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Author Topic: The Week In Bitcoin - Apr 18 through Apr 24, 2011  (Read 3455 times)
Stephen Gornick
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April 19, 2011, 07:31:13 PM
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Sunday, Apr 24th, 2011

  • Article / Blog post:
    Is the bitconomy the frontier of economic innovation? by Duane Jonson, @CanadaDuane
    “One could say that while we live in a political democracy, we live in an economic aristocracy.”
    “One of the central questions of the French Revolution and earlier the American Revolution was, “Can a society exist, or even thrive without a king?”
    - http://bit.ly/eKHNk3
  • New software: Moneychanger, a reference implementation (experimental only) of a currency accounting application that accesses the Open Transactions API.  Plans for the app include Bitcoin integration to support Bitcoin as one of the currencies used as backing in a currency trading system or payment network.
    - http://github.com/FellowTraveler/Moneychanger
    - http://en.bitcoin.it/wiki/Moneychanger
  • New Bitcoin-specific Job board and Freelancer listings: Bitcoiners
    Listings include jobs that pay using Bitcoins and a directory of freelancers showing their availability and qualifications.
    - http://www.bitcoiners.org
    - http://en.bitcoin.it/wiki/Bitcoiners
  • Bay area finally warms up to Bitcoin?
    Silicon Valley Bitcoin Users meetup group in Sunnyvale schedules first meeting, and the San Francisco group is forming.  Meetup.com shows six groups now, including NYC, D.C., Chicago, L.A., Tokyo
    - http://bitcointalk.org/index.php?topic=6389.0
    - http://en.bitcoin.it/wiki/Bitcoin:Community_portal#Events
  • s3052’s Bitcoin Market Technical Analysis (updates)
    “Both [linear and log scale] charts show how bitcoin perfectly follows textbook like chart patterns.”
    “The likelihood is high that we see continued rises (after pausing a couple of days [sideways]).”
    - http://bit.ly/gc0YvF
    Short term: “Another bullish triangle has formed over the last 2 days. Another test [of the $1.95 record level] or breakout above 2 $ possible.”
    - http://bit.ly/fd8o7M


Saturday, Apr 23rd, 2011

  • Research paper on Bitcoin (draft review):
    Bitcoin: An Innovative Alternative Digital Currency by Reuben Grinberg (Yale Law School)
    The author posts an early draft (PDF) of his paper, which examines relevant legal issues, and solicits feedback.
    “Bitcoin  may  fall  under  the  literal  definition  of  ’currency,’  but  it  is  also  unlike  the  commercial  paper  that  Congress  exempted.”
    - http://bitcointalk.org/index.php?topic=6247.0
    - http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1817857
  • Event: Bitcoin Chicago Meetup Group
    Sunday, April 24, 2011 at 8:00 PM, Argo Tea, Chicago
    - http://www.meetup.com/BitcoinChicago
  • #bitcoin-otc IRC channel becomes most widely used
    Attempts to understand the frenetic trading on the exchanges caused the number of simultaneous users to reach a record 282.  #bitcoin-dev previously was the Bitcoin-related channel with the most simultaneous users.
    - http://bitcoin-otc.com
    - http://webchat.freenode.net/?channels=#bitcoin-otc
  • New exchange: Bitcoin.com.es
    Fixed-rate exchange for buying bitcoins using bank transfer (EUR) or by depositing cash at the Spanish bank OpenBank.  Rates based on Mt. Gox and fee is 2%.
    - http://www.bitcoin.com.es
    - http://en.bitcoin.it/wiki/Bitcoin.com.es
  • Bitcoin exchange rate reaches $1.60 $1.70 $1.80 $1.94 USD on its leading exchange following a 33% 41% 50% 62.5% rise occuring over little more than 48 hours.  Trading continues, 24x7.


