Bitcoin

Articles related to the peer-to-peer digital commodity/currency called Bitcoin.

Using The Nash Equilibrium and Mutually Assured Destruction To Bypass Bitcoin Currency Exchanges

A fascinating concept has been created by software developer Seong Yup Yoo.  Mr. Yoo has created a website that allows people to exchange fiat money for Bitcoins directly with each other without having to use a third party exchange. He has accomplished this task by incorporating the concepts of mutually assured destruction and the Nash equilibrium. The problem…

The Bitcoin Crash – What Happened?

Read this article on PolicyMic. A major correction in Bitcoin prices occurred today, with the price plummeting from a high of $266 to a low of $105, last time I looked, it was back above $170 and climbing. In this article, I would like to discuss why this occurred and what it means for the…

European Central Bank Report On Bitcoin: It’s Likely To Grow And It Poses Risks

The European Central Bank (ECB) recently issued a report on digital currencies.  The report largely revolves around Bitcoins and Linden Dollars, and provides a review of the currencies from the perspective of central bankers.  Unsurprisingly, they found the currencies to pose “risks” that potentially require future “regulation.” Here’s a few of the highlights that deserve…

Fractional Reserve Banking With Bitcoins

I recently got into an argument over on the Reddit Bitcoin boards where I held the position that fractional reserve banking with Bitcoins was not possible.  I’ve repeatedly made this claim before due to the fact that I think no one would accept receipts for Bitcoins (bank notes) over actual Bitcoins.  However, the argument on…

Bitcoin: Crypto-Anarchism and the Digital Money Revolution

Article I authored on PolicyMic: Imagine if we lived in a world where your bank accounts could never be audited, seized or controlled by the state. Imagine if the currency system itself made organized theft impossible. In the future, I predict this is precisely how currency systems will operate. While this may sound like a…