The "Twenty-Five Percent More" Argument
A favorite stat floating around these days among Bitcoin startups is that, at this stage in the game of Bitcoin—the ecosystem, the commercialization of this space, etc.—, startups have raised 25% more capital than startups in the 90s did—when they were raising for “that ecosystem” [basically preparing for the world to come online.] So, a few things about this stat—this oh so favorite stat for Bitcoin startups to use. First, not many Bitcoin startup founders think about this all that much, because some where actually born in the ‘90s and “grew up” at the turn of the century, but: Inflation....
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It's almost refreshing to take a look at the bitcoin price charts today and see something we haven't seen a whole lot of lately: a price climb. If you're following along at home, you probably noticed today that the price of bitcoin has surpassed $400 today. In fact, it's gone us quite a bit higher than that. Taking a look at the Bitstamp chart (USD), we can see that the current price of bitcoin is about $414, up over 7 percent in the past twenty-four hours alone. If we take a look at the three-day view, we're up 13 percent. Over 24 percent in the past week alone. Not terribly bad.....
A print from 1845 shows cowrie shells being used for money. It seems every day we hear the Bitcoin deflationary argument, not only from publications such as Business Week, but even from proponents of Bitcoin. Let's state it clearly: The Deflationary Bitcoin Argument: Bitcoin is not inflationary because the supply is limited to 21 million coins. Therefore, people want to hold it and won't spend. When no one spends this reduces the demand for products and services. This ultimately harms the productivity of the economy leading to a worsening of economic conditions. Therefore, Bitcoin is bad,....
Fears of a potential 51 percent attack are once again brewing in the bitcoin community with news that mining pool Ghash.io has reached an uncomfortably high hashrate in the past twenty-four hours. The bitcoin subreddit on social sharing website Reddit.com, with over ten shares on the page related to the matter. The pool's hashrate reached as high as 47 percent - extremely close to the 51 percent envelope that would open the door to attacks that could be carried out by the majority. One such attack would be double-spending transactions. That is, using the same amount of bitcoin twice. Such....
Nearly 18 percent of Brits who shop online are willing to use bitcoin some time in the future, a survey by Populous on behalf of Clarity Communications indicates. 57 percent have heard of and are aware of the digital currency's existence. The results come from a pool of about 2,065 from the United Kingdom, and the results determined that men are more aware of bitcoin than are females, not surprisingly (69 percent of males vs. 45 percent of females aware of it). Of the entire pool, just over 100 people (or 5 percent) say they've actually used bitcoin before. 29 percent said they had no....
Have you checked the price of bitcoin today? You might have noticed it's climbed up a bit more than when you had last checked it. At Bitstamp, the current price (as of this writing, of course) is about $511 - up just over three percent in the last twenty-four hours. Passing the $500 mark, some say, is a move past a big psychological barrier, which could of course mean that the price could continue its climb. Read more: Tuesday Ends With Bitcoin Price Up Nearly Ten Percent. That said, it's difficult to pinpoint just what caused the price increase in the first place after hovering in the....