Sunday, April 28, 2013


I've decided to start taking any and all donations in bitcoin starting immediately. I've been watching bitcoin for a few years now and have become more and more excited about it the more I learn about it. Bitcoin is a de-centralized, open-source crypto-currency. Bitcoin is fantastic because it is not dependent on any one institution and thus has no hierarchy (for example, a hierarchy of the government above the people) inherent to its structure.

 Here's an annoying video to explain everything to you

 In many ways, Bitcoin is like Gold:

 I do not believe that gold and bitcoin are really in competition. Rather, I think that bitcoin is in competition with central bank paper.  It provides a peer to peer alternative to paper promises issued by a centralized authority.  One can literally walk up to someone on the street, and exchange physical gold for digital bitcoin.   I believe this currency could make the entire banking industry obsolete in the long run, since one no longer needs to trust the institution issuing paper.  Rather, this trust is placed in cryptography as well as the bitcoin network which is so vast, taking it down would be, like the man in the video says, like taking down the internet.

Gold is money: it provides the store of value, safe from counterparty risk.  While Bitcoin functions as currency: instant, digital, easily transactable and highly portable.  Both of them are anonymous and neither of them is dependent on a centralized institution for their existence.

Right now bitcoin is in its early stages and is extremely speculative and volatile.  I am not posting this, encouraging you to put your savings into bitcoin but rather, I am posting this as a show of support for bitcoin itself.

If you're new to this blog you might want to check out some of my poetry.

Anyway, if you like what you read here, drop some BTC in the bucket!

No comments:

Post a Comment