Tag:bitcoin

News: 450m Tethers this week, BitConnect shuts down, GPU miner viruses, US Treasury, unbanking the banked, altcoin fraud
‘Tis just a seasonal dip! Watching the Bitcoin fire from a safe distance — what just happened

The price of Bitcoin started collapsing this morning. I’m not going to be so foolish as to call it, but I am saying “I told you so” — the only actual money people will get out is actual money that other people put in.
[Read more …]

News: KodakCoin, Hydro-Québec, South Korea, Bitcoiners don’t take Bitcoin, Lightning Network, Ethereum woes
Bitcoin mining being pushed out of China: what’s happening, and how the shutdown’s being managed
Why you can’t cash out pt 3: Bitcoin is not a Ponzi scheme! It just works like one

“A fish bowl with no food in it that fish keep jumping into because they heard it’s an all-you-can-eat buffet. And for the meanest fish, it is.” Why most Bitcoin on-paper “wealth” can never be realised.
[Read more …]

News: Nvidia blockchain, new US crypto tax rules, the cryptoruble returns, Bitcoin vs Islamic law, advertising on the blockchain, the Ripple pump
Eric Geissinger: Virtual Billions — looking at Bitcoin through a libertarian lens

A book given to historical rambling, but the Ross Ulbricht/Silk Road chapter is particularly good and insightful on what happens when you overextend an ideology to the point of monstrosity.
[Read more …]

News: Bitcoin as Ponzi, Australian bank blocks, schadenfreude, Hypebot, books
News: IBM Blockchain, Sergei Mavrodi, carders hate Bitcoin, blockchain use cases, market manipulations
Why you can’t cash out pt 1: Why Bitcoin’s “price” is largely fictional

Public discussion and media coverage of Bitcoin assumes certain things about Bitcoin:
• Bitcoin has a price, that you could expect to buy or sell it around.
• Bitcoin is like buying a share in a company, or a commodity like gold — the market works the same way.
• Bitcoin is liquid — you can easily convert your money to Bitcoin, and your Bitcoin to money.
None of these are true.
[Read more …]