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Old 05-16-2011, 06:08 PM   #1
dmross
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Member#: 2818
Join Date: Nov 2000
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Location: Pittsburgh, PA
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Default Bitcoin: global peer-to-peer currency system

No longer a fringe cyber idea. It's going viral.

http://launch.is/blog/l019-bitcoin-p...t-weve-ev.html
Quote:
L019: Bitcoin P2P Currency: The Most Dangerous Project We've Ever Seen
Sunday, May 15, 2011 at 12:37PM

by Jason Calacanis and the LAUNCH team

A month ago I heard folks talking online about a virtual currency called bitcoin that is untraceable and un-hackable. Folks were using it to buy and sell drugs online, support content they liked and worst of all -- gasp! -- play poker.

Bitcoin is a P2P currency that could topple governments, destabilize economies and create uncontrollable global bazaars for contraband.

I sent the 30 or so producers of my show This Week in Startups out to research the top players, and we did a show on Bitcoin on May 10. Since that time the number of bitcoin stories has surged.

After month of research and discovery, we’ve learned the following:

1. Bitcoin is a technologically sound project.
2. Bitcoin is unstoppable without end-user prosecution.
3. Bitcoin is the most dangerous open-source project ever created.
4. Bitcoin may be the most dangerous technological project since the internet itself.
5. Bitcoin is a political statement by technotarians (technological libertarians).*
6. Bitcoins will change the world unless governments ban them with harsh penalties.


Let’s Make Some Predictions
============
We are 100% certain that governments will start banning bitcoins in the next 12 to 18 months. Additionally, we’re certain bitcoins will soar in value and a crush of folks will flood the system and start using them.

Currently there are 6M coins at $6.70 each for a total economy of about $40M. Bitcoin speculation and hoarding will also cause a massive spike in bitcoin value. For example, if 10M people find out about bitcoins in the next year and want to buy $100 worth, $1B will be infused into the bitcoin economy.

Finally, there will be massive breakage in bitcoins. If your laptop crashes and you didn’t back up your bitcoins, well, you’re SOL. If someone steals you laptop that has 10,000 bitcoins on it you won on Bitcoin Poker, you’re SOL. Lost your USB drive with 500 bitcoins on it after a night out on the town? You’re SOL.

Sites like 99designs, eLance and oDesk will start accepting bitcoins for payment. If they don’t, they will face competition from folks who do.

Bottom line: The world is going to be turned over by bitcoins unless governments step in and ban them by prosecuting individuals.

This is about to get really interesting, everyone.


Relevant content starts at 7min mark (I've added a time seek to the url for your convenience)
http://www.youtube.com/watch?v=TwNfBgwbqng#t=7m


Official site:
http://www.weusecoins.com/



CN: nerds create un-hackable (so far) peer-to-peer currency system with built in algorithm for scarcity, reality slowly becomes a 90's cyberpunk novel
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