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Thread: Bitcoin Boom

  1. #1
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    Default Bitcoin Boom

    From the front page of this morning's WaPo. If you are a bitcoin afficionado today is your day in the sun.




    Virtual currency worth $1.4 billion in cash

    Anthony Faiola and T.W. Farnam

    Bitcoin began with trading among hackers and cryptologists and is surging in value worldwide, but is not issued or regulated by any government or bank.


    Bitcoin isn't the future. But just because the trendy digital cash won't work for long doesn't mean we can't learn from it.



    The Bitcoin Blogging Bubble Is Bursting

    It could probably have been predicted that a hyper-geeky, shockingly valuable new economic system would be all it took to compress the full cycle of internet awareness into one 24-hour periodBitcoin continues to spike in the wake of Cyprus


    http://www.marketplace.org/topics/ec...ke-wake-cyprus



    Notwithstanding any comments made elsewhere on PW recently on the subject of Bitcoins, fake, or otherwise, below are the Google search results on the term "bitcoin boom"

    About 10,000,000 results (0.48 seconds)
    Search Results


    1. News for Bitcoin Boom




      1. The Bitcoin Boom

        New Yorker (blog) ‎- 22 hours ago
        Bitcoins appear, for the moment, at least, to be immune to the machinations of inept or crooked bankers and politicians…



      1. Bitcoin Boom? An ATM for Virtual Currency in the Works

        CNBC.com‎ - 18 hours ago


      2. Bitcoins: big deal or bubble?

        The Age‎ - 9 hours ago



    2. Bitcoin boom: 'breakthrough moment' or billion-dollar bubble?

      www.theage.com.auDigital LifeDigital Life News
      Bitcoin boom: 'breakthrough moment' or billion-dollar bubble? Date: April 3, 2013 - 12:50PM. 95 reading now; (0); Comments 67; Read later ...


    3. Bitcoin Boom? An ATM for Virtual Currency in the Works

      www.cnbc.com/id/100609853
      19 hours ago – The booming interest in virtual money is creating the opportunity to make a very real ATM, according to Jeff Berwick, CEO of DV Media.


    4. Virtual currencies: The bursting of the Bitcoin bubble | The Economist

      www.economist.com/blogs/babbage/2011/10/virtual-currencies
      3 days ago – BITCOIN, briefly the world's favorite cryptocurrency, is in trouble. ... Just because it had a sudden boom and drop in the short term doesn't mean ...


    5. 2013-04-02 New Yorker, The Future of Bitcoin: The Bitcoin Boom

      bitcointalk.orgBitcoinBitcoin DiscussionPress
      20 hours ago – News: All users of Bitcoin-Qt/bitcoind versions 0.7.2 and earlier are required to upgrade to 0.8.1 or apply a manual workaround by May 15.
      2013-04-03 TheAge: Bitcoin boom: 'breakthrough moment ...‎ - 1 post - Apr 3, 2013
      03-04-2013 - SMH bitcoin-boom-breakthrough-moment-or ...‎ - 1 post - Apr 3, 2013
      Article On Bitcoin Boom? Is This Really That Effective?‎ - 14 posts - Jun 17, 2011
      Bitcoin Boom $47.00 [FREE] ~*The Next Generation ...‎ - 7 posts - Jun 16, 2011
      More results from bitcointalk.org »


    6. Bitcoin Boom - YouTube

      www.youtube.com/user/BitCoinBoom
      8:46. Watch Later · BitCoin: The Future of Currency. 357 views. http://BitcoinBoom.org - Join The Future of Currency. BitCoinBoom uploaded a video 1 year ago ...


    7. The Bitcoin Boom

      https://forums.butterflylabs.com/bfl-forum.../1583-bitcoin-boom.htm...
      3 posts - 3 authors - yesterday
      Very interesting read: The Future of Bitcoin : The New Yorker Would like to hear your input.


    8. RealClearMarkets - Inside The Bitcoin Boom

      www.realclearmarkets.com/.../inside_the_bitcoin_boom_139003.htm...
      2 hours ago – One of the oddest bits of news to emerge from the economic collapse of Cyprus is a corresponding rise in the value of Bitcoin, the Internet's ...


    9. Experts pour cold water on claim that Cyprus crisis caused Bitcoin ...

      arstechnica.com/.../experts-pour-cold-water-on-claim-that-cyprus-cris...
      6 days ago – If I was looking for a store of value, I'd buy gold, wouldn't I?”


    10. Bitcoin is Booming… - A Lightning War for Liberty

      libertyblitzkrieg.com/.../bitcoin-is-booming-and-its-scaring-central-b...
      Jan 30, 2013 – While most of my non fiat money is in precious metals, there's a lot I love about Bitcoin. The dramatic rise and subsequent crash that Bitcoin ...


