Is Bitcoin The Most Dangerous Technological Project Since The Web Itself?
Launch examines Bitcoin in an article that discusses the controversial P2P electronic currency, outlining what they've learned after researching it, and making some predictions for the future.
Launch examines Bitcoin in an article that discusses the controversial P2P electronic currency, outlining what they’ve learned after researching it, and making some predictions for the future.
Bitcoins are a virtual peer-to-peer currency that can be sent and received directly from their site, or via and escrow service or currency exchange. The benefits are that your coins can’t be frozen, tracked or taxed, and transaction costs are very low.
From the article:
A month ago I heard folks talking online about a virtual currency called bitcoin that is untraceable and un-hackable. Folks were using it to buy and sell drugs online, support content they liked and worst of all — gasp! — play poker.
Bitcoin is a P2P currency that could topple governments, destabilize economies and create uncontrollable global bazaars for contraband.
…Bitcoins are created by a complex algorithm. Only 21M can be made by the year 2140. Your desktop bitcoin software can make bitcoins, but at this point the electricity and time it would take to produce a bitcoin is larger than the actual value of a bitcoin (your laptop might take five years to make one, and they currently trade at $6.70 per bitcoin [ see http://mtgox.com/trade/buy for the latest exchange rate ].
Bitcoin miners use super cheap GPUs (not CPUs) to create the coins, but as more people come online to make them, the algorithm adjusts so that one block can only be made every 10 minutes.
Here is what Launch stated after a month of research:
1. Bitcoin is a technologically sound project.
2. Bitcoin is unstoppable without end-user prosecution.
3. Bitcoin is the most dangerous open-source project ever created.
4. Bitcoin may be the most dangerous technological project since the internet itself.
5. Bitcoin is a political statement by technotarians (technological libertarians).
6. Bitcoins will change the world unless governments ban them with harsh penalties.
As a result, they add that they are “100% certain” that governments will start banning bitcoins in the next 12 to 18 months.