I’m hearing so much good news about the growth & future of Bitcoin these last few weeks that I’m fully convinced that bitcoin has reached the critical mass it takes to ensure success. The mind boggles at how much good news is churning out each day in fact and how this news is going to effect the price of bitcoin… But then I start to wonder, why hasn’t the upward surge started yet?
The answer must be that only hardcore bitcoiners are hearing this stuff so far… The mainstream public is still trying to just wrap their heads around what bitcoin is, and frankly just isn’t ready to understand the significance of all these investments, laws, new services, and new vendors. That, and I probably don’t speak the language where most of the bitcoin news is being reported. Continue reading →
Bitcoin is more invincible than most people would first think.
Barring a worldwide lack of interest in either money or the internet, there are exactly three ways to kill Bitcoin, at least in theory. They are:
1.) To destroy all of humanity… Which I doubt needs any explanation.
2.) To use massive Electromagnetic Pulse (EMP) attacks against all civilized pockets of humanity, ensuring no line of communication survives. (A nuke detonated high above every city over 1,000 ppl in size worldwide should do the trick.)
3.) To employ a well timed 51% attack… But I’d like to bring up the argument here that this option really won’t work afterall. Continue reading →
Bitcoin and Litecoin are the two largest cryptocoins traded today. If Bitcoin ever was fatally attacked, Litecoin could easily replace it.
Now that Bitcoin has stabilized above $100 for a while, and the world’s press is sending out a steady stream of info (or disinfo) on the subject of cryptocoins, I’m getting bombarded with questions about the alt-coins, such as Litecoin, PPCoin, Novacoin, Namecoin & even Ripple. “Alt coins” is a term used to describe all of the cryptocurrencies that aren’t the dominant cryptocurrency at the time. (e.g. Not bitcoin.)
Alt coins have all branched out from bitcoin, started in it’s wake, and each and every one of them excepting only Ripple are based on the same decentralized, peer-to-peer architecture that requires a miner crunching cryptography and user wallets to function. Yes, they are all worth dollars in trade on some exchange somewhere right now as I write this, and all have their own developer community and hopeful users like bitcoin does. (Only much smaller, with extremely little, if any, merchant adoption.)
Why are people putting time and money into alt coins? It is assumed by the developers that one day a major government or at least the Mexican drug cartels will have a reason to try to “take out” bitcoin. Although its peer-to-peer behavior should be adequate at stopping these threats, nobody knows what the future holds, and the fate of our very economy is at stake here… So litecoin (LTC) was the first created to be a sort of “understudy” or backup for bitcoin. It has it’s own wallet, mining software and blockchain. Although it was the 2nd alt coin created, it has almost always been the most traded of the group, worth about 2.5% what a bitcoin is worth.
W00t! Bitcoin broke through $50 tonight for the first time. Bitcoin’s adoption worldwide, too, is up. WAY up.
But still there are doubters that bitcoin can become truly relevant. Most opinions online assume that any bitcoin’s success is strictly due to the black market, and a few tech-loving geeks, A few others will admit that there is some actual market speculation going on too by random investors.
Thankfully, this isn’t even close to a realistic sampling of the bitcoin community. In fact it is laughably off track.
There are a few polls online, some informal, and a few much more formal like this one taken mostly from users of the BitcoinTalk forum. Taken together, these polls paint a pretty clear picture of who is actually buying bitcoin, and there appear to be 7 distinct groups that my untrained eyes can spot.
In order from most popular to least, the 7 groupings of bitcoiners are: Continue reading →
Wow, these are extremely exciting times we live in. This means anyone, anywhere at all can now pay for a domain anonymously… Which was the last true hurdle people had to face when buying domains if they were seeking privacy.
Full Disclosure: I was a Namecheap customer with hundreds of domains for over 5 years. I left namecheap about 3 years ago because of their lacking customer support, and bulk domain lower prices I found elsewhere. They are far more scrupulous than a host like GoDaddy, however, so I hold no ill will towards them.
How are they handling the conversion? Namecheap is using Bitpay. From their add funds page:
Wow, we’re up to $40.70 right now! Just yesterday I was psyched about what, $36.50? No one can deny the BTC is growing by leaps and bounds. But where’s the ceiling, you might ask?
I like to consider myself a person who studies the motives behind everything. The “whys” were always far more important to me than the hows and whens and wheres, because the why always drives every action in a somewhat predictable direction.
Stock charts are a common place to see this effect demonstrated. If Apple leaks a rumor of a new, must-have, ‘killer’ feature on their next iWhatever, then you always know it’s a good day to own apple stock… AAPL’s price is going UP, not down, on such days.
Bitcoin’s price is even more speculative than a common stock, however. There are many driving influences, both internal & external, and no one person could possibly know them all. For instance, there was a long period earlier this year when the value of the Euro was falling, but most American speculators had no idea where the constant growth in Bitcoin’s price was going so steadily up; The USD wasn’t tanking at that time, so if they weren’t following the Euro too then they’d have no clue that people in Europe were looking for a safehaven to put their earnings in as the Euro starts to look worse and worse.
But this was only one of many positive drivers going on for the coin at that time. 2012 was an election year in the US, and the Libertarian Ron Paul movement was gaining HUGE traction nationwide. It was a much larger movement than any mainstream news programs would even begin to let the public know about… Each and every one of his republican competitors’ Romney’s crowds all year long were only a mere fraction of the size of the Ron Paul crowd that same day, and predictably the news channels would never show us any footage of a Ron Paul crowd, instead repeating the mantra: “But Paul is still unelectable.” It was sickening and heartbreaking for anyone paying attention, even if you didn’t like his policies.