Friday, Apr 22nd, 2011

  • Article / Blog post in The Bitcoin Weekly:
    Expanding the Bitcoin Economy - Legitimate Businesses and Food by Vitalik Buterin
    “It is [having those who both earn and use bitcoin in significant quantities] that gives Bitcoin intrinsic value”
    - http://bit.ly/eQSQ6f
  • Video: Don’t Buy Bitcoins
    There might be worse ways to spend the next eight and a half minutes of your life.  Or not.
    - http://www.youtube.com/watch?v=DoK8HXMSsNg
    - http://bitcointalk.org/index.php?topic=6311
  • Article / Blog post:
    Peer-2-Peer Digital Currency: The Long Road Ahead for FinCEN by Mark Herpel, editor of DGC
    “PayPal is an extension of the bank account it is not a digital currency”.
    “Software designers have now created, built and operate systems that do not generate any of the traditional markers needed for proper regulation”.
    “There about a half dozen of these systems operating across the Internet which are known to the public.”
    - http://bit.ly/eIl8D7
  • Article / Blog post:
    On monetary restandardization on the Unqualified Reservations blog
    “I would like to see the gold books of all governments, exchanges, and banks. Who is naked? Who is transforming maturities? It won’t happen.”
    “But Bitcoin is not centralized, so there is no way the development team can prevent exchanges from operating. These exchanges are obvious targets for numerous predatory authorities. When they are destroyed, the currency dies.”
    [Please take the time necessary this weekend to read the article in full. - editor]
    - http://unqualified-reservations.blogspot.com/2011/04/on-monetary-restandardization.html
  • Article / Blog post:
    Bitcoin is a thing by Tate Watkins on his blog Short Sentences
    “this [Wikileaks] example and this example alone is enough to make Bitcoin novel, interesting, and relevant, and demonstrate its use as a store of value”.
    - http://shortsentences.org/2011/04/bitcoin-is-a-thing
  • Article / Blog post: LewRockwell.com
    Poker Freedom post shows a letter by a friend of Lew’s
    “It’s taken me less than a week to set up a virtual private network (vpn) that makes it look like I’m playing from another country, acquire a foreign PO Box, …”
    - http://www.lewrockwell.com/blog/lewrw/archives/86247.html


Thursday, Apr 21st, 2011

  • Bitcoin client Spesmilo enters beta-testing:
    v0.0.1.beta1 is now available.  For Windows, Linux.  Connects to local or remote bitcoind via RPC.
    - http://bitcointalk.org/index.php?topic=6273.0
  • New all time high record level for BTC/USD on Mt. Gox exchange, $1.21.
  • Bitcoin Economy Snapshot:
    1 BTC = $1.18 USD, Size: 5.97M BTC, Last 24h: 4.42M BTC in 1.9K trx, Difficulty: 92.3K, Forum posts/day: 916, Nodes: 1.8K
    - http://twitter.com/bitcoineconomy
  • S3052’s Bitcoin Market Technical Analysis:
    Long term: “Clear rally. No change in outlook”
    Short term: “BTC/USD seems to be on the verge of the next breakout from the ascending triangle”
    - http://bit.ly/fijXhW
  • Article / Blog post on TechDirt:
    Can Bitcoin Really Succeed Long Term? by Mike Masnic
    “I could certainly envision scenarios that lead to rapid Bitcoin (or similar offering) adoption.”
    - http://www.techdirt.com/articles/20110420/02412713972
  • New exchange:
    BitcoinExchange Services - Buys and sells bitcoins using PayPal, MoneyPak, Liberty Reserve, WMZ, ACH, Wire Transfer & more.
    - http://bitcointalk.org/index.php?topic=6223.0


