3/22/2014

So much for the claims that Bitcoins are finished

(Click on figure to make it larger.)

Over the last few weeks it has been very easy to find a number of stories such as this from The Weekly Standard:
As of last week, bitcoin is probably functionally finished as a serious hope of ever achieving mass acceptance as a currency. 
Because last week, someone stole half a billion dollars worth of bitcoins from Mt. Gox, the world’s oldest bitcoin exchange. . . .
From The Economist:
THE father has been found in time for his child’s funeral. That would appear to be the sorry state of affairs in the land of Bitcoin, a crypto-currency, if recent press coverage is to be believed. On March 6th Newsweek reported that it had tracked down Satoshi Nakamoto, Bitcoin’s elusive creator. And on March 11th Mt Gox, the Japanese online exchange that had long dominated the trade in the currency before losing $490m of customers’ Bitcoins at today’s prices, once more filed for bankruptcy protection, this time in America. 
In reality, things are rather different. Evidence is mounting that Dorian Satoshi Nakamoto, whom Newsweek identified as Bitcoin’s father, is not the relevant Satoshi. More importantly, Bitcoin’s best days may still be ahead of it—if not as a fully fledged currency (see article), then as a platform for financial innovation. Much as the internet is a foundation for digital services, the technology behind Bitcoin could support a revolution in the way people own and pay for things. Geeks of all sorts are getting excited—including a growing number of venture capitalists, who know a new platform when they see one. . . .
The bottom line is that the market is betting that Bitcoins are worth about $600 each.  That is a long way from people thinking that Bitcoins are over. 

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1 Comments:

Blogger Doug Huffman said...

Bitcoin is far from over. The pressure against its acceptance is the central governments resisting a popular better idea. Imagine if the World Wide Web were to be aborning just now, the response would be the same.

I would keep in mind Jonathan Zittrain's The Future of The Internet -- And How to End It

3/23/2014 7:37 AM  

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