When Satoshi Nakamoto created Bitcoin, he flaunted the digital currency's potential as “digital, electronic cash.” But in the early days following Bitcoin's launch, one immediate real-world use case surfaced: buying illegal goods on the internet.
Fidelity Investments is spinning off a stand alone company dedicated exclusively to bringing cryptocurrencies to institutional investors.
Bitcoin's open-source developers don't agree on many things, but you'd be forgiven if you thought something best known as an "attack" might be one of them. Still, there's a divide forming in conversation surrounding bitcoin's long-standing "timewarp attack" – and for good reason.
A few months ago Vijay Boyapati asked me to "steel-man" the bubble theory of money. The bubble theory of money, which can originally be found in a few old Moldbug posts, has been used by Vijay and others to explain the emergence of bitcoin and make predictions about its future.
The price of major cryptocurrencies plunged on Thursday with nearly $13 billion of value being wiped out in a matter of hours. At around 10:23 a.m. HK/SIN, bitcoin had fallen nearly 5 percent to $6,303, while XRP and ethereum both tanked over 10 percent, according to data from Coinmarketcap.com.
Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.
Volatile price swings and plummeting valuations have been a reality for bitcoin investors of late, but those who own traditional equities haven't been immune either. In fact, bitcoin and the S&P have correlated on and off for almost a year, each taking turns as the leading indicator.
Bitcoin, which just last week had its first major sell-off in months, has this morning jumped more than 5%, powering the world's largest cryptocurrency back above $6,500 after it looked likely to fall below the psychological $6,000 late last week.
The money has become too much to ignore and so bitcoin and cryptocurrencies are back in the news. You may have heard about Ethereum, a cryptocurrency that has risen in value by more than 2,500% over the course of 2017.
You don’t need brilliant financial analysis skills to notice that Bitcoin is in a bubble. It has grown in value from about 39 cents to over $18,000 in just eight years and recently attracted broad media attention by doubling in just a few days.
On Thursday, the price of Bitcoin fluctuated by thousands of dollars in a 24-hour period.
You’ve never heard of Yuji Ijiri. But back in 1989 he created something incredible. It’s more revolutionary than the cotton gin, the steam engine, the PC and the smart phone combined.
I’ve spent more than 5 years being a Bitcoin developer. The software I’ve written has been used by millions of users, hundreds of developers, and the talks I’ve given have led directly to the creation of several startups. I’ve talked about Bitcoin on Sky TV and BBC News.
Bitcoin just can't catch a break. Last Friday, the virtual currency community's hopes were dashed when the Securities and Exchange Commission denied an application to approve a bitcoin investment fund.
Everyone says the blockchain, the technology underpinning cryptocurrencies such as bitcoin, is going to change EVERYTHING.
SAN FRANCISCO — You did not have to be a technophobe to worry that the virtual-currency boom of the past year papered over plenty of problems.
It’s impossible to discuss new developments in money without thinking for a moment about what money is. The best place to start thinking about that is with money itself. Consider the UK’s most common paper money, the English five or ten or twenty quid note.
Since I started to study the crypto world, I spent hundreds and hundreds of hours — if not thousands — collecting, assimilating, and reflecting on everything I could in order to better understand this market (virus?) that fascinates me more everyday.
Introduction Blockchains are all the rage. The oldest and biggest blockchain of them all is Bitcoin, which over its eight-year history so far starshipped in value from 10,000 bitcoins per pizza (before there were exchanges that priced bitcoin in traditional currencies) to over $1,000 per bitcoin.
Some people kill time at the airport by browsing duty-free shops. I decided to shop for bitcoin. But first, there are two things you should know about me: I tend to be almost as afraid of losing money investing as I am of flying. On some level, I figured one fear might cancel out the other.
And then you go on to talk about how the contracts written in 'Turing Complete' languages are gagged and can't call APIs. So why "Yikes"? Using turing complete DSLs for contracts is both unnecessary and problematic.
Whatever the cynics out there want to call bitcoin, its BTCUSD, +4.06% insane rally continues to befuddle the haters and enrich the crypto faithful. Fear of missing out can have a powerful — and dangerous — influence on financial decisions.
