06 Jul '13, 1pm

Bitcoin – the people’s currency or dangerously subversive? via @IrishTimes

Bitcoin – the people’s currency or dangerously subversive? via @IrishTimes

In 2008 a pseudonymous character called “Satoshi Nakamoto” invented a cyber-currency called bitcoin. Initially ignored by all but a few aficionados, it became the subject of huge interest earlier this year when a wave of speculation caused the price to soar . . . and then plummet. “A bitcoin today is worth around €75,” explains Alan Donohoe of the Irish Bitcoin Association . “Well three months ago bitcoin was up to €140 and dropped in a matter of hours to €80.” The hype obscured the fascinating rise of an untraceable peer-to-peer electronic currency that crossed borders, eschewed regulation and was also used for nefarious purposes on the notorious Silk Road website (where guns, drugs and other illegal items are for sale). Anarchist types The mystery around “Nakamoto’s” identity lent itself to the utopian narrative which many have structured around the currency. Brian Lucey...

Full article: http://www.irishtimes.com/news/bitcoin-the-people-s-curre...

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