Wednesday, Apr 20th, 2011

  • Bitcoin client v0.3.21 being readied,
    The next release of the Bitcoin client is at Release Candidate stage.  Help with testing has been requested.  Features in the release will include:
    - Universal Plug and Play (UPnP), off by default
    - Sending and displaying arbitrary precision (e.g. 1.0001)
    - SendMany RPC support (make multiple payments in one trx)
    - Bug fixes, including a fix for the deadlock issue.
    - http://bitcointalk.org/index.php?topic=6189.0
  • Article / Blog post in Bitcoin Weekly
    Generation and Assimilation of Bitcoin Knowledge by Kiba
    “Bitcoin development is done in the bazaar style”. Bitcoin Weekly presents information from the project’s forums “in an easily understandable manner.”
    - http://bitcoinweekly.com/articles/generation-and-assimilation-of-bitcoin-knowledge
  • Press: Forbes Magazine article (May 09, 2011 issue)
    Crypto Currency by Andy Greenberg
    “For Bitcoin, a subculture of geek-friendly merchants is catching on.”
    “Cypherpunk’s adherents saw cryptography as a way to shift power from institutions to individuals.”
    - http://bit.ly/gvBqTW
  • Bitcoin Charts offers data feed - Mt. Gox history trade data
    - http://bitcointalk.org/index.php?topic=6193.0
  • Article / Blog post:
    Jerry Brito defends Bitcoin by Tyler Cowen on the Marginal Revolution blog.
    “I just don’t see why the Bitcoin assets are supposed to be so attractive compared to dollars, euros, Swiss francs, and so on.”
    - http://marginalrevolution.com/marginalrevolution/2011/04/jerry-brito-defends-bitcoin.html
  • Article / Blog post:
    Jerry Brito continues the conversation on Bitcoin that ramped after his Bitcoin article was recently published in TIME’s TechLand.
    “Hopefully governments will prosecute those who do ill, and not simply seek to ban the technology. If they do, that’s a battle we’ll have to be prepared to fight.”
    - http://techliberation.com/2011/04/20/bitcoin-intermediaries-and-information-control
  • Podcast: Cypherpunkd Episodes 011 and 012
    Introduction to Open-Transactions Financial Crypto System and Integration with Bitcoin on AgoristRadio
    Interviewed is FellowTraveler, founder of Open Transactions.  Discussed is how Open Transactions picks up where Bitcoin comes up short (e.g. instantaneous transactions, chaumian blinding, and more) and how a combination of the two provides incredible utility.
    - http://agoristradio.com/?p=234 (Part 1 of 2)
    - http://agoristradio.com/?p=246 (Part 2 of 2)
  • Latest from Plato on his #BitcoinRoadTrip cross-country Bitcoin-only trip
    “… asked if I liked Bitcoin for its technology, economics, or politics. I had to answer ‘all three,’ but I lean a little bit to the political side of the table. David and Jake do too”.
    - http://therealplato.com/post/4783447916
  • New Bitcoin client for Windows: Bitdollar
    The client provides the option to encrypt the wallet and protect it with a password.
    “Goal is to manage bitcoin protocol exactly like bitcoin client.”
    - http://bitcointalk.org/index.php?topic=6111.0
    - http://en.bitcoin.it/wiki/Bitdollar
  • Article / Blog post:
    The economics of Bitcoin by Tyler Cowen, Economist, on his blog Marginal Revolution
    “The lesson here is that enough of you ask me about a topic, eventually I will blog it.”
    “The currency will fall to near-zero in value.  Hold it at your own risk.”
    - http://marginalrevolution.com/marginalrevolution/2011/04/the-economics-of-bitcoin.html
    In the comments is a response by Jon Matonis:
    “Free individuals can generate a mass illusion just as a central bank creates the mass illusion of paper as value.”
  • Video:
    Hive45 Singularity Podcast #53 - Bitcoin P2P Virtual Currency by Hive45
    “The potential for [Bitcoin] is just absolutely ridiculous.”
    “Inflation keeps the economy growing.  The problem with deflation [is that it] encourages me just to sit on them.”  ”Deflation is its main failing.”
    - http://www.youtube.com/watch?v=-o0LTTnHZJc#t=1247s