The most epochal financial transaction of this century, to date, occurred on May 22, 2010. It did not involve Wall Street, or the City of London; it took place in Jacksonville, Florida. It did not feature collateralized debt obligations, or credit default swaps.
EAST WENATCHEE, Washington—Hands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived tec
It’s the year of the cryptocurrency. Bitcoin’s value has soared—at one point, to $3,000, well past the price of an ounce of gold.
If you feel like missed your chance to get in on the ground level with Bitcoin, there are plenty of other digital currencies to choose from. Here’s a quick guide to some of the other cryptocurrencies that boomed in 2017 but still cost way less than Bitcoin.
A little over two months ago, Bitcoin achieved a symbolic milestone: After an intensive period of growth, the price of one Bitcoin surpassed the price of an ounce of gold. That seems like ancient history.
Last week, when Bitcoin’s price hit a new high of $1,240, Bloomberg News compared it to a massive bubble. Then over the weekend, on the news that China’s central banks would be banning Bitcoin, the price fell nearly 50 percent down to $680 apiece.
By the end of this article, you’re going to understand blockchains in general (and Ethereum, a next-generation blockchain platform, in particular) well enough to decide what they mean to your life. Ethereum brings up strong emotions.
Bitcoin's giant move upward is far from done, according to tech investor and stock picker James Altucher.
Bitcoin works more like a digital store of value than a digital currency or a financial asset. This means that trying to estimate an intrinsic value for Bitcoin is pointless, and prices fluctuate according to demand trends as opposed to fundamental value.
Bitcoin changes prices too quickly to be a currency and processes transactions too slowly to be a payments system, but it is juuust right for teaching libertarians everything they don't know about economics. Not that they're paying attention.
In early pastoral societies, cattle served as the prevailing currency. Draco’s law code measured fines in oxen. In Latin, pecus means livestock, and is the root word for “pecuniary”. If cattle is money, then the idea of interest rates is intuitive. Cows are productive assets.
Bitcoin’s wild ride may not have been the biggest business story of the past few weeks, but it was surely the most entertaining. Over the course of less than two weeks the price of the “digital currency” more than tripled. Then it fell more than 50 percent in a few hours.
Bitcoin “miners” are electromagnetic alchemists, effectively turning megawatt-hours of electricity into the world’s fastest-growing currency.
SAN FRANCISCO — The currency they were after was virtual, but the guns they carried were anything but.
Chris Berg, Sinclair Davidson and Jason Potts are from the RMIT Blockchain Innovation Hub, the world’s first social science research centre into the economics, politics, sociology, and law of blockchain technology. The blockchain is a digital, decentralised, distributed ledger.
Just as gold bars are lost at sea or $100 bills can burn, bitcoins can disappear from the Internet forever. When all 21 million bitcoins are mined by the year 2040, the actual amount available to trade or spend will be significantly lower.
Cryptocurrencies are having a moment. You’ve probably heard a thing or two about Bitcoin and Ethereum. Namely, their prices seem to be skyrocketing (or plummeting, depending on the day). There’s more to the story, and as the investing cliche goes: don’t buy what you don’t know.
Bitcoin has already undergone several forks. A fork defines a moment in time when a specific digital currency gets split into two different currencies. A couple months ago, a Bitcoin fork created Bitcoin Cash1 (BCH). Another fork just created Bitcoin Gold last week.
I’m no Pliny the Elder but I’m here to tell you there’s a gold rush occurring in the cryptocurrency mining space. Whether you’ve just overcome your Bitcoin investing fears or already hold tokens from some wild new ICO you too can mine cryptocurrencies like ETH ETC XMR and more.
The skyrocketing value of Bitcoin is leading to soaring energy consumption. According to one widely cited website that tracks the subject, the Bitcoin network is consuming power at an annual rate of 32TWh—about as much as Denmark.
It seems that everyday there is a new altcoin or a new blockchain capital market company. As the market is evolving at a rapid pace, I thought it could be useful to share my landscape in order to gather feedback and also to flag all my typos/errors…PLEASE LET ME KNOW IF YOU HAVE ANY COMMENTS.
