BITCOIN, briefly the world’s favorite cryptocurrency, is in trouble. It plummeted from a peak of around $33 per unit in June to just $2.51. In May Rick Falkvinge, the founder of the Pirate Party in Sweden, famously blogged that he was converting all of his Swedish-crown savings to Bitcoins. Five months on, he tweeted that after “hoarding” Bitcoins until they hit $18 or so, he had moved to a “buy-and-sell pattern”. Mostly sell, it seems. “I currently don't hold any,” he admitted.
The unregulated digital world of Bitcoins suffered another flash-crash last night. According to Ars Technica, the 23% plungefest in the value of the digital currency (the second in a week) was due not to Waddel & Reed, not HFT algos, but 'forking' Cryptographic algos gone wild agreeing on different (legacy) keys as being correct - akin to finding Tungsten in your Gold bars (and hence the drop in the value). This latest glitch is different from the problem that caused Bitcoin prices to briefly crash to zero in June of 2011.
Bottom line: The world is going to be turned over by bitcoins unless governments step in and ban them by prosecuting individuals.
1. Bitcoin is a technologically sound project.
2. Bitcoin is unstoppable without end-user prosecution.
3. Bitcoin is the most dangerous open-source project ever created.
4. Bitcoin may be the most dangerous technological project since the internet itself.
5. Bitcoin is a political statement by technotarians (technological libertarians).*
6. Bitcoins will change the world unless governments ban them with harsh penalties.
Entrepreneur Taylor More listed his two-bedroom Alberta bungalow, asking 405,000 Canadian dollars (£261,000; $395,000) - or the equivalent in Bitcoins. Bitcoins are now a widely used alternative payments system and one Bitcoin is currently worth about £37.
New bitcoin trading site, Coinabul.com, is now accepting bitcoins in exchange for gold. Orders are currently live during the private beta. Coinabul is the only true Bitcoin-to-Gold exchange in the world. Bitcoin is a digital stored value vehicle, able to provide near-instant transaction capability in a global Internet economy. Bitcoin users are able to trade in bitcoins to their national currency via currency exchanges, but for users who prefer to save their money in gold, Coinabul provides instant gold purchasing capabilities.
Porsche Sells For 300 Bitcoins In Latest Sign The Virtual Currency Is Going Kablooey
Somebody in Texas claims they just sold a Porsche for 300 bitcoins, the latest sign of a bitcoin bubble. Or the rise of our new bitcoin overlords.
An Austin family bragged Tuesday night that it had sold a 2007 Porsche Cayman S for 300 bitcoins, a virtual currency that has long been little more than a curiosity for financial reporters but is suddenly breaking into the broader consciousness, maybe just in time for the whole thing to go kablooey.
Bitcoin Friday! This is a Pre-Black Friday of sorts. A one day sale event at all Bitcoin merchants along with a unified attempt at advertising Bitcoin businesses. This means we need your help in two ways: please buy something with your bitcoins and please tell the world that Bitcoin businesses exist!
Bitcoins aren't just an abstract financial instrument living somewhere in the digital ether anymore. They're now a physical currency capable of taking a ride in your pocket or scratching off your lottery tickets.
The physical Bitcoins, called Casascius Bitcoins and created by a guy in Utah named Mike Caldwell, are made of brass, with gold electroplating on the 25 Bitcoin denomination. And, of course, they're tied to the peer-to-peer, open-source digital currency that's been exchanged on the Internet for a while now.