Bitcoin Is a Massive Scam, Former PayPal CEO Bill Harris Claims

Bill Harris, former Paypal CEO and founder of Personal Capital, wrote an editorial for Recode regarding Bitcoin on Tuesday. He did not hold back his feelings on the cryptocurrency calling it a “scam” and having “no value.” His barrage of ridicule wasn't limited to Bitcoin as he pointed out other digital …
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Netherlands Police Bust a Massive Darknet Vendor Under New Aliases (deepd.tw)

Netherlands police ended the career of one of the largest darknet dealers involved in the MDMA, ecstasy, and cocaine trade. According to the official press release, the four suspects were behind the vendor accounts Doug-Heffernan, Smurfs, Mr. Bubblebgum, Rubiks and DrugsGames. They shipped tens of thousands of packages across the globe, police said.
Raids…

Bitcoin

Any rating that doesn’t give Bitcoin an A has got some screws loose. Nearly ten years of wealth creation, innovation, massive growth, proven resiliency against crashes and billions worth of infrastructure. And all without a leader. Bitcoin is the standard

Any rating that doesn't give Bitcoin an A has got some screws loose. Nearly ten years of wealth creation, innovation, massive growth, proven resiliency against crashes and billions worth of infrastructure. And all without a leader. Bitcoin is the standard submitted by /u/Bitcoin_21
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Bitcoin – The Currency of the Internet

Bitcoin and Ripple price CRASH across the market as Korea clampdown triggers massive …

Bitcoin, etherium and ripple are all in the middle of a nosedive as cryptocurrencies across the market are crashing. The digital currencies are … Bitcoin in particular has come down nearly 40% over the last month despite being valued at around $ 20,000 a few days ago. However, it's still the best …
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Bitcoin rises after report says early Facebook investor Peter Thiel is buying massive amounts

Peter Thiel's Founders Fund has bought millions of dollars in bitcoin, The Wall Street Journal reported Tuesday, citing sources familiar with the situation. Those holdings are worth hundreds of millions of dollars, the newspaper says. It wasn't clear whether Founders had sold any of its holdings, the report …
Google Alert – bitcoin

Bitcoin exposes the massive economic illiteracy of financial journalism; arm yourselves with knowledge.

Hello, fellow Bitcoiners.

I'm an economist and I've been been following Bitcoin for quite some time now. What I've always found the most entertaining property of cryptocurrency is how it exposes the massive economic illiteracy among the so-called financial journalists and, indeed, a large portion of the financial elite and even quite a few prominent economists (Joseph Stiglitz, to name one).

Having said that, I want to arm my fellow Bitcoin users with a small amount of knowledge that should be enough to knock out the most widely held objection to cryptocurrency's value that you would encounter from your families, friends and acquaintances: the idea that money needs to be 'backed' by something, whether it's a financial institution, an army or just plain belief in it. The simple fact is that this isn't true now, has never been true, and will never be true.

Money is valuable because it is the simplest, most efficient and most effective way of signalling economic data across large groups of people. A currency, the manifestation of money, is valuable when it does a good job of transferring the aforementioned data by being:

  • 1) easy to use and understand by everyone
  • 2) tamperproof such that it resists corruption of the original signal
  • 3) neglegible in overhead costs

Cryptocurrency is a happy marriage of information technology improving n°1 and distributed cryptology improving n°2, while SegWit and Lightning continue to improve on n°3. Put simply, in terms most educated people can understand: Bitcoin has value because it is better at acting as an information carrier for economic data than any traditional currency. It protects signal integrity to a degree that no other currency type can. This is why cryptocurrency is so valuable, and why it will continue to soar until all fiat currency has collapsed around it.

Good money, in short, is all about reliably transferring economic preferences. It has sod all to with 'backing', 'trust', government 'protection', 'sound' fiscal policy or any of the other racketeering schemes that powerful groups have been using to take the data signalled by ordinary people and corrupt it into something that benefits only the elites.

Any time a journalist or so-called expert objects to cryptocurrency because it's not 'backed' by any of the above, they betray their ignorance, their illiteracy and their complete blindness to the revolution that's happening right under their feet and which will, in time, bring down the corrupt power structures of our world to create a freer, fairer society for all of us.

Arm yourselves with this knowledge, educate your peers, and steel your hearts with the understanding that our foes are defending a dying paradigm while their world crumbles around them.

Vires in Numeris!

submitted by /u/Dietsman
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Bitcoin – The Currency of the Internet