No banks are involved; no central bank controls the money supply; no taxes ever need to be paid. Everything would be constantly going down in price, if you thought in bitcoin terms. See here for a complete reuters of exchanges and delays. Bitcoin by SMF 1. Good bitcoin exchange Anthony watson bitcoin exchange Minado bitcoins value Weexchange bitcointalk forum Trade bitcoin exchange Kraken bitcoin exchange review. Salmon would have to be flexible, felix
You can gamble with them in online casinos. And just like demented internet stocks, bitcoins have seen busts as well as bubbles: According to the indictment, Silk Road was bigger than anyone had suspected: Banks and central banks are given an important job to do, are regulated and scrutinized, and can be held responsible for their actions. News related to felix salmon:
The same thing would happen to all other goods and services in the world, including your own salary. Or rather, gold or bitcoin He cites a number of concerns with Bitcoin, most of which can be described as growing pains: Value generally, bitcoins could be emerging as a very salmon currency in police states, or anywhere that monetary policy reuters fail catastrophically. What sets Nakamoto apart is that he turned that mistrust into a philosophy, the most important driving force behind felix bitcoin project.
Or rather, gold or bitcoins: These are the perfect assets for rugged individualists, who trust their guns or their ultra-secure passwords more than they do their country.
The immediate impetus for the current spike in bitcoin prices, of course, is the events in Cyprus. There, the government, under extreme pressure from the European Union, first proposed taking all bank accounts — even the insured ones — by at least 6. Bitcoin has become suddenly popular in Cyprus for obvious reasons: More generally, bitcoins could be emerging as a very useful currency in police states, or anywhere that monetary policy could fail catastrophically. At the end of , for instance, there was a significant uptick of bitcoin activity in Belarus and Ukraine, two countries at severe risk of hyperinflation.
If you want to protect your wealth from the policies of your national government, or from the inflationary policies of a heterodox central bank, then bitcoins can be a very good way of doing so in a largely undetectable manner. Of course, acquiring bitcoins in such countries can be non-trivial: And even if there were, your local Ukrainian bank might frown on sending lots of hryvnia to Mt Gox. At which point one can envisage the coins getting the same kind of status, at least among the information elite, that dollars had in the Soviet era.
And it helps if we both live in a country where the US dollar is an accepted unit of currency. With bitcoins, transfers can take place across continents and timezones with no problems, no timelags, and only minuscule transaction fees.
No banks are involved; no central bank controls the money supply; no taxes ever need to be paid. You can convert them into any of a dozen currencies, on various online exchanges. You can gamble with them in online casinos. Or you can just go out and spend them. The list of things which have been bought with bitcoins is very long, and is by no means confined to laptop computers and computer-programming services.
His post was viewed more than 1. Bitcoins were — and still are — the only currency accepted on Silk Road, and overnight they became a speculative bet on the online future of illegal trading. The value of bitcoins, it turns out, is highly sensitive to media coverage: And a single post on Time. For speculators, the math is incredibly compelling. All of which helps explain the current bitcoin bubble as well.
And because of the Cyprus connection, mainstream publications have a handy real-world news hook, now, with which to explain the bitcoin phenomenon. If the currency of a country ever fluctuated as much as bitcoins did, it would never be taken seriously as a medium of exchange: But that comes as scant comfort to people watching the value of a bitcoin behave like some kind of demented internet stock during the dot-com bubble.
And just like demented internet stocks, bitcoins have seen busts as well as bubbles: In terms of its market value, it looks much more like a highly-volatile commodity. Dollars are a universally accepted unit of account: Dollars are not , on the other hand, physical commodities. The overwhelming majority of dollars in the world are deposited safely and electronically in banks: Bitcoin was constructed to behave like a currency: Bitcoin was designed to solve that problem; to be, in effect, the lingua franca of online commerce.
Even now, at the top of a huge bubble, the total value of all the bitcoins in existence is the equivalent of about 2, standard gold bars -- not remotely enough to revolutionize the global payments and currency systems as we know them.
Given the choice between something old and solid, on the one hand, and something new and virtual, on the other, the market is still voting for the asset class which has proved its worth over millennia. The promise of ripple felix salmon at reuters.
Then the system will select for me the best exchange rate, apr 10, bitcoin has no intrinsic value, and will never be a threat to fiat currency you may use bitcoin without even knowing it. Gox disappears you revert his revert! We have told you not to stare at the sun today we have told you to use safety glasses we have tried so very hard, and we are so very tired. Cryptocurrency news and articles on: News related to felix salmon: I'm half way through, this one is a keeper, well worth the time.
Hero Member Offline Activity: Well written, but lots of wrong and debunked fallacies, not just about Bitcoin, but about economics in general, for instance: Don't you hate it when something is so valuable that it's actually worthless? He's got some good points, but the conclusion doesn't make any sense. Even now, at the top of a huge bubble, the total value of all the bitcoins in existence is the equivalent of about 2, standard gold bars -- not remotely enough to revolutionize the global payments and currency systems as we know them.
If bitcoin starts eating the world, it is people like Felix that will demand that the government stops it. Full Member Offline Activity: This article by Felix Salmon has to be one of the strangest I have read on Bitcoin so far. On the one hand, the guy shows a deep level of understanding Bitcoin, much more than most other journalists. He sees how people in countries without a stable currency could use it, how it could be used for online purchases and how international trade would flourish if people were able to send wealth instantly across the globe for little or no fee.
Yet somehow, he still doesn't get it. He cites a number of concerns with Bitcoin, most of which can be described as growing pains:
Currency quotes and news from wearebeachhouse.com for BTC/USD. 3 Apr By Felix Salmon. I've posted a very long piece on bitcoin over at Medium. Obviously, I'd love for you to go over there and read the whole thing — or at But that comes as scant comfort to people watching the value of a bitcoin behave like some kind of demented internet stock during the dot-com bubble. 2 Oct The complaint says that Silk Road's total revenue, of million BTC, and commission, of , BTC, “are equivalent to roughly $ billion in revenue and $ million in commissions, at current Bitcoin exchange rates, although the value of Bitcoins has fluctuated greatly during the time period at issue”.