NP - Bitcoin and the Bleeding Edge

[Prashant Kumar]

Oh and shit like this:

http://www.reddit.com/r/Bitcoin/comments/18f3pd/i_have_my_entire_retirement_and_savings_invested/

P.


On 11 April 2013 11:46, Prashant Kumar <siva.prashant.kumar at gmail.com>wrote:

>
> http://www.guardian.co.uk/technology/2013/apr/10/bitcoin-new-high-losing-160
>
> "Bitcoin <http://www.guardian.co.uk/technology/bitcoin>, the digital
> currency, lost more than $160 (£104) in value on Wednesday, just hours
> after hitting a record high.
>
> The currency hit a new high of $266 before falling to $105 and then
> bouncing back to $130. The fall is unlikely to put off speculators. Two
> months ago, a Bitcoin was worth $20"
>
> See data here:
> http://bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv
>
> Intro para at wiki is good summary. The money supply is automatically
> generated, and transactions are processed and secured cryptographically. Basically
> one uses idle CPU time to process transactions, so called "bitcoin-mining". There
> is some transaction fee paid to "miners" according to the difficulty of the
> calculation (how much CPU time is used).
>
> http://en.wikipedia.org/wiki/Bitcoin
>
> Everyone is calling it unstable; as per the article "tulip-mania" is the
> phrase of choice. A US SEC report noted that it shares some features of a
> Ponzi scheme (!).
>
> On Friday night some people on the Bitcoin subreddit /r/bitcoin posted
> that they'd just become millionaires; by now they'd have lost half their
> wealth.
>
> Dotcom 2.0? Wondering what our resident financiers think of it, and its
> recent "crash"?
>
> Prashant
>
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