Tuesday, Apr 19th, 2011

  • Bitcoin exchange Mt. Gox adds further Websocket API support
    Added ability to subscribe to “Trades”, “Ticker” and “Depth”.
    - http://bitcointalk.org/index.php?topic=5855.msg88330#msg88330
  • New site: Bitcoin Bubble
    “Traditional ponzi schemes are illegal, however there are some fundamental differences between a bubble game and a ponzi scheme.”
    - http://bitcointalk.org/index.php?topic=6117.0
    - http://btcbubble.com
  • s3052’s Bitcoin Market Technical Analysis
    “Bitcoins have indeed evaporated all barriers, including the last remaining one: the previous all time high above $1.10.”
    Long term: “Next big targets are $1.70 - $2.00.”
    Short term: “Prices may consolidate sideways over the next days before continuing the rally.”
    - http://bit.ly/h4bWTm
  • Article / Blog post:
    BitCoin: A Natural Experiment for Credit Union Development? by Matt Cropp in the Credit Union History blog.
    “It will be interesting to see how a stable or even de-flating monetary environment will affect credit union growth and structure.”
    - http://cuhistory.blogspot.com/2011/04/bitcoin-natural-experiment-for-credit.html
  • Bitcoin Economy Snapshot
    1 BTC = $1.17 USD, Size: 5.96M BTC, Last 24h: 2.46M BTC in 3.5K trx, Difficulty: 92.3K, Forum posts/day: 920, Nodes: 1.8K
    -  http://twitter.com/#!/bitcoineconomy
  • Plato’s #BitcoinRoadTrip update: District of Columbia
    Follow @TheRealPlato on his cross-country roadtrip where he spends “only bitcoins, no fiat money” from east to west.
    - http://therealplato.com (blog)
  • New CPU Miner: Stealthcoin (A/K/A “Bitcoin: Botnet Edition”)
    “A modified bitcoind client that mines gently on a Windows system with minimal impact to the user.”
    “Profit potential exists when ignoring cost of electricity.”
    - http://github.com/bitcoin2cash/Stealthcoin
    - http://en.bitcoin.it/wiki/Stealthcoin
  • Bitcoin Faucet resumes service
    To combat fraudulent attempts to receive free bitcoins, a “community watch” will be implemented:
    - http://bitcointalk.org/index.php?topic=5819.msg89236#msg89236
  • New IRC channel, #bitcoin on Freenode
    Registration of the channel on Freenode was finally made possible.  The channel will be used for general bitcoin discussions.
    - http://webchat.freenode.net/?channels=#bitcoin (web-based IRC)
    - http://bitcointalk.org/index.php?topic=6079.0
  • Podcast:
    Gavin Andresen on Bitcoin interview by Jerry Brito of Surprisingly Free blog.
    Jerry is the author of last weekend’s Bitcoin article in Time Techland.
    “Bitcoin, like the Internet, doesn’t really respect national borders.  The Internet is the Internet, and data is data.  It’s very hard to draw lines at the edges of the border.”
    - http://surprisinglyfree.com/2011/04/19/gavin-andresen-on-bitcoin (mp3)
  • Article / Blog post:
    Bitcoin’s Collusion Problem by blogger Timothy B Lee
    “[Would it] be possible for a critical mass of nodes to collude to change the rules”?  ”It strikes me as highly improbable that the world’s government’s would leave the Bitcoin central bank unregulated.”
    - http://timothyblee.com/2011/04/19/bitcoins-collusion-problem
  • Britcoin resumes service
    After a brief interruption, the U.K. based exchange is back online.
    - http://www.britcoin.co.uk
  • Bitcoin-powered Poker site beneficiary of U.S. Poker take-down
    Following the U.S. Federal Government’s shutdown of PokerStars, Full Title and other poker sites, one Poker site, betco.in, is seeing a record numbers of visitors:
    - http://www.imagebanana.com/view/rrmdrmct/Selection_001.png
  • Video:
    Geoff Golder on the New Crypto-Currency BitCoin by Matt Cropp on ASR
    “No less than four different people have all come to me about a project that seems to be breaking to the surface of the zeitgeist.”
    - http://asrblog.com/2011/04/18/2011-04-20-geoff-golder-on-the-new-crypto-currency-bitcoin
  • Minimum order size reduced on Mt. Gox exchange
    Orders may now be place for as little as 1 BTC.  Previously only orders of 10 BTC or more could be entered.


Monday, Apr 18th, 2011



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April 20, 2011, 09:35:53 AM
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Tuesday, Apr 19th, 2011

