menu

Is Bitcoin The Most Dangerous Technological Project Since The Web Itself?

Is Bitcoin The Most Dangerous Technological Project Since The Web Itself?
technology

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.

Emma Hutchings
  • 20 may 2011

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 https://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.

Bitcoin

Launch: “Bitcoin P2P Currency: The Most Dangerous Project We’ve Ever Seen”

Image by ~lauren

Trending

Zagat's Cafe Offers Tiny Replicas Of Classic NYC Dishes

Experiential Marketing
Social Media Today

Your Favorite Tweets Are Now Wearable

This temporary tattoo allows fans to wear their most favorite moments from the social platform

Technology Today

This Mirror Tracks Your Dark Circles And Fine Lines

HiMirror is a device snaps a photo of your face every day to provide feedback on how to care for your skin

Trending

Get PSFK's Related Report: Future of Automotive

See All
Sustainability Today

Biodegradable Furniture Made From Pine Needles Could Be The Next Phase Of Sustainable Living

Premiering at Dutch Design Week 2016, the collection fully utilizes an often wasted material

Related Expert

Christopher Fabian

Development, Social Good, Technology

Technology Today

Modular System Lets Musicians Create Their Own MIDI Controllers

Mine is a customizable music-maker that lets people design their most ideal layout

USA Today

Amazon Launches Cashier-Free Store For Ultimate Efficiency

The retailer is looking to make shopping even faster by letting customers instantly pay as they walk out the door

Augmented & Virtual Reality Today

Marble-Like Mini-Worlds Invade Miami Art Week And Your Mobile Screen

The gallery world's sphere of influence seems to be expanding into the realm of Pokémon Go—why that's a good thing

PSFK LABS REPORT

Future Of Retail 2017
Transformation Strategies For Customer-First Business
NEW

PSFK Op-Ed Today

Creative Director: Navigating The New World Of Founder-Brands

Richard Smith, Creative Director at Sullivan, explains how visionaries like Elon Musk and Mark Zuckerberg approach their branding and why it’s important to apply brand thinking to founders’ products

PSFK Labs december 1, 2016

Retail Spotlight: Home Depot Reimagines How Employees Conduct Tasks

The home improvement retailer puts the customer first by initiating local fulfillment centers and simplifying freight-to-shelf inventory management

Health Today

A 'USB Stick' That Can Detect HIV Levels

The simple device developed at Imperial College London measures viral load in less than 30 minutes

Customer Retention Today

Crafting The Personalized Retail Experience

Marriott International's Christopher Baer shares insights into how the hospitality company is strategizing customer service

Children Today

Experience The White House In Augmented Reality Using A $1 Bill

1600 Pennsylvania Ave. is an AR app designed to help people learn about the history and significance of the United State's capital building

Travel Today

Portable Computer Monitor Opens Up Like An Umbrella For Travelers

This mobile screen and projector means work can go anywhere and still feel like working from home

Food Today

Starbucks Is Selling An Automated Temperature-Setting Mug

For those looking to keep their coffee hot on their winter commutes, the coffee chain has created a device that keeps beverages exactly at their desire temperature

PSFK EVENT

FUTURE OF RETAIL 2017:
Conference Built Around Report Launch
BUY TICKETS

Mobile Today

This Piece Of Plastic Is Designed To Curb Phone Addiction

The NoPhone Air from New York agency Barton F. Grafis is actually no phone at all

Retail Yesterday

Store Technology Expert: Why Retailers Must Invest In Store Associates

Jan Kotowski, Head of Product at Tulip Retail, shares his thoughts on how retailers should be preparing for the future

No search results found.