31 Jan '13, 4pm
Rumors of Bitcoin's death have been greatly exaggerated #bitcoin
Reply AJ Posted: Thu, Jan 31 2013 6:39 AM rated by 0 users The potential future "currency of the internet" zoomed past $20/BTC today, with its market cap about to overtake the all-time high reached in the 2011 bubble top. As the world's most powerful computing network, the p2p transaction technology - like p2p file transfer technology - is making end-runs around monopolistic control so easy that they look natural and even obvious. But let's face it: Bitcoin is nothing more than a glorified point system. It is only the scarcity of the points (bitcoins) that forces a man to lay down 20 smackers just for the privilege of having a point chalked up to his account (his bitcoin address) in the universal internet ledger (the blockchain). He is giving up cold, hard cash for nothing more than a mark in a ledger that the majority of users agree upon. He is essentially paying for the ...