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Can Bitcon be tied or backed with Gold ? How could it be done ?
Can Bitcon be tied or backed with Gold ? How could it be done ?
This can help : Bitcoin explained in laymans terms - NDTVProfit.com
Bitcoin crosses $1,000 on Zynga move
The value of Bitcoin has topped $1,000 (£610) again after social gaming firm Zynga said it would start accepting the virtual currency as a payment option.
Zynga is perhaps the most significant video games firm to accept bitcoins to date.
The virtual currency has been gaining in popularity but its value has been highly volatile in recent weeks.
It peaked at $1,250 in November last year, but fell sharply in December after China restricted trade.
According to the South China Morning Post, the value of a single Bitcoin fell to as low as 2,560 yuan ($421, £258) in December, after China's move.
On Monday, a single Bitcoin was trading close to $1,030 on MTGox, one of the virtual currency's major exchanges.
Zynga follows Ouya, the Android-based video games console-maker, which began accepting payments for its hardware in bitcoins last month.
The Humble Bundle - an organisation selling a changing selection of indie games - also began accepting bitcoins in 2013.
'Expanded payment options'
Supporters of Bitcoin, which is not backed by a central bank, have been pushing for its increased usage.
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Bitcoin: The Sexiest Non-Solution Of All Time?
A few years back, at the end of 2009, I was approached on two separate occasions by people claiming to be “representatives” of a digital alternative currency format. I was, of course, intrigued by the initial proposal, being that I had been writing for some time on the concept of non-participation as a way to insulate average Americans from the dangers of our unstable fiat driven mainstream economy. Before that, I had already dealt with just about every currency alternative one could imagine; from paper scripts backed by goods, to scripts backed by time or labor, to gold and silver laden currency cards, etc, etc. All of them had the advantage of NOT relying on private Federal Reserve notes, and all of them had flaws as well. The proposed digital script, which the representatives called “Bitcoin”, was no different.
The idea was to recruit my website as a promoter for bitcoin, but I had many questions before I would stick my neck out on a brand new high-tech anti-currency, and most of these question were not answered in any satisfactory manner.
There is no shortage of “solutions” in Liberty Movement circles, but many of these solutions require that we work within the system according to establishment rules (which they can change at any given moment). They assume that the system will abide by some kind of internal code, that our candidates will be treated fairly, that elections will not be rigged, that a better methodology or technology will be acknowledged and eventually adopted, that the “majority” of the public will someday see the light and back our cause, that the elite will not simply decide to put a bullet in our head.
The reality is, if a solution is dependent on a paradigm controlled by the corrupt system you are trying to change, it is no solution at all. Because of this, my focus has always been on methods that separate Americans from reliance on the system as much as possible.
When first confronted with bitcoin activism, I recognized almost immediately that this was NOT a method that operated outside the system, even though it tried very hard to appear that way. It was high-tech, it was sexy (admittedly far sexier in its presentation than gold and silver), and it catered to the egos of the digital generation, the loudest voices in media today. This thing was certainly marketable. However, just because something is highly marketable does not make it a good idea, or a meaningful alternative.
The Tantalizing Allure Of Non-Solutions
When a person invests a sizable amount of capital into an idea, not to mention a sizable amount of philosophical faith, they tend to lose a measure of objectivity. This is not just a struggle for proponents of bitcoin but for proponents of ALL methodologies. I do believe that many bitcoin promoters have the best of intentions, and that they are seeking some way to break from what they understand is a corrupt financial structure. That said, there is an escalating streak of elitism within the bitcoin culture, and I have witnessed on numerous occasions the kind of anger and immediate dismissal the average statist would spew when they are confronted with criticism. If you dare to question the greater details behind Bitcoin, be prepared to be accused of anything from “conspiracy theory”, to “jealousy” for missing the boat on bitcoin profits, to “ignorance” of the genius of cryptography.
What I came to realize through my questions to bitcoin followers was that many of them were not actually involved in the deeper aspects of the Liberty Movement, constitutional activism, sound money, self defense, and so on. Almost none of them had a preparedness plan, few of them had experience with precious metals, none of them owned firearms, and none of them had any inclination towards the building of local networks for mutual aid. Worst of all, many of them had no understanding of the wider threat of economic collapse that America faces today. In fact, when the possibility of full spectrum collapse is brought up, many Bitcoiners actually respond with the same brand of shallow dismissals that one would expect from the Paul Krugman's and Ben Bernanke's of the world.
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i started to collect bitcoins 2014 am i too late ?
Yahoo Virus Converts Millions Of Computers Into Bitcoin Mining Slaves
A few days ago it was revealed that numerous European users of Yahoo, as many as two million, had gotten infected with malware from virus-laden ads served by Yahoo's homepage during the period from December 31 to January 3. The company admitted as much when it revealed that "From December 31 to January 3 on our European sites, we served some advertisements that did not meet our editorial guidelines – specifically, they spread malware." Users in North America, Asia Pacific and Latin America weren't affected, Yahoo said. Nor were users of Apple Macs or mobile devices. "We will continue to monitor and block any advertisements being used for this activity," the company added. "We will post more information for our users shortly." What was not clear is just what function the ad virus served. According to the Guardian, the purpose of the most prevalent virus spread by the website was to convert the infected computers into Bitcoin mining slaves.
