Monday, March 10, 2014
The Observer / John Naughton / Saturday 8 March 2014 14.05 EST
Jonathan Swift famously observed that “when a true genius appears, you can know him by this sign: that all the dunces are in a confederacy against him”. This is a bit unkind to my friends and relations, but it contains the germ of a truth. Could it be that the reason bitcoin stirs up such hostility and controversy is that it flies so brazenly in the face of what we have always assumed to be an incontrovertible truth – which in this case is the belief that credible currencies have to be issued and controlled by central banks?
Pause for brief technical intermission. Wikipedia has a useful entry on bitcoin, describing it as “a peer-to-peer payment system and currency”. It was created in 2009 by a fiendishly clever, pseudonymous individual calling himself Satoshi Nakamoto. (Sounds sinister already, doesn’t it? One can almost imagine this Nakamoto cove reclining in an Eames chair, stroking a white cat.) It’s a “cryptocurrency”, so called because it uses cryptography to control the creation and transfer of bitcoins. (Cryptography, eh? The plot thickens. Where is 007?) Bitcoins are created by a computational process called mining, in which participants verify and record payments into a public ledger in exchange for transaction fees and newly minted bitcoins. Users send and receive bitcoins using wallet software on a PC, mobile phone, or a web application. Bitcoins can be obtained by mining or in exchange for products, services or other currencies. And some businesses now accept payment in them. - READ MORE
Wednesday, March 5, 2014
breakingdeception.com / By Adrianne Jeffries on March 5, 2014 09:00 am
March 5, 2014 – The programmer and Native American activist Payu Harris raised a gavel Monday night and vigorously banged the bell to open trading at The Bitcoin Center, a meeting space for virtual currency geeks that looks like an empty art gallery in the middle of New York’s Financial District. Harris was there to promote MazaCoin, a cousin of Bitcoin that is now the official currency of the seven bands that make up the Lakota nation.
After an hour of questions, Harris thanked the small crowd and was promptly accosted by a tall man and a woman in red who wanted to buy some MazaCoin, which Harris was selling for 10 cents apiece. The two trailed him around the room as he hunted for a printer so he could issue the digital currency on paper. MazaCoin is a month-old cryptocurrency based on the same proof-of-work algorithm as Bitcoin, the virtual currency that approximates cash on the internet —but no one in the room was equipped to made a digital trade.
There have been a slew of copycats since the rise of Bitcoin in 2009. The first wave attempted to improve on the basic Bitcoin protocol. The second wave, which includes the meme-based Dogecoin and the Icelandic Auroracoin, are catering to specific groups. - READ MORE http://breakingdeception.com/native-american-tribes-adopt-bitcoin-like-currency-prepare-battle-us-government/
Tuesday, February 25, 2014
Wednesday, January 29, 2014
miamiherald.com / Posted on Monday, 01.27.14
The North American Bitcoin Conference brought an international crowd of thousands to Miami Beach. The two-day gathering, on Jan. 25 and 26 at the Miami Beach Convention Center, featured discussions on regulating the digital currency, advice for startups and continuing to educate potential users on what Bitcoin is.
Lawyers and business experts in suits mixed with entrepreneurs and tech-savvy developers in graphic T-shirts and sneakers to debate the future validity of Bitcoin and to discuss whether it should be regulated by the federal government. While many supporters of the currency back it because it’s decentralized and not tied to financial entities, many on the business side recognize the inevitability of further intervention.
“Regulation and tax laws are not going to go away; they are an unavoidable part of the world in which we want to bring Bitcoin,” said Moe Levin, organizer of the conference. “We need to work with regulators and respect tax law for the currency to be trusted by governments and in turn to be accepted by the public.”
Bitcoin’s perception as being used mainly for illegal activity was discussed at length. Carol Van Cleef, a partner with Washington D.C. law firm Patton Boggs, said that despite the attention the currency’s received most people in the financial world only have a cursory understanding of Bitcoin. - READ MORE
Abby Martin speaks with Andreas Antonopoulos, founder of Root Eleven and co-host of let's Talk Bitcoin, discussing how Bitcoin works, and why it's so important to have a decentralized system of money.Why Bitcoin Terrifies Big Banks | Interview with Andreas Antonopoulos