  • Bitcoin exchange Mt. Gox adds further Websocket API support
    Added ability to subscribe to “Trades”, “Ticker” and “Depth”.
    - http://bitcointalk.org/index.php?topic=5855.msg88330#msg88330
  • New site: Bitcoin Bubble
    “Traditional ponzi schemes are illegal, however there are some fundamental differences between a bubble game and a ponzi scheme.”
    - http://bitcointalk.org/index.php?topic=6117.0
    - http://btcbubble.com
  • s3052’s Bitcoin Market Technical Analysis
    “Bitcoins have indeed evaporated all barriers, including the last remaining one: the previous all time high above $1.10.”
    Long term: “Next big targets are $1.70 - $2.00.”
    Short term: “Prices may consolidate sideways over the next days before continuing the rally.”
    - http://bit.ly/h4bWTm
  • Article / Blog post:
    BitCoin: A Natural Experiment for Credit Union Development? by Matt Cropp in the Credit Union History blog.
    “It will be interesting to see how a stable or even de-flating monetary environment will affect credit union growth and structure.”
    - http://cuhistory.blogspot.com/2011/04/bitcoin-natural-experiment-for-credit.html
  • Bitcoin Economy Snapshot
    1 BTC = $1.17 USD, Size: 5.96M BTC, Last 24h: 2.46M BTC in 3.5K trx, Difficulty: 92.3K, Forum posts/day: 920, Nodes: 1.8K
    -  http://twitter.com/#!/bitcoineconomy
  • Plato’s #BitcoinRoadTrip update: District of Columbia
    Follow @TheRealPlato on his cross-country roadtrip where he spends “only bitcoins, no fiat money” from east to west.
    - http://therealplato.com (blog)
  • New CPU Miner: Stealthcoin (A/K/A “Bitcoin: Botnet Edition”)
    “A modified bitcoind client that mines gently on a Windows system with minimal impact to the user.”
    “Profit potential exists when ignoring cost of electricity.”
    - http://github.com/bitcoin2cash/Stealthcoin
    - http://en.bitcoin.it/wiki/Stealthcoin
  • Bitcoin Faucet resumes service
    To combat fraudulent attempts to receive free bitcoins, a “community watch” will be implemented:
    - http://bitcointalk.org/index.php?topic=5819.msg89236#msg89236
  • New IRC channel, #bitcoin on Freenode
    Registration of the channel on Freenode was finally made possible.  The channel will be used for general bitcoin discussions.
    - http://webchat.freenode.net/?channels=#bitcoin (web-based IRC)
    - http://bitcointalk.org/index.php?topic=6079.0
  • Podcast:
    Gavin Andresen on Bitcoin interview by Jerry Brito of Surprisingly Free blog.
    Jerry is the author of last weekend’s Bitcoin article in Time Techland.
    “Bitcoin, like the Internet, doesn’t really respect national borders.  The Internet is the Internet, and data is data.  It’s very hard to draw lines at the edges of the border.”
    - http://surprisinglyfree.com/2011/04/19/gavin-andresen-on-bitcoin (mp3)
  • Article / Blog post:
    Bitcoin’s Collusion Problem by blogger Timothy B Lee
    “[Would it] be possible for a critical mass of nodes to collude to change the rules”?  ”It strikes me as highly improbable that the world’s government’s would leave the Bitcoin central bank unregulated.”
    - http://timothyblee.com/2011/04/19/bitcoins-collusion-problem
  • Britcoin resumes service
    After a brief interruption, the U.K. based exchange is back online.
    - http://www.britcoin.co.uk
  • Bitcoin-powered Poker site beneficiary of U.S. Poker take-down
    Following the U.S. Federal Government’s shutdown of PokerStars, Full Title and other poker sites, one Poker site, betco.in, is seeing a record numbers of visitors:
    - http://www.imagebanana.com/view/rrmdrmct/Selection_001.png
  • Video:
    Geoff Golder on the New Crypto-Currency BitCoin by Matt Cropp on ASR
    “No less than four different people have all come to me about a project that seems to be breaking to the surface of the zeitgeist.”
    - http://asrblog.com/2011/04/18/2011-04-20-geoff-golder-on-the-new-crypto-currency-bitcoin
  • Minimum order size reduced on Mt. Gox exchange
    Orders may now be place for as little as 1 BTC.  Previously only orders of 10 BTC or more could be entered.


Got a news tip, suggestion or comment?
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Current week (updated throughout each day):
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April 20, 2011, 09:39:10 PM
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Just have to say that I love The Week In Bitcoin, it is a great service for people like me who doesn't follow the Bitcoin forum on a daily basis!  Kiss

Where can I send a small donation for your efforts?

Tom

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Stephen Gornick
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April 21, 2011, 07:27:11 PM
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Just have to say that I love The Week In Bitcoin, it is a great service for people like me who doesn't follow the Bitcoin forum on a daily basis!  Kiss

Where can I send a small donation for your efforts?

Thank you for your comments!   

I accept news tips here: http://www.bitcoinnews.com/submit and monetary tips here: http://www.youtipit.org/en/tip.aspx?junketId=J2712

Either are much appreciated!

