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Archive for the ‘bitcoin’ category: Page 60

Aug 13, 2015

Bitcoin needs a quantum theory of money

Posted by in categories: bitcoin, cryptocurrencies, economics, theory

Is Bitcoin money? To its users the answer is probably yes, but to many people the answer is less clear. Alan Greenspan, for example, said in December 2013: “I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it’s a government or an individual.” Indeed, one of the things holding back the adoption of cybercurrencies such as Bitcoin is that they do not fit well with traditional ideas about money.

Answers to the question “what is money” have typically fallen into one of three camps. The first, known as metallism or bullionism, holds that money needs to be backed by precious metal. The second camp is chartalism (from the Latin charta for a record) which holds that coins and other money objects are just tokens, that the state agrees to accept as payment of things like taxes. Finally, there is the dominant, hands-off school of thought, which most mainstream economists would agree with, which says that money has no unique or special qualities, but instead is defined by its roles, e.g. a medium of exchange.

Bullionists and chartalists therefore emphasise a different aspect of money – the inherent value or the authorising stamp – while most economists treat it as an inert chip. But none of them seem to apply well to emerging cybercurrencies, which are not backed by precious metal or the state, and (at least at first) are not much use as a medium of exchange. So how do they become money? The answer to this question is that money has quantum properties which allow it to be booted up from the ether.

Quantum money

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Aug 6, 2015

Japanese Court: Bitcoin Cannot be Owned

Posted by in categories: bitcoin, cryptocurrencies, economics, government, internet

Responding to this nugget from Engadget:

Tokyo District CourtTokyo’s district court has ruled that it’s not possible for people to own bitcoin, and therefore they cannot sue for compensation in the wake of Mt. Gox’s collapse.

The ruling comes days after the head of the world’s largest bitcoin exchange was arrested on charges of fraud. Judge Masumi Kurachi felt that bitcoins do not possess “tangible qualities” to constitute owned property. Mt. Gox held thousands of individual accounts, and so there’s plenty of angry customers looking for compensation.

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Jul 27, 2015

Why Generation Z will definitely embrace Bitcoin

Posted by in categories: bitcoin, cryptocurrencies, economics, education, innovation

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Can you picture a world without physical money? A world where we don’t have to carry bills and coins in our pockets and wallets? Generation Z can.
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Jul 25, 2015

IBM believes blockchain is an “elegant solution” for Internet of Things

Posted by in categories: automation, big data, bitcoin, complex systems, disruptive technology, information science, internet

Quoted: “IBM’s first report shows that “a low-cost, private-by-design ‘democracy of devices’ will emerge” in order to “enable new digital economies and create new value, while offering consumers and enterprises fundamentally better products and user experiences.” “According to the company, the structure we are using at the moment already needs a reboot and a massive update. IBM believes that the current Internet of Things won’t scale to a network that can handle hundreds of billions of devices. The operative word is ‘change’ and this is where the blockchain will come in handy.”

Read the article here > https://99bitcoins.com/ibm-believes-blockchain-elegant-solut…of-things/

Jul 13, 2015

Bitcoin Price: Is The Advance About To Reverse?

Posted by in category: bitcoin

bitcoin analysis price reverse

The Bitcoin price advance is curving upward above $300 and 1900 CNY. The advance is so persistent that the technical indicators in the intra-day charts have become somewhat meaningless due to compounding divergence. Technical analysis considers the likelihood of a surprise reversal, as opposed to non-stop advance. Read more

Jul 10, 2015

The Future of the Web Looks a Lot Like Bitcoin — Morgen E. Peck | IEEE Spectrum

Posted by in categories: bitcoin, computing, internet

“We lack ‘true agency’ on the Internet. That is to say, all of the data we create online and all of the operations we execute are handled for us by centralized servers, most of which sit in massive data centers operated by corporations and government institutions. We depend on these servers for everything.”

Read more

Jul 6, 2015

Major bank admits bitcoin could destroy banks, brokers & exchanges

Posted by in categories: bitcoin, cryptocurrencies, finance, geopolitics

July 9 update:
3 days after posting, Visa acknowledged that Bitcoin has a future in payments. This is an understatement, of course. The bank described below goes a step further by acknowledging that the entire financial infrastructure may cave to cryptocurrencies.

burning-cashFrench bank BNP Paribas warned customers and investors that the technology behind bitcoin might one day overtake conventional, account-based financial institutions, thus rendering existing companies redundant (that’s British for “obsolete”).* It’s a tectonic acknowledgement from one of the world’s biggest banks.

Analyst Johann Palychata writes in the company’s magazine Quintessence that Bitcoin’s blockchain, the underlying architecture that allows cryptocurrency to function, “should be considered as an invention like the steam or combustion engine,” that has the potential to transform the world of finance and beyond.

Check out the full story by Oscar Williams-Grut at Business Insider.

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Jul 5, 2015

Bitnation Space Agency

Posted by in categories: bitcoin, futurism, space

A publically crowdfunded, owned and operated space program. Follow Bitnation for updates.

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Jul 4, 2015

Ulterior States [IamSatoshi Documentary]

Posted by in categories: bitcoin, futurism

I personally think that decentralised peer to peer cryptocurrencies like Bitcoin have a very bright long term future. The linked documentary is well worth fifty minutes of your time in my honest opinion. As the film helps to show why cryptocurrencies are such a game changing paradigm shift and are actually vitally needed.

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Jun 11, 2015

Bitcoin Adoption: Series of reactions

Posted by in categories: bitcoin, cryptocurrencies, economics, finance, government

What is Bitcoin?

Bitcoin-05-t-sSure—You know the history. As it spread from the geeky crypto community, Bitcoin sparked investor frenzy. Its “value” was driven by the confidence of early adopters that they hitched a ride on an early train, rather than commercial adoption. But, just like those zealous investors, you realize that it may ultimately reduce the costs of online commerce, if and when if it becomes widely accepted.

But what is Bitcoin, really? To what class of instruments does it belong?

• Ardent detractors see a sham: A pyramid scheme with no durable value; a house of cards waiting to tumble. This is the position of J.D, an IRS auditor who consults to The Cryptocurrency Standards Association. As devil’s advocate, he keeps us grounded.

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