The Bitcoin price advance is curving upward above $300 and 1900 CNY. The advance is so persistent that the technical indicators in the intra-day charts have become somewhat meaningless due to compounding divergence. Technical analysis considers the likelihood of a surprise reversal, as opposed to non-stop advance. Read more
“We lack ‘true agency’ on the Internet. That is to say, all of the data we create online and all of the operations we execute are handled for us by centralized servers, most of which sit in massive data centers operated by corporations and government institutions. We depend on these servers for everything.”
July 9 update:
3 days after posting, Visa acknowledged that Bitcoin has a future in payments. This is an understatement, of course. The bank described below goes a step further by acknowledging that the entire financial infrastructure may cave to cryptocurrencies.
French bank BNP Paribas warned customers and investors that the technology behind bitcoin might one day overtake conventional, account-based financial institutions, thus rendering existing companies redundant (that’s British for “obsolete”).* It’s a tectonic acknowledgement from one of the world’s biggest banks.
Analyst Johann Palychata writes in the company’s magazine Quintessence that Bitcoin’s blockchain, the underlying architecture that allows cryptocurrency to function, “should be considered as an invention like the steam or combustion engine,” that has the potential to transform the world of finance and beyond.
Check out the full story by Oscar Williams-Grut at Business Insider.
Continue reading “Major bank admits bitcoin could destroy banks, brokers & exchanges” »
I personally think that decentralised peer to peer cryptocurrencies like Bitcoin have a very bright long term future. The linked documentary is well worth fifty minutes of your time in my honest opinion. As the film helps to show why cryptocurrencies are such a game changing paradigm shift and are actually vitally needed.
What is Bitcoin?
Sure—You know the history. As it spread from the geeky crypto community, Bitcoin sparked investor frenzy. Its “value” was driven by the confidence of early adopters that they hitched a ride on an early train, rather than commercial adoption. But, just like those zealous investors, you realize that it may ultimately reduce the costs of online commerce, if and when if it becomes widely accepted.
But what is Bitcoin, really? To what class of instruments does it belong?
• Ardent detractors see a sham: A pyramid scheme with no durable value; a house of cards waiting to tumble. This is the position of J.D, an IRS auditor who consults to The Cryptocurrency Standards Association. As devil’s advocate, he keeps us grounded.
The National Security Agency knows Edward Snowden disclosed many of its innermost secrets when he revealed how aggressive its surveillance tactics are. What it doesn’t know is just how much information the whistleblower took with him when he left.
For all of its ability to track our telecommunications, the NSA seemingly has little clue exactly what documents, or even how many documents, Snowden gave to the media. Like most large organizations, the NSA had tools in place to track who accessed what data and when. But Snowden, a system administrator, apparently was able to cover his tracks by deleting or modifying the log files that tracked that access. Read more
Bitcoin survived a wild youth marked by drug trafficking, money laundering, theft, bankruptcy, and political spats. Now, the digital currency is getting cleaned up and heading to grad school.
A fledgling project at the Massachusetts Institute of Technology Media Lab is offering researchers and software developers a quiet home to work on bitcoin’s core technology, a computer science breakthrough that lets people trade money securely without paying a middleman. Read more
Cryptocurrency aficionados have been discussing Bitcoin limitations ever since the blockchain buzz hit the street. Geeks toss around ideas for clearing transactions faster, resisting potential attacks, rewarding miners after the last coin is mined, and supporting anonymity (or the opposite—if you lean toward the 
dark side). There are many areas in which Bitcoin could be improved, or made more conducive to one camp or another.
Distinguished Penn State professor, John Carroll, believes that Bitcoin may eventually be marginalized due to its early arrival. He believes that its limitations will eventually be overcome by newer “altcoins”, presumably with improved mechanisms.
So, does progress in any of these areas threaten the reigning champ? It’s unlikely…
More than any other individual, Andreas Antonopoulos is the face of Bitcoin. We discussed this very issue in the outer lobby of the MIT Bitcoin Expo at which he was keynote speaker (March 2015). Then, we discussed it again, when I hosted his presentation at The Bitcoin Event in New York (also in March). He clearly and succinctly explained to me why it is unlikely that an altcoin will replace Bitcoin as the dominant—and eventually surviving—cryptocurrency…
Continue reading “Could Bitcoin be Dethroned by an Altcoin?” »
