Tag Archives: Truth & Rumors

In reply to the 4/5/13 Washington Post bitcoin article

5 Apr

April 5, 5 AB (anno bitcoin)

I felt that the challenge thrown down by the Washington Post in this morning’s edition deserved an ongoing blog in reply. In its balanced front page article “Bitcoin: Currency’s future, or another cyber-bubble?”, and continued on A7 as “Cyber-cash: Behind the rise of bitcoin”. the post made this statement, “No one knows what, exactly, is behind the currency’s staggering climb…”

The Post is certainly entitled to its opinion, but I must respectfully insist that several of us know very exactly what is  behind the fact that bitcoin investments made a mere 4 1/2 years ago, investments in the form of the intellectual vision of  Satoshi Nakamoto (Arigato, Satoshi, I bow to you in respect), and the intellectual grunt work of Satoshi and a growing band of disciples, are now the most spectacularly successful and productive investments in the history of Homo Pecunius.

It is not beyond everyone’s understanding to perceive the ludicrously underpriced value in  the vast cybernetic infrastructure that these investments built; an infrastructure that enables safe, instantaneous, global transfers of value at almost no transaction cost, which is indestructible to anything less than the eradication of electronic technology from human inhabited space, and is incorruptible by any bribe less than the cost of 50% of its current power (currently an order of magnitude greater than the combined power of the worlds 500 fastest supercomputers). And even this corruption is limited by the brilliance of the network’s design and distributed operating system, to the double spending of individual transactions.

Pleased stay tuned….

Advertisements