bitcoin sources

team O’Connell sources and info post here

This entry was posted in Chris DiSarcina, Dan Primavera, Nicole Clark, Rory O'Connell. Bookmark the permalink.

5 Responses to bitcoin sources

  1. cdisarcina says:

    Brett Gordon, currently a Professor at Columbia’s Graduate School of Business:

    There are two scopes for discussion about the future of bitcoin. First, the short-term: if this is a bubble, when will it burst? It’s notoriously difficult to predict the end of a speculative bubble. Those lucky enough to time it correctly can make a lot of money, but that won’t be true for the rest of us mere mortals. The price chart for bitcoins reminds me of the Nasdaq from 1995 to early 2000. Clearly, these are vastly different, but I think the Nasdaq plot is representative of many yet-to-burst bubble prices. The Google Trends chart for bitcoins is similarly shaped, which suggests that when the media frenzy over the digital currency subsides, so too may much of investors’ interest. Second, the long-term: what will the bitcoin market look like in 5-10 years? That’s even harder than calling the peak of a bubble. I think a significant contribution of the bitcoin market is that it serves as a proof-of-concept for a decentralized crypto-currency. Two benefits are that bitcoins are inherently deflationary and transactions are anonymous. Given the recent slew of fiscal crises and increasing concerns about online privacy, these are two strong points in bitcoin’s favor—or whatever future crypto-currency arises.

    Long-term bitcoin views are pretty much shit because, even though transactions with bitcoin are “anonymous and inherently deflationary,” on Bitcoins website they say that “keeping your savings in bitcoin is not recommended. Bitcoin should be considered as a high risk asset”

  2. cdisarcina says:

    Works Cited:
    “Bitcoin Charts.” N.p., n.d. Web. 16 Apr. 2013. .
    “Some Things You Need to Know.” Bitcoin. N.p., n.d. Web. 16 Apr. 2013. .
    Strauss, Steven. “Nine Trust-Based Problems With Bitcoin.” The Huffington Post., 14 Apr. 2013. Web. 16 Apr. 2013. .
    “Traveling Down the Silk Road to Buy Drugs With Bitcoins.” Motherboard. N.p., n.d. Web. 16 Apr. 2013. .

    Bitcoin’s are generally used for the purchase and distribution of illegal drugs and weapons. The Silk Road is a hidden website used as an anonymous market place. It takes some sorts of Internet skill to make it there; market-goers need to mask their IP addresses to protect a sense of anonymity. Once on the Silk Road website, users are able to pay for tabs of acid, pounds of marijuana, semi-automatic weapons, and more, using Bitcoin as currency. This will lead to the downfall of Bitcoin because governments will not knowingly allow citizens to purchase illegal goods. Those weapons and drugs can be wielded to kill. This is a major cause of the future downfall of Bitcoin. It’s not recognized as an official currency so it poses a threat to national currency.

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