All hail bitcoin?
WARREN BUFFETT: ‘Stay Away From Bitcoin. It’s A Mirage’ http://t.co/hRMjrjDsHH
— Business Insider (@businessinsider) March 14, 2014
@chamath We all tend to be dismissive of things that we do not understand. (Warren Buffet on #bitcoin) #coinsummit
— CoinSummit (@coinsummit) March 26, 2014
What is bitcoin?
The digital currency had humble beginnings when it emerged from a 2008 paper written by a programmer (or group of them) named Satoshi Nakamoto. The Bitcoin network uses a public ledger to record transactions made under pseudonyms, a technological breakthrough that allows purchases and sales without using a trusted third party.
Who likes it? Libertarians do.
Fundamentally, Bitcoin unites futuristic left-wing internet anarchism — the fantasy that the web can provide the conditions for a governmentless society — with the cave-dwelling right-wing libertarianism of goldbugs who think a stable money supply can be established without government involvement. It is proof for both that government is not needed for much, or at all.
For bitcoin, that stand-alone loyalty isn’t entirely good news, because the movement needs broader, more mainstream political friends to champion it. One of the recurring themes at this year’s CoinSummit is the need for political champions of the virtual currency. Because in case you haven’t caught the viral-trending political influence expose from Robert Reich, American politicians can help you accomplish anything. And right now for the bitcoin movement, lobbying the IRS hasn’t been successful.
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