an anonymous architect who (by the by) hasn’t been heard from in over a year. Yes, in other words a recipe for massive success. Some recent statistics:

Those 10.8 million bitcoins in circulation are worth $345.6 million as of today. (See this and other stats here: The velocity of this money is astounding: 1.6 million bitcoins have changed hands in the last 24 hours, or over 10% of the existing money stock.
The U.S. dollar value of a Bitcoin is up from just shy of $5.00 a year ago ($4.87, to be precise) to $31.09 today. It has appreciated by over 100% from the end of 2012 alone, when the quoted price was $13.48. And back during most of 2010, you could buy all the BTC you wanted for less than a dime.
Over the last 24 hours, there have been +61,000 transactions using BTC. This is almost double the 30,000 transactions in January 2013, and more than 6x that of March 2012.
That distributed ledger of BTC owners has one pitfall: it takes about 8 minutes to clear a Bitcoin transaction. The good news is that this is down from the +10 minutes of just a few months ago.

So at this point your BS-meters should be quivering – what’s going on here? Huge swings in value combined with growing adoption for a system which (aside from anonymity) seems more a step back than a great leap for mankind. The answers are part pulp fiction, part elegant case study on the real utility of “Money.” A few points here:

While Bitcoin may not get much mainstream finance love, the FBI and various U.S. legislators are paying close attention. Turns out that some bitcoin-accepting online vendors (look up “Silk Road market”) with good anonymity software allow customers to buy illegal drugs using the similarly no-names-please Bitcoin.
Online casinos who wish to cater to U.S. customers accept Bitcoins, again for the anonymity of the currency. The folks that run BTC “ledgers” do release aggregate financial information – where the money is going. And it is going to online gaming, with an unknown number of U.S. customers in the mix.
At the same time, scores of legitimate businesses are also beginning to take BTC, in addition to dollars and euros. You can buy everything from socks to sneakers to precious metals to baklava online, all with Bitcoins. See here for a more complete list:
When incremental adoption meets relatively fixed supply, it should be no surprise that prices go up. And that’s exactly what is happening to BTC prices. What’s interesting to note is why BTC prices plummet, which they did in the back half of 2011. The cause was a very short-lived hack attack on one Bitcoin “Wallet” company out of Japan, which caused the price to drop from $27 down to $2 in a few months. Confidence in money as a store of value is the ultimate driver of its value, both in the cyber and real worlds.

I have no idea which way Bitcoins will trade in the next 2 days or 2 years, but the whole process of starting a new Internet currency is a great case study in how real people use real currency. Limiting supply has clearly been a huge plus for the BTC. Becoming known as a currency for illegal drugs and gambling is more problematic, of course. But let’s not forget that the U.S. Treasury printed 3 billion $100 bills in the 2012 Fiscal Year. Most of those (the Federal Reserve estimates 80%) go overseas and many of them simply facilitate the global drug and arms trade, not to mention tax evasion and human trafficking. So the BTC’s growing role in the same types of business might qualify it for “Reserve currency” status sooner than anyone thinks. ... r-thoughts

Re: BitCoin

Geplaatst: di 05 mar 2013, 12:39
door meNsies
Main Stream Media (The Guardian) over BitCoin:

Bitcoin: more than just the currency of digital vice

Bitcoin, the digital coin with a questionable past, is gaining ground as a legitimate currency, trading at $32 a share last week

Bitcoin has become the world's best performing currency, with its value spiking at 130%


Hele artikel; ... cy-of-vice

Re: BitCoin

Geplaatst: vr 08 mar 2013, 19:49
door meNsies
Abby Martin talks to Max Keiser, host of the Keiser Report, about the global economy and the growing popularity of the decentralized digital currency known as the Bitcoin.