Stephen Gornick
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April 21, 2011, 07:29:36 PM
 #5

Wednesday, Apr 20th, 2011

  • Bitcoin client v0.3.21 being readied,
    The next release of the Bitcoin client is at Release Candidate stage.  Help with testing has been requested.  Features in the release will include:
    - Universal Plug and Play (UPnP), off by default
    - Sending and displaying arbitrary precision (e.g. 1.0001)
    - SendMany RPC support (make multiple payments in one trx)
    - Bug fixes, including a fix for the deadlock issue.
    - http://bitcointalk.org/index.php?topic=6189.0
  • Article / Blog post in Bitcoin Weekly
    Generation and Assimilation of Bitcoin Knowledge by Kiba
    “Bitcoin development is done in the bazaar style”. Bitcoin Weekly presents information from the project’s forums “in an easily understandable manner.”
    - http://bitcoinweekly.com/articles/generation-and-assimilation-of-bitcoin-knowledge
  • Press: Forbes Magazine article (May 09, 2011 issue)
    Crypto Currency by Andy Greenberg
    “For Bitcoin, a subculture of geek-friendly merchants is catching on.”
    “Cypherpunk’s adherents saw cryptography as a way to shift power from institutions to individuals.”
    - http://bit.ly/gvBqTW
  • Bitcoin Charts offers data feed - Mt. Gox history trade data
    - http://bitcointalk.org/index.php?topic=6193.0
  • Article / Blog post:
    Jerry Brito defends Bitcoin by Tyler Cowen on the Marginal Revolution blog.
    “I just don’t see why the Bitcoin assets are supposed to be so attractive compared to dollars, euros, Swiss francs, and so on.”
    - http://marginalrevolution.com/marginalrevolution/2011/04/jerry-brito-defends-bitcoin.html
  • Article / Blog post:
    Jerry Brito continues the conversation on Bitcoin that ramped after his Bitcoin article was recently published in TIME’s TechLand.
    “Hopefully governments will prosecute those who do ill, and not simply seek to ban the technology. If they do, that’s a battle we’ll have to be prepared to fight.”
    - http://techliberation.com/2011/04/20/bitcoin-intermediaries-and-information-control
  • Podcast: Cypherpunkd Episodes 011 and 012
    Introduction to Open-Transactions Financial Crypto System and Integration with Bitcoin on AgoristRadio
    Interviewed is FellowTraveler, founder of Open Transactions.  Discussed is how Open Transactions picks up where Bitcoin comes up short (e.g. instantaneous transactions, chaumian blinding, and more) and how a combination of the two provides incredible utility.
    - http://agoristradio.com/?p=234 (Part 1 of 2)
    - http://agoristradio.com/?p=246 (Part 2 of 2)
  • Latest from Plato on his #BitcoinRoadTrip cross-country Bitcoin-only trip
    “… asked if I liked Bitcoin for its technology, economics, or politics. I had to answer ‘all three,’ but I lean a little bit to the political side of the table. David and Jake do too”.
    - http://therealplato.com/post/4783447916
  • New Bitcoin client for Windows: Bitdollar
    The client provides the option to encrypt the wallet and protect it with a password.
    “Goal is to manage bitcoin protocol exactly like bitcoin client.”
    - http://bitcointalk.org/index.php?topic=6111.0
    - http://en.bitcoin.it/wiki/Bitdollar
  • Article / Blog post:
    The economics of Bitcoin by Tyler Cowen, Economist, on his blog Marginal Revolution
    “The lesson here is that enough of you ask me about a topic, eventually I will blog it.”
    “The currency will fall to near-zero in value.  Hold it at your own risk.”
    - http://marginalrevolution.com/marginalrevolution/2011/04/the-economics-of-bitcoin.html
    In the comments is a response by Jon Matonis:
    “Free individuals can generate a mass illusion just as a central bank creates the mass illusion of paper as value.”
  • Video:
    Hive45 Singularity Podcast #53 - Bitcoin P2P Virtual Currency by Hive45
    “The potential for [Bitcoin] is just absolutely ridiculous.”
    “Inflation keeps the economy growing.  The problem with deflation [is that it] encourages me just to sit on them.”  ”Deflation is its main failing.”
    - http://www.youtube.com/watch?v=-o0LTTnHZJc#t=1247s


Got a news tip, suggestion or comment?
  http://www.bitcoinnews.com/submit

Current week (updated throughout each day):
  http://www.bitcoinnews.com   (RSS) (mobile) (email)

Previous summaries:
  http://www.bitcoinnews.com/archive  Follow on Twitter: @BitcoinNews

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April 22, 2011, 08:35:12 AM
 #6