    Separately, as was noted during a healthy discussion in the Behind the Curtain Off topic section of the PW site earlier this week, there is also a boom in Fake Bitcoins as the results and links below testify.

    About 771,000 results (0.20 seconds)




    Search Results




    1. Faked Bitcoins Caused Price Crash, Exchange Reveals | PCWorld

      www.pcworld.com/.../faked_bitcoins_caused_price_crash_e...
      by Ian Paul - in 766 Google+ circles - More by Ian Paul

      Jul 1, 2011 – The fake Bitcoins and cash "existed inside Mt.Gox alone," Barr says, and could not be transferred into a wallet for use in another exchange.


    2. Fake Bitcoins?

      bitcointalk.orgBitcoinDevelopment & Technical Discussion
      42 posts - 11 authors - Aug 13, 2011
      So, I understand that MyBitcoin was killed by someone who sent fake bitcoins, and confirmed them once somehow, and then made a withdraw ...
      Fake Scams to try and discredit Bitcoin!‎ - 8 posts - Mar 27, 2013
      Warning: Fake Casascius Physical Bitcoins website‎ - 30 posts - Oct 25, 2011
      How does someone send fake bitcoins?‎ - 6 posts - Aug 26, 2011
      1 BTC for 'fake' bitcoin signage! [OFFER EXPIRED]‎ - 31 posts - Mar 30, 2011
      More results from bitcointalk.org »


    3. History - Bitcoin

      https://en.bitcoin.it/wiki/History
      2 days ago – June 19, Someone was able to access an admin account at MtGox and issue sell orders for hundreds of thousands of fake bitcoins, forcing the ...


    4. Fake Bitcoin exchange site - Bitcoin Draws Attention of Hackers ...

      news.softpedia.com/.../Bitcoin-Draws-Attention-of-Hackers-Even-Mo...
      Lately we've seen a lot of attempts to exploit the virtual currency system, but now it seems as cybercriminals are even asking for ransom payments in Bitcoins ...


    5. The Monetary Future: Bitcoin: Dangerous to Surveillance State

      themonetaryfuture.blogspot.com/.../bitcoin-dangerous-to-surveillanc...
      Oct 22, 2011 – Can't Anybody Just Make Fake BitCoins and Spend Them? This simply isn't true. BitCoins are made by doing very intensive computations ...


    6. fake bitcoins? · Issue #2020 · bitcoin/bitcoin · GitHub

      https://github.com/bitcoin/bitcoin/issues/2020
      Nov 16, 2012 – http://blockexplorer.com/address/1Km...aB2tjRM3nnNL5J - coins were actually sent only to 1EH...(too long address) ...
    As a general rule the most successful man in life is the man who has the best information.

  2. #2
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    Default Re: Bitcoin Boom

    it's still really hard to use Bitcoin, as Kevin Roose at New York notes: "All fiat currency is built on trust, and without a reliable infrastructure, it's hard to see how Bitcoin can be trusted enough to become truly legitimate.

    As a general rule the most successful man in life is the man who has the best information.

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    Default Re: Bitcoin Boom

    Quote Originally Posted by Count Bobulescu View Post
    it's still really hard to use Bitcoin, as Kevin Roose at New York notes: "All fiat currency is built on trust, and without a reliable infrastructure, it's hard to see how Bitcoin can be trusted enough to become truly legitimate.
    That Fiat trust is being tested big time.

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    Default Re: Bitcoin Boom

    Matthew Zeitlin at Bloomberg View on the promise of Bitcoin The invention and adoption of Bitcoin, the state-less digital currency, forces us to ask and answer an important question: What is the purpose of money? Tracing two lines of thought on the origin of money — one rooted in the barter system, another in state authority — Matthew Zeitlin situates Bitcoin in the modern era of currency. "Although the creators and heavy users of Bitcoins tend to be skeptical of the security and value of state-issued fiat currency, the state-centered account for how money came about actually helps explain why Bitcoins have been fairly popular," Zeitlin writes. "Only with powerful computers and sophisticated digital cryptology can a private currency come close to working along side traditional monies." Zeitlin concludes that, absent a state's supervision, Bitcoin will either crash in value or convert into another kind of gold or silver. "Since Bitcoins can only be produced at a predetermined rate, deflation is a constant possibility, or that Bitcoins turn more into a commodity people buy than a currency people use," he says. Less philosophically,

    As a general rule the most successful man in life is the man who has the best information.

  5. #5
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    Default Re: Bitcoin Boom

    So far so good for me.
    My bitcoin has increased several orders of magnitude in the last two months alone.

    Next, I will begin mining bitcoin - tis a process whereby my hardware will generate the numbers upon which Nakamoto's algorithm relies.
    This is quite literally like printing money-I figured if the US can do it...why can't I?
    Oook.

