Bitcoiners let's talk now. Between waves?Submitted by Smudge Pot on Mon, 02/17/2014 - 03:51
I guess I'm gonna charge into a sub debriefing now without waiting, general debriefing didn't focus on specifics.
I was kinda in the dark in travels and the wifi at this hotel was so....not even gonna go there but I departed with the feeling that things had restabilized in bitcoin time, sequence of latest drama being something along the lines of:
1. Dip in price on MTGOX of "indeterminate epidemiology".
2. Flash crash attributed to a whale cashing out.
3. MTGOX halting cash-outs and with another lack of transparency that really just pushed it too far.
4. The ascendancy of Bitstamp as the main exchange.
5. Bitstamp falling prey to the malleability issue and halting activity (higher level of transparency helped).
6. MTGOX prices decouple from the rest of bitcoin community.
7. Silkroad2 reportedly gets ROBBED BLIND. KABLAM!
8. To my mind, PHENOMENAL comfort level betweeen $6-700 since.
You'd think we'd have had people checking prices constantly at Freedom Summit and have it on a wide screen but it was the opposite. Confidence was visible to the naked eye but it's someplace way, way, way high up there.
So some trends to be watching:
- Are exchanges becoming a thing of the past? As bitcoin continues to function as a currency, facilitating both business and individual transactions, do we need them or where or why do we need them?
- The debate between agorist/anarchist use of bitcoin, especially as security/anonymity vs. acceptance into normal accounting and reporting systems is on in a big way. The big money is on a kind of compliant model but there's heavy smarts on the opposite. Count on "dark wallet" and "deep web" terminology to be involved.
- New features being discussed by guys like Paul Snow involve using transaction hashtags to refer to online contractural document retrieval systems to nail down stuff that we used to use international letters of credit and escrow accounts for (hello reporting/accountability systems again). Not to mention international law firms, brokers, brown-nosers and shilly-shallers.
- Global bitcoin banking infrastructure. Where it survives I'm not gonna guess right now. Except maybe Chile. And Uruguay.
- Whole bodies of law evolving to deal with the integration of bitcoin into our lives. There's already this dynamic. So who makes them up first? Us or them?
- We know they are coming. "For the night is dark and full of terrors". What's next? Well so far we have attacks on the protocol, attacks on the exchanges, attacks on the wallets and attacks on bitcoiners. My best guess is they will attack our animals next so try to keep an eye on the cats and dogs.
- Keep thinking global.
And that there is my bitcoin update. Oh yeah and my Mormon friend says bitcoin is unconstitutional. Takes a while to work your mind into how that makes sense.