Thursday, Apr 21st, 2011

  • Bitcoin client Spesmilo enters beta-testing:
    v0.0.1.beta1 is now available.  For Windows, Linux.  Connects to local or remote bitcoind via RPC.
    - http://bitcointalk.org/index.php?topic=6273.0
  • New all time high record level for BTC/USD on Mt. Gox exchange, $1.21.
  • Bitcoin Economy Snapshot:
    1 BTC = $1.18 USD, Size: 5.97M BTC, Last 24h: 4.42M BTC in 1.9K trx, Difficulty: 92.3K, Forum posts/day: 916, Nodes: 1.8K
    - http://twitter.com/bitcoineconomy
  • S3052’s Bitcoin Market Technical Analysis:
    Long term: “Clear rally. No change in outlook”
    Short term: “BTC/USD seems to be on the verge of the next breakout from the ascending triangle”
    - http://bit.ly/fijXhW
  • Article / Blog post on TechDirt:
    Can Bitcoin Really Succeed Long Term? by Mike Masnic
    “I could certainly envision scenarios that lead to rapid Bitcoin (or similar offering) adoption.”
    - http://www.techdirt.com/articles/20110420/02412713972
  • New exchange:
    BitcoinExchange Services - Buys and sells bitcoins using PayPal, MoneyPak, Liberty Reserve, WMZ, ACH, Wire Transfer & more.
    - http://bitcointalk.org/index.php?topic=6223.0



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April 24, 2011, 03:33:30 PM
 #7

Friday, Apr 22nd, 2011

  • Article / Blog post in The Bitcoin Weekly:
    Expanding the Bitcoin Economy - Legitimate Businesses and Food by Vitalik Buterin
    “It is [having those who both earn and use bitcoin in significant quantities] that gives Bitcoin intrinsic value”
    - http://bit.ly/eQSQ6f
  • Video: Don’t Buy Bitcoins
    There might be worse ways to spend the next eight and a half minutes of your life.  Or not.
    - http://www.youtube.com/watch?v=DoK8HXMSsNg
    - http://bitcointalk.org/index.php?topic=6311
  • Article / Blog post:
    Peer-2-Peer Digital Currency: The Long Road Ahead for FinCEN by Mark Herpel, editor of DGC
    “PayPal is an extension of the bank account it is not a digital currency”.
    “Software designers have now created, built and operate systems that do not generate any of the traditional markers needed for proper regulation”.
    “There about a half dozen of these systems operating across the Internet which are known to the public.”
    - http://bit.ly/eIl8D7
  • Article / Blog post:
    On monetary restandardization on the Unqualified Reservations blog
    “I would like to see the gold books of all governments, exchanges, and banks. Who is naked? Who is transforming maturities? It won’t happen.”
    “But Bitcoin is not centralized, so there is no way the development team can prevent exchanges from operating. These exchanges are obvious targets for numerous predatory authorities. When they are destroyed, the currency dies.”
    [Please take the time necessary this weekend to read the article in full. - editor]
    - http://unqualified-reservations.blogspot.com/2011/04/on-monetary-restandardization.html
  • Article / Blog post:
    Bitcoin is a thing by Tate Watkins on his blog Short Sentences
    “this [Wikileaks] example and this example alone is enough to make Bitcoin novel, interesting, and relevant, and demonstrate its use as a store of value”.
    - http://shortsentences.org/2011/04/bitcoin-is-a-thing
  • Article / Blog post: LewRockwell.com
    Poker Freedom post shows a letter by a friend of Lew’s
    “It’s taken me less than a week to set up a virtual private network (vpn) that makes it look like I’m playing from another country, acquire a foreign PO Box, …”
    - http://www.lewrockwell.com/blog/lewrw/archives/86247.html



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April 24, 2011, 03:35:44 PM
 #8

