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Jessica Irvine, the National Economics Editor at the Australian Daily Telegraph overviews Bitcoin and concludes: " bitcoin is a distraction. It's a classic bubble. Trust me."http://www.dailytelegraph.com.au/business/jessica-irvinehttp://www.dailytelegraph.com.au/business/jessica-irvine/bitcoin-a-bubble-best-avoided-argues-jessica-irvine/story-fnj45kvd-1226766825875https://i.imgur.com/V1KNdwr.jpg"Bit coins are created every day by users. Presently 12 million exist, but the founders have said only 21 million will ever exist. [...]
So should you run out an buy bitcoins?
Short answer: no.
Remember, currencies are only worth what people will pay for them. And that depends on trust and scarcity.
First, scarcity. While the number of bitcoins is supposed to stop at 21 million, whose to say that will happen? The whole point is that it is user generated and not policed by a middle man.
Which brings me to trust. All transactions must be based on trust, and it's hard to see how anonymous users making promises to each other can be trusted in the long term There is a genuine revolution underway in internet transactions. But bitcoin is a distraction. It's a classic bubble.
Trust me."Trust me? She wants her readers to trust her when she has not researched her subject, has no clue about peer-to-peer decentralized consensus, the Bitcoin protocol, or what mining actually does. You don't have to be a programmer to know that the same software running on 200,000 separate computers which cross-checks its results is incredibly resilient. Did she not read that even the US Federal Reserve admits that Bitcoin is technically a tour-de-force? This is a National Economics Editor happy to dismiss a revolutionary economic paradigm without learning about it properly. This might be OK when making a decision for oneself, but not happily advising thousands of readers who, presumably, she wants to take her articles, and indeed her newspaper seriously. F- for this one. Got to try much harder. (Not in the press section - because this is illustrating the general point that many journalists and economists who dismiss Bitcoin have not learned about it properly). |
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Back in April this year BB loaded Bitcoin under XBT and was testing an fx rate feed from MtGox and Tradehill. As of August, this screen was still available only for IT use, not general subscriber use:  Can someone with a subscription check whether this is still a restricted page? |
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As of the date of this poll Twitter is slated to IPO with a valuation of $17.4 billion. Twitter has had a significant global impact allowing one-to-many and many-to-one instant broadcast messaging of text and recently, images. It has revolutionized the transmission of real-time events from the Arab Spring to celebrity name-calling. But the revenue stream is small, dividends seem a distant prospect. http://www.ft.com/cms/s/0/03f754da-455b-11e3-b98b-00144feabdc0.html#axzz2jiuClgTWCurrently Bitcoin, recapturing its all-time high, has a monetary base of nearly $3 billion. All Bitcoiners appreciate the risks and reality of it right now and yet its world-changing potential. Many use Twitter as well. It's simple. Today the market values Twitter 5.8x more than Bitcoin. But in 5 years which will be bigger, better, more important, and by how much? Hoping for a useful histogram to result... |
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Bitcoin is displacing the core business of Western Union, the international money transmitter. Although the loss of WU business to BTC right now is a trickle the markets can see this becoming a flood in the near future. Oct 30, 2013 equities.com "Money transmitter Western Union (WU) posted its third quarter earnings after the bell on Tuesday, and while the company beat EPS forecasts they provided bleak guidance as a result of expected increased regulatory costs. Money transmitters across the board, including classic competitor Monerygram International (MGI) face a tough future, as more people needing to transfer money have been utilizing the popular virtual currency bitcoin.
However, bitcoin itself cannot be blamed for Western Union’s decline, and may not long last as a cheap, regulatory-free alternative to traditional money transmitters. The major digital cryptocurrency exchanges might soon be facing the same constraints as its traditional currency counterparts, severely undermining the appeal of bitcoin in America.
Western Union raised compliance-related cost guidance from 3.5 percent to 4.5 percent in 2013, up from 2.5 percent last year. Contrasted with bitcoin exchanges like Mt. Gox, Bitstamp, and Coinbase, who currently pay zero, Western Union is finding it harder and harder to compete.
The bitcoin exchange’s status as a tax-free, regulatory-exempt money transfer apparatus might not last long in the States – that is, if regulators have their way. On Oct. 1 the New York Department of Financial Services subpoenaed several bitcoin startups, stating that “regulations need to be in place,” and if regulation killed bitcoin’s viability as a liquid value transfer vehicle, “so be it.”
At the same time, bitcoin has attracted mainstream interest from big players like the Winklevoss Twins of Facebook Inc. (FB) fame. The Winklevii are currently seeking to set up the first Bitcoin ETF, which would allow Wall Streeters to speculate on the digital currency with American dollars.
Whether bitcoin survives, dies, or thrives, the fact remains that Western Union is in trouble, and investors are spooked. Following the pessimistic guidance, the company’s shares shed over 12 percent amid exceedingly heavy trading."http://www.equities.com/editors-desk/stocks/financials/western-union-tanks-on-poor-guidance-as-bitcoin-gains-prominence(my emphasis) WU is in the same position as the Kodak film business when it first faced digital technology. The only option for Kodak was to use its massive size to embrace the new tech, adapt and ride the change ahead of everyone else. They failed to do so and the rest is history. Perhaps WU could integrate bitcoin into its business model and become like localbitcoins.com (but leverage their branch network & install ATMs in them too), or use all its MSB licences in the US to set up a professional exchange. This is a real test of their management. WU is the very first domino in a whole series with Paypal, Mastercard, VISA, retail banks, the fiat currencies and Central Banks lined up afterwards. It will be interesting to see which ones adapt best and which ones die hardest.  |
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A New Coinagehttp://www.epw.in/postscript/new-coinage.htmlNice article out of India showing recognition that cryptocurrency has a strong chance of replacing fiat completely. "In the past we have witnessed the emergence of several disruptive products on the internet. However, they were limited to specific domains. But Bitcoin’s target is money, the most common medium of exchange and legal tender, and for many the most critical thing in life. [...] One thing is certain – money will never be the same again."note: (date matches periodical).
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Joe Biden explaining the constitutional basis for impeaching the president for taking the US to a war of choice without Congressional approval. worth listening to the whole item, but 5:25 for the important info: http://www.youtube.com/watch?feature=player_embedded&v=0xpfpciJzBU(spoiler alert) he was referring to Bush attacking Iran, but the same principles apply today. |
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Los Angeles Daily News explaining Bitcoin to its readership - and it's the future! "math-based currencies like Bitcoin, which enable transactions from one user to another without official oversight or high fees, could upset the centuries-old tradition of paper money — much as user-generated Wikipedia all but replaced the venerable Encyclopaedia Britannica."http://www.dailynews.com/business/20130816/bitcoin-changing-money-to-change-the-world |
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We last saw >100k articles during the $266 peak week. Recently it has hovered around 30-50k articles. The NY and Senate investigations, Android wallet problem and pirate trial have created another storm of interest:  |
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