Tag: bitcoin

Brian Quintenz, former commissioner of the Commodity Futures Trading Commission (CFTC) and a current crypto advisor, joins “Plugged In” host Neil Chatterjee to talk about the future of commodity trading and how cryptocurrency has played a role in the energy and agriculture markets.

Quintenz said the CFTC is very broad and “touches every aspect of American life.” He said the regulator has helped to create transparency in the swaps market and helped mold a better way to prepare for risk management in the industry and within the agencies.

A Use Case for Cryptocurrency

 

As I’ve said many times, I’m broadly skeptical about cryptocurrencies, think blockchain falls right behind self-driving cars as the second most over-hyped computer technology, and believe Bitcoin is a speculative bubble of little intrinsic value.

Having said that, there is one use case for cryptocurrency that I’ve acknowledged from the start: it can be a practical way for people to execute transactions that those in authority would like to prevent them from making. In some benighted places, like Cuba and Venezuela and other progressive utopias, cryptocurrencies allow people to circumvent kleptocratic governments. That’s nice, and I’m all for that, but it isn’t (yet) a First World problem.

Join Jim and Greg as they dissect three different hacks. First, they dig into Russia caught by the U.S. and two other countries trying to hack COVID research. They also discuss the Twitter hack that briefly hijacked high-profile accounts to run a bitcoin scam. And they discuss the political hackery of MSNBC as Chuck Todd claims the cable network has no editorial viewpoint during the daytime. Finally, they foreshadow the allegedly looming bombshell about to hit D.C.

Member Post

 

This past week, two Florida counties experienced cyber-attacks. It was just on the news that Florida City experienced a ransomware attack, then this evening, it was announced that Mexico Beach was also attacked by ransomware, demanding $600,000 to be paid in Bitcoin, the untraceable way to pay and preferred choice of criminals, thugs and lowlifes […]

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The Myth of Bitcoin Disintermediation

 

I’m going to explain why the hype about both Bitcoin and blockchain is overblown, and then, at no extra charge, tell you what the real Next Big Thing is going to be in the world of computing.

But let me start with an admission against interest: I have a spotty track record as a prognosticator. I played with the internet before it was born, when it was something called NSFnet, and didn’t think it was going to be a big deal. I scoffed at the introduction of color displays on early personal computers, and thought moving video on a PC was pointless. (Certainly, I never intended to have use for such frills.)

On this week’s episode of Banter, AEI visiting scholar Mark Jamison joins the show to discuss how cryptocurrencies such as bitcoin work and how they are different from government-backed currency. At AEI, Dr. Jamison’s work focuses on how technology affects the economy, and on telecommunications and Federal Communications Commission issues. He has written several pieces on cryptocurrencies including how policymakers should approach this technology.

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Bitcoin Explained

 

Over the last few days, I’ve been exchanging emails with Ricochet’s own Michael Stopa, asking Michael — one of the few people I know who truly understands both technology and the English language — to tell me about Bitcoin. (The background: During the Bitcoin craze with which last year concluded, I finally succumbed to temptation, buying a few hundred dollars’ worth. By the very next morning, I had lost a third of my money.)

Herewith, and with thanks, again, to Michael, the best succinct explanation of the blockchain phenomenon I have yet encountered. My own occasional comments appear [in brackets].

Let me say at the top that the one thing I can’t tell you (and probably the thing you want to know the most) is whether bitcoin value will go up or down and when. Sorry. [Michael knows—I’m sure he knows. He just won’t say.]

Member Post

 

Since the birth of Bitcoin in 2009, the concept of a purely digital currency with a distributed ledger has been the subject of intense interest from venture capitalists and central banks to libertarians and drug dealers. There are now, apparently, over 900 digital currencies existing either as theoretical implementations or actually in circulation. The number […]

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The Open Source Software that Could Take Down Amazon

 

PwK89nHvKL2w38lG4d4xtw-openbazaar-logoIt didn’t make big headlines, but a new open source software package called OpenBazaar was released on Monday. It allows for direct electronic transactions between buyer and seller, without middlemen that impose fees and restrictions.

OpenBazaar is an open source project to create a decentralized network for peer to peer commerce online—using Bitcoin—that has no fees and no restrictions. Right now, online commerce means using centralized services. eBay, Amazon, and other big companies have restrictive policies and charge fees for listing and selling goods. They only accept forms of payment that cost both buyers and sellers money, such as credit cards or PayPal. They require personal information, which can lead to it being stolen or even sold to others. Buyers and sellers aren’t always free to exchange goods and services with each other, as companies restrict entire categories of trade.

OpenBazaar is a different approach to online commerce. It puts the power back in the users’ hands. Instead of buyers and sellers going through a centralized service, OpenBazaar connects them directly. Because there is no one in the middle of your transactions there are no fees, no restrictions, no accounts to create, and you only reveal the personal information that you choose.

Member Post

 

I have been watching Bitcoin for a little over three years. Wanted to invest when it was around $2/btc but was very hesitant for several reasons. At the moment it’s just under $600/btc. I could have invested five figures. Imagine how this makes me feel!  There are many other cryptocurrencies out there: litecoin, Dogecoin…. and […]

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Member Post

 

For those who are skeptical about crypto-currencies like BitCoin because they are not based on a tangible asset like gold or silver, I present the alternative … MapleCoin! In an effort to more deeply illustrate the point of MapleCoin, we have decided to truly and directly back MapleCoin with an internationally recognized Reserve asset, Maple […]

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