There seems to be some longstanding confusion about Bitcoin. Not about how it works; there are plenty of articles which explain that quite lucidly— it is confusion about what Bitcoin represents, and what its role could be. I regularly hear these ideas repeated in seriousness:
Bitcoin. Everybody’s talking about it. What’s true, and what’s hype? Perhaps the only thing that’s clear about Bitcoin is that it’s not going away anytime soon. Who am I to say? I’m not an economist; I’m a hacker, who has spent his career exploring and repairing large networks.
It seems like no one has been talking about Bitcoin, at least for quite a while. That is what happens when the price of a seemingly magical currency plummets from a high of $1,242 in December, 2013 to a mere $238 as I write this, a drop of 81%. That means the total Bitcoin market cap is about $3.
Did you know the Bitcoin community is riven by tension, drama, competing agendas, and at least two starkly different visions of our economic future? That even as major banks who thought of Bitcoin as snake oil re-assess its blockchain technology as a major breakthrough, and smart money pours
ASKED TO NAME an event that has reshaped finance in recent years, bankers will point to the collapse of Lehman Brothers on September 15th 2008, the nadir of the financial crisis. Fintech types are more likely to mention something that happened six weeks later.
FOR fans of bitcoin, a digital currency, the year got off to a volatile start. On January 5th one bitcoin changed hands for nearly $1,150—almost as much as the record set three years ago. It has since dropped by 33%.
Few people understand what it is, but Wall Street banks, IT organizations, and consultants are buzzing about blockchain technology. It's hard to remove blockchain from Bitcoin, so we'll start with Bitcoin as we work to understand this technology's potential. Bitcoin. Blockchain technology.
Most technologies touted as “game-changing” are just somewhat modified versions of something already in use. Blockchains are different, and while it will take some time to work out the kinks, they could one day make as much of an impact on the world as the database, smartphone or web browser.
Bitcoin (BTC) recently smashed an all-time high of $11,400 USD and subsequently dropped to as low as $8,595 within a few hours. It’s incredibly important to not get lost in the pandemonium and to stay informed about how Bitcoin is progressing technologically. As Bitcoin expert Andreas M.
FINANCIERS with PhDs like to remind each other to “read your Kindleberger". The rare academic who could speak fluently to bureaucrats and normal people, Charles Kindleberger designed the Marshall Plan and wrote vast economic histories worthy of Tolstoy.
This post is old – I wrote it for Wired, which just published an excerpt in “The Wired World in 2014” issue, but the article was written in July. Apologies for the obsolescence. Bitcoin will eventually be recognized as a platform for building new financial services.
The Bitcoin world is full of people who know nothing about economics or cryptography; they only know that they could have made millions if they had not sold at the bottom.
In 2008, at the height of the Great Recession, Bitcoin’s anonymous creator(s) proposed a “peer-to-peer transfer of virtual cash that would allow online payments to be sent directly from one party to another without going through a financial institution.
Humanity’s earliest, truly transformative general purpose technologies were the ability to cross-fertilise plants and cross-breed animals. Suddenly, it made more sense to farm than to hunt and gather.
Blockchain technology is quickly expanding beyond bitcoin. While many proponents of bitcoin see the blockchain as no more than competition for existing payment methods or gold, I believe blockchain technology is the harbinger of things the world has never before seen.
Bitcoin! Litecoin! Ethereum! — excited! perplexed! and what not. It is all around. Your colleagues discuss it, your friends discuss it, there are news reports of an ecstatic Grandma cause she “got in” to Bitcoin (not lying).
When it comes to any finance-related questions, I am fair game, and those questions usually span the spectrum, from what I think about Warren Buffett (or why I don't agree with everything he says) to whether tech stocks are in a bubble (a perennial question for worry warts).
This post has been updated with quotes from Roger Ver and Jihan Wu, two of the biggest supporters of Bitcoin Cash, and with information on how trading in Korea might have affected price. Well, get your popcorn after all.