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    Default Re: Bitcoin Boom

    Quote Originally Posted by musashi View Post
    So far so good for me.
    My bitcoin has increased several orders of magnitude in the last two months alone.

    Next, I will begin mining bitcoin - tis a process whereby my hardware will generate the numbers upon which Nakamoto's algorithm relies.
    This is quite literally like printing money-I figured if the US can do it...why can't I?
    If everyone does this at the same time, you will need a wheelbarrow to carry your pc around in.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  7. #7
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    Default Re: Bitcoin Boom

    Bitcoin surging again $185 - That's some bubble !
    Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.

  8. #8
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    Default Re: Bitcoin Boom

    Quote Originally Posted by ang View Post
    Bitcoin surging again $185 - That's some bubble !
    In the last day alone, the value has increased by 50%; doing nothing for my stress levels.
    Anything could account for it, Euro instability 'cause of Cypress. Chinese are starting to buy big time as well.
    Oook.

  9. #9
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    Default Re: Bitcoin Boom

    Quote Originally Posted by musashi View Post
    In the last day alone, the value has increased by 50%; doing nothing for my stress levels.
    Anything could account for it, Euro instability 'cause of Cypress. Chinese are starting to buy big time as well.
    Yes it takes some nerve watching.

    Governments and banks don't like bitcoin because they have no control over it.

    It should also be remembered there will only ever be 21mn bitcoins.
    Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.

  10. #10
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    Default Re: Bitcoin Boom

    Quote Originally Posted by ang View Post
    Yes it takes some nerve watching.

    Governments and banks don't like bitcoin because they have no control over it.

    It should also be remembered there will only ever be 21mn bitcoins.
    And about half of them have already been minted.
    The crypto-currency threatens other global currencies, it is likely that certain State actors will attempt to nullify it in order to protect the status quo.
    Oook.

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    Default Re: Bitcoin Boom

    Blame Paul Krugman for bitcoin: It all goes back to his 1998 column on babysitting co-ops.

    This 1998 Paul Krugman Column Perfectly Explains The Design Flaw At The Heart Of Bitcoin

    Bitcoin is garnering a lot of hype, to the point where some people are wondering whether Bitcoin can be not just an interesting experiment, but a real, functioning currency.


    The verdict is in, and you don’t have to look at Bitcoin today to know the answer. You just have to read a simple column written in 1998, more than a decade before Bitcoin was created. And the answer is no.


    Before looking at the column, we have to understand a key point about the design of Bitcoin. Most commentary has focused on the fact that it’s an entirely decentralized and cryptographic currency, which is certainly interesting. But here’s the key thing: Bitcoin’s algorithm states that at some point the total supply of Bitcoin will be capped at around 21 million. Bitcoin users create more bitcoin by “mining” it (running software on their computer), but Bitcoin’s algorithm states that the rate at which Bitcoin can grow will slow down asymptotically to close to zero, such that the supply of Bitcoin will essentially be fixed.

    Why is that a problem?


    To understand that, you just have to read what may be the most famous column by Nobel-prize winning economist Paul Krugman: the baby-sitting co-op.
    http://www.forbes.com/sites/pascalem..._medium=social
    As a general rule the most successful man in life is the man who has the best information.

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    Default Re: Bitcoin Boom

    http://www.bbc.co.uk/news/technology-22064534

    Warning to anyone who is using Skype.

    People are sending malicious messages to say they have pictures of contacts and when a person clicks it downloads malware. Peoples machines are then mined for bitcoins.
    History is the only true teacher, the revolution the best school for the proletariat - Rosa Luxembourg

  13. #13
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    Default Re: Bitcoin Boom

    Quote Originally Posted by Count Bobulescu View Post
    Blame Paul Krugman for bitcoin: It all goes back to his 1998 column on babysitting co-ops.

    This 1998 Paul Krugman Column Perfectly Explains The Design Flaw At The Heart Of Bitcoin

    http://www.forbes.com/sites/pascalem..._medium=social
    The prophecies of Bitcoin's demise are becoming more threadbare by the day. Also Krugman wasn't talking specifically about Bitcoin (it didn't exist when this piece was written).
    Oook.

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    Default Re: Bitcoin Boom

    Quote Originally Posted by fluffybiscuits View Post
    http://www.bbc.co.uk/news/technology-22064534

    Warning to anyone who is using Skype.

    People are sending malicious messages to say they have pictures of contacts and when a person clicks it downloads malware. Peoples machines are then mined for bitcoins.
    Not surprising at all. The biggest obstacle to bitcoin mining is usually the hardware.
    Oook.

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    Default Re: Bitcoin Boom

    Bitcoin up to $245
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

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