According to the Guardian, "some of the malware would turn PCs into bitcoin miners - a huge drain on its computing resources - without users' knowledge. Yahoo has been criticised for not saying how many people could be affected or doing anything to help those with the malware, which attacked flaws in Java modules on systems."
As a reminder, in "A trip through the Bitcoin mines" we showed just how extensive the capital requirements can be for any legitimate Bitcoin mining operation, where the distributed calculations used to extract new Bitcoins have now risen to a stunning 10 quadrillion per second.
So what is an enterprising hacker in need of some quick cash, but unwilling to spend the CapEx for procuring the expensive equipment (especially when buybacks and dividends are so much more attractive, just kidding) to do? Why force others to do the mining for them. This is precisely what the creator of the Yahoo-hosted virus did.
Mining for Bitcoin was not the only infection.
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They are using every possible mean to adjust the price to what they need. It was just a matter of time when bitcoin mechanism will be misused, and taking into consideration that bitocin is still a novelty, it only showed that it is highly sensitive to abuse and false value. Not worth risking for now
Bitcoin Drives $126,000 in First Day Sales
In their first day accepting Bitcoin as payments for their goods, online retailer Overstock.com boasted a total of $126,000 in sales that were completed using the virtual digital crypto currency. Overstock.com used the payment processing company Coinbase to receive the Bitcoin currency as payments for good and shipping. The online retailer would like to make Bitcoin an option for their entire worldwide customer base, but so far the Bitcoin payment option is only accepted for goods shipped within the United States.
Overstock.com is not the first but the largest online retailer to use Coinbase as a Bitcoin payment processor. Coinbase already provides Bitcoin payment processing for other online sites like: Ok Cupid, Humble Bundle and Reddit. The San Francisco startup, Coinbase currently serves 19,000 other businesses.
On Thursday Coinbase posted on their blog saying that they think that Bitcoin is nearing the “tipping point” for a broader acceptance of the digital currency by consumers. Coinbase was also thrilled to be working with online retailer Overstock.com and trying to help make that broader acceptance of Bitcoin by the general population a reality.
Some experts will disagree to whether Bitcoin is nearing the worldwide acceptance that Coinbase spoke of in their blog post. They think that Bitcoin is too unstable to be used as a currency. In November and early December, the price of Bitcoin hovered around $1,200. Mid-December brought a price-drop to Bitcoin to make the digital currency only worth between $500 and $700. Bitcoin’s price is now over $900 just a few weeks later and starting to trade over the $1,000 mark once again.
The $126,000 in sales that Overstock.com made in their first day of accepting Bitcoin was attributed to only 800 orders. Leading into the holiday season, one Bitcoin could have bought three 16GB iPads, but just weeks later that same Bitcoin would only purchase a single iPad. This wild fluctuation in price is what may prevent other retailers from driving into the world of the unknown by following Overstock.com into accepting the crypto currency.
The Overstock.com sales results were generated in just 22 hours their first day. The company took $5,000 worth of Bitcoin for payment in their first hour and doubled it to $10,000 in their second hour. If Bitcoin sales were to continue on this level it still only amounts to 4 percent of the online retail giant’s yearly sales.
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How Bitcoin Could Serve the Marijuana Industry (With Banks Still Nervous)
The reason venture capitalists have become so intrigued with Bitcoin over the past year or so is because it is what the industry refers to as a “disruptive technology.” Some of the key tenets of a disruptive technology are that it allows people and businesses within a certain industry (or industries) to do things cheaper, faster, and better than before by a significant, if not revolutionary margin. Bitcoin easily checks all these boxes. Even more than that, it also frees humanity from the vengeful whims, or simply the bureaucratic inefficiencies, of the state apparatus. Case in point, when Wikileaks was unable to access the traditional banking system due to a state sponsored blockade, they were still able to obtain funds through Bitcoin. In fact, that specific example, is the primary reason that I officially got behind Bitcoin in late summer 2012. I made this point clear in my debut article on the topic titled: Bitcoin: A Way to Fight Back Against the Financial Terrorists?
Which brings me to the topic of today’s post. Medical marijuana is already legal in 20 states plus the District of Columbia. It is also completely legal for recreational use in two states; Colorado where I reside, as well as Washington State. Nevertheless, big daddy government still thinks it knows best and continues to classify the relatively benign substance as a schedule one drug under federal law. As such, the banking system, (including state banks) is simply to afraid to get involved. Enter Bitcoin.
Well at least that is what I suspect will happen. As of now, it has been anecdotally reported that one dispensary has made Bitcoin payments an option, but I haven’t seen any clarification as to which one. I see this as a fantastic opportunity for both the Bitcoin community as well as the marijuana industry to come together to solve a major problem. It could be a huge win-win for both. The main question on my mind at this point is whether or not the main Bitcoin payment processing companies Coinbase and BitPay will agree to play along…
*Note: Since the publication of this post a reader pointed out that since the Bitcoin payment processors do utilize the banking system, it doesn’t exactly solve the problem. This is a fair point, but leads me along another thought process. It may indeed end up being a blessing in disguise as it sets up the marijuana industry as the perfect testing ground for use of BTC as an actual currency. Ie, potentially paying suppliers and employees in Bitcoin, perhaps only partially at first. This is going to be fascinating to watch.
First let’s examine the problem. A recent article from the New York Times highlighted it. Here are some key excerpts.
The New York Times writes:
source
+ the cartels