The past few weeks have seen ever-increasing levels of drama. While it’s not worth diving into the details of each incident, one of the bigger bombshells was the bitcoin equivalent of the Republicans claiming that the real reason Nancy Pelosi opposed Trump/Ryan-care because she could secretly make $100 million extra if Obamacare remained in place. And although there was no evidence she was doing so, the mere fact it was possible meant the system needed to change. However, the bitcoin version of the Democrats claimed that their advantage was really due to efficiency — and what’s so bad about optimizing technology?
The latest salvos in this never-ending war are putting into stark relief a dirty secret that few cryptocurrency enthusiasts like to admit: This technology that promised to replace trust in financial institutions and governments with software is just as susceptible to politics and power plays as any other system.
As the two sides engage in posturing akin to a nuclear arms race, the threat that bitcoin could split into two coins is real. Then the question becomes, which will be considered the “real” bitcoin? As venture capitalist and Angel List cofounder Naval Ravikant tweeted, “In a showdown (fork) between Miners and Developers [respectively, the “Democrats” and “Republicans” described above], the more decentralized coin will win. Bitcoin without decentralization is just fiat.”
“These dynamics [are] evidence that these are emerging quasi-political systems that are just ill-defined in terms of them having a self-consciousness of their political nature,” says Jesse Posner, a software engineer at Coinbase and former lawyer.
The wonder of bitcoin is that the system manages to get a few groups whose interests are not aligned to interact in a way that results in an optimal outcome for all.
However, over the last two years, faced with the question of how to enable more transactions on the network, the initial uneasy equilibrium between the various groups turned first into a stalemate and more recently into a full-blown civil war.
PlexCoin Founder Gets Jail Time, Fine on Contempt Charge
U.S. and Canadian authorities appear determined to make an example of a recent initial coin offering.
On Friday, a Canadian court ordered a two-month jail sentence against PlexCoin creator Dominic
'Bitcoin Jesus' is 'really, really concerned' about the future of the digital currency
An early bitcoin investor said Monday the digital currency can run higher, but the hype has far outpaced its usability. "I think in the short run it can run up a lot more," Roger Ver, CEO of
Bitcoin has aspects of a bubble, but it's OK to 'play' with it: Economist Robert Shiller
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Futures Launch Puts Record Bitcoin Highs Back in Play – Yahoo Finance
Digital currency bitcoin begins trading on major exchange for first time in Chicago WLS-TVBitcoin Futures Started So Hot That Trading Had to Be Halted Twice FortuneBusiness Insider Â âCNNMoney Â â
Understanding Futures: A Primer for Bitcoiners
Lanre Sarumi is the CEO of Level Trading Field, an interactive online platform for professionals in the finance industry.
"Study the past if you would define the future." – Confucius
Bitcoin Price Back Above $17k to Set New All-Time High
The price of bitcoin has pushed back above $17,000, hitting a new all-time high on CoinDesk's Bitcoin Price Index (BPI).
As of press time, the BPI had climbed as high as $17,382.64, beating the $17
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According to the