Saturday, Apr 23rd, 2011

  • Research paper on Bitcoin (draft review):
    Bitcoin: An Innovative Alternative Digital Currency by Reuben Grinberg (Yale Law School)
    The author posts an early draft (PDF) of his paper, which examines relevant legal issues, and solicits feedback.
    “Bitcoin  may  fall  under  the  literal  definition  of  ’currency,’  but  it  is  also  unlike  the  commercial  paper  that  Congress  exempted.”
    - http://bitcointalk.org/index.php?topic=6247.0
    - http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1817857
  • Event: Bitcoin Chicago Meetup Group
    Sunday, April 24, 2011 at 8:00 PM, Argo Tea, Chicago
    - http://www.meetup.com/BitcoinChicago
  • #bitcoin-otc IRC channel becomes most widely used
    Attempts to understand the frenetic trading on the exchanges caused the number of simultaneous users to reach a record 282.  #bitcoin-dev previously was the Bitcoin-related channel with the most simultaneous users.
    - http://bitcoin-otc.com
    - http://webchat.freenode.net/?channels=#bitcoin-otc
  • New exchange: Bitcoin.com.es
    Fixed-rate exchange for buying bitcoins using bank transfer (EUR) or by depositing cash at the Spanish bank OpenBank.  Rates based on Mt. Gox and fee is 2%.
    - http://www.bitcoin.com.es
    - http://en.bitcoin.it/wiki/Bitcoin.com.es
  • Bitcoin exchange rate reaches $1.60 $1.70 $1.80 $1.94 USD on its leading exchange following a 33% 41% 50% 62.5% rise occuring over little more than 48 hours.  Trading continues, 24x7.



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April 25, 2011, 08:06:23 AM
 #9

Sunday, Apr 24th, 2011

  • Article / Blog post:
    Is the bitconomy the frontier of economic innovation? by Duane Jonson, @CanadaDuane
    “One could say that while we live in a political democracy, we live in an economic aristocracy.”
    “One of the central questions of the French Revolution and earlier the American Revolution was, “Can a society exist, or even thrive without a king?”
    - http://bit.ly/eKHNk3
  • New software: Moneychanger, a reference implementation (experimental only) of a currency accounting application that accesses the Open Transactions API.  Plans for the app include Bitcoin integration to support Bitcoin as one of the currencies used as backing in a currency trading system or payment network.
    - http://github.com/FellowTraveler/Moneychanger
    - http://en.bitcoin.it/wiki/Moneychanger
  • New Bitcoin-specific Job board and Freelancer listings: Bitcoiners
    Listings include jobs that pay using Bitcoins and a directory of freelancers showing their availability and qualifications.
    - http://www.bitcoiners.org
    - http://en.bitcoin.it/wiki/Bitcoiners
  • Bay area finally warms up to Bitcoin?
    Silicon Valley Bitcoin Users meetup group in Sunnyvale schedules first meeting, and the San Francisco group is forming.  Meetup.com shows six groups now, including NYC, D.C., Chicago, L.A., Tokyo
    - http://bitcointalk.org/index.php?topic=6389.0
    - http://en.bitcoin.it/wiki/Bitcoin:Community_portal#Events
  • s3052’s Bitcoin Market Technical Analysis (updates)
    “Both [linear and log scale] charts show how bitcoin perfectly follows textbook like chart patterns.”
    “The likelihood is high that we see continued rises (after pausing a couple of days [sideways]).”
    - http://bit.ly/gc0YvF
    Short term: “Another bullish triangle has formed over the last 2 days. Another test [of the $1.95 record level] or breakout above 2 $ possible.”
    - http://bit.ly/fd8o7M



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April 26, 2011, 10:39:05 AM
 #10


Tyler, I am confused and shocked by your analysis, especially given your NME {New Monetary Economics} http://www.amazon.com/Explorations-Monetary-Economics-Tyler-Cowen/dp/1557860718 days with RK {Randall Kroszner}. You should know better. It’s not that I really care about your analysis except for the fact that economist voices on the topic of bitcoin have a disproportionate impact at this point of its evolution.

First of all, you admit to still being confused. I agree with you that you are confused. So, why did you pen an analysis? Once you do some basic research, you will understand that bitcoin is essentially digital gold as far as scarcity is concerned. Gold is merely a byproduct of the big bang (atomic number 79). It has value because mankind has assigned it value through the ages. The bid/ask on bitcoin is no different than the bid/ask on gold. It has value because the market has given it value (probably for its digital properties in enabling a tax-free parallel economy). The central bank may have a monopoly on the issuance of legal tender but it does not have a monopoly on creating a mass illusion. Free individuals can generate a mass illusion just as a central bank creates the mass illusion of paper as value.

Founding Director, Bitcoin Foundation
I also cover the bitcoin economy for Forbes, American Banker, PaymentsSource, and CoinDesk.
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