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Vladimir
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June 13, 2011, 08:53:00 PM |
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this is the one i've been waiting for. huge. Indeed! The problem with The Economist is that they often a few years ahead of the curve. They've been calling housing bubble burst for a while, since way before it has happened. If history repeats itself it is a few years before bitcoin hits 1 mil US$ parity  |
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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Astro
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June 13, 2011, 08:55:05 PM |
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This article is excellent. |
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BitterTea
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June 13, 2011, 08:58:10 PM |
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This article is excellent. I think he swung widely and missed at the end... The difference is that established fiat currencies—ones where the bills and coins, or their digital versions, get their value by dint of regulation or law—are underwritten by the state which is, in principle at least, answerable to its citizens. BitCoin, on the other hand, is a community currency. It requires self-policing on the part of its users. To some, this is a feature, not a bug. But, in the grand scheme of things, the necessary open-source engagement remains a niche pursuit. Most people would rather devolve this sort of responsibility to the authorities. Until this mindset changes, BitCoin will be no rival to real-world dosh. Does he not understand that with Bitcoin, people can choose who to trust regarding the software? Perhaps there is no such service today, but there could a marketplace for code auditing to which users could subscribe. Also, there will eventually be a multitude of Bitcoin clients, and users could use those from developers they trust. |
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Astro
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June 13, 2011, 09:11:38 PM |
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I think he swung widely and missed at the end...
Of course, you're right, but I still think this is about as good as it's going to get in the established media. This article could've gone very very badly for us considering all of the current trash-talk going on. I'll take it. |
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dacoinminster
Legendary
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Activity: 1260
Merit: 1031
Rational Exuberance
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June 13, 2011, 09:26:32 PM |
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That is the best description of bitcoins I have ever seen in mainstream media. I can't believe how deep they went into the cryptography behind it. Either the author understands the concepts very well, or he knows somebody who does. On the other hand, even with their presumably very intelligent readership, a lot of people are going to have a glazed look in their eye after trying to read all that. |
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SgtSpike
Legendary
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Activity: 1400
Merit: 1005
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June 13, 2011, 09:30:02 PM |
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Wow, incredible article. Very detailed, yet keeping with language that hopefully most people can understand. I will definitely be using this one as a reference in the future. |
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Neyo
Newbie
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Activity: 28
Merit: 0
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June 13, 2011, 10:02:02 PM |
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MemoryDealers
VIP
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Activity: 1052
Merit: 1105
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June 13, 2011, 10:29:07 PM |
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Bloomberg News contacted me today asking for a better photo of the Bitcoin Billboard for a story they are doing. They also asked for the contact details for whoever runs www.bitcoinblogger.comDoes anyone have that? I will pass it along. roger@memorydealers.com |
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SgtSpike
Legendary
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Activity: 1400
Merit: 1005
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June 13, 2011, 10:39:30 PM |
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"We're working on a bitcoin podcast, but I wanted to post something now, because the exchange rate between dollars and bitcoins has been going haywire lately."
Can't really argue with that statement.... Bloomberg News contacted me today asking for a better photo of the Bitcoin Billboard for a story they are doing. They also asked for the contact details for whoever runs www.bitcoinblogger.comDoes anyone have that? I will pass it along. roger@memorydealers.comWow, that could be huge. |
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Montpelerin
Newbie
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Activity: 16
Merit: 0
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June 13, 2011, 11:53:23 PM |
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torbank
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June 14, 2011, 12:44:56 AM |
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this is the one i've been waiting for. huge. Yes, Bitcoin is gaining real traction now. |
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Nescio
Jr. Member
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Activity: 56
Merit: 1
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June 14, 2011, 07:32:56 AM |
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If you look at the 'Related information' section beneath: "IMF boss calls for global currency 10 Feb 2011 Dominique Strauss-Kahn, head of the International Monetary Fund, thinks a new world currency would calm economic instability and curb the dollar's power" and "World Bank head calls for debate on new gold standard 8 Nov 2010 Robert Zoellick argues more co-operative monetary system would increase investor confidence and stimulate growth" Oh the irony  |
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ryepdx
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June 14, 2011, 07:52:37 AM |
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Oh the irony Meh. While Bitcoin is technically perfect for such an application, being perfectly nation-neutral as it is, at present it's far too nascent. There are still around 15 million bitcoins to be issued. The market has been going through wild fluctuations. While I would love to see it adopted as an international monetary standard, the IMF's SDRs are more likely at this point. They have already been proposed and are backed by a rather powerful international organization. I would hate to see this happen, given the IMF's usurious track record, but they do have the advantage of being first to the party.  |
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kicir
Newbie
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Activity: 56
Merit: 0
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June 14, 2011, 07:53:25 AM |
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molecular
Donator
Legendary
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Activity: 2772
Merit: 1019
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June 14, 2011, 07:54:15 AM |
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If you look at the 'Related information' section beneath: "IMF boss calls for global currency 10 Feb 2011 Dominique Strauss-Kahn, head of the International Monetary Fund, thinks a new world currency would calm economic instability and curb the dollar's power" and "World Bank head calls for debate on new gold standard 8 Nov 2010 Robert Zoellick argues more co-operative monetary system would increase investor confidence and stimulate growth" Oh the irony whaaat? That's perfect! These bigshots want bitcoin to succeed... awesome! |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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Timo Y
Legendary
Offline
Activity: 938
Merit: 1001
bitcoin - the aerogel of money
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June 14, 2011, 10:12:39 AM |
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Holy shit. This happened so much sooner than I expected (a recurring theme to my bitcoin experience, it seems). An article in The Economist was my rule for when I would stop buying and start selling. I guess the time has come. Time to get serious. |
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tymothy
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June 14, 2011, 01:24:59 PM |
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Holy shit. This happened so much sooner than I expected (a recurring theme to my bitcoin experience, it seems). An article in The Economist was my rule for when I would stop buying and start selling. I guess the time has come. Time to get serious. When people take out mortgages on their homes to buy bitcoins, that's when I get out. |
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speeder
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June 14, 2011, 01:33:16 PM |
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I wonder if anyone here will go to the OpESR protests.
I think that the union of ArabSpring, European Revolution (there are a thread about that somewhere around here) and OpESR if all of them work properly, might result finally in the downfall of the current financial system.
and I hope, the rise of a new better one.
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