Speed Bumps on the Road to Virtual Cash
MONEY is accumulated, traded and transferred online every day, but can there be a form of currency that exists only online and yet has real-world value?
Gavin Andresen, who is the lead developer of the open-source software that operates the currency, said in an interview from his home in Amherst, Mass.: “I expected it to have lots of speed bumps along the way — but I didn’t expect there to be so many speed bumps in a row.”
“I’ve sold 24 collars, 13 leashes and 1 pair of ‘Disco Knickers’ with Bitcoin over the last few months,” she wrote in an e-mail. “The first order I had was for 42 BTC, which was worth about $40 at the time, but now those coins would be worth around $680! Originally I had a fixed Bitcoin price, but now I do a conversion based on the exchange rate.”
“This is a censorship-proof currency that allows transactions to happen,” he said. “Right now what are those sort of transactions? Gambling, buying drugs — that is what is going to jumpstart it.”
Two page article at http://www.nytimes.com/2011/07/04/business/media/04link.html
I would not say this is necessarily a positive spin for Bitcoin, but the smarter reader I think can take a lot out of this piece.