Almost all Bitcoin wallets rely on Bitcoin Core in one way or another. It's only with a debt that you're legally required to wallets cash. Become a Redditor bitcoin subscribe to one npr thousands of communities. I've sent their "why bankruptcies are good" to tons of Donald Trump haters. This is so money it doesn't even planet on their episode list yet
Now you have a separate chain, far less valued than BTC, and the difficulty is increasing. We previously collected donations to fund Bitcoin advertising efforts, but we no longer accept donations. Why shouldn't we worry about them using "terrorists can be bombs and child porn" as an excuse to fight Bitcoin? Didn't even know about it when i brought up DNS. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: You can also explore the Bitcoin Wiki: I subscribe to the podcast and they do a great job but the economist near the end talking about legal tender told it wrong.
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Want to add to the discussion? Bitcoin Newswire is your bitcoin, btc news money crypto currency website. OK, it's on the main Planet Money web site now: You can also explore the Bitcoin Wiki: I'm aware of wallets dollars and Bitcoin States Private npr, however the former ran into legal issues not market issues and the later just seems like a out right fraud. At the same time Planet can send it over the internet, somethign you can't do with cash.
The towing company refused payment and the police were called who forced the company to accept the 10, or however many pennies. I think the important part here is that the towing company claimed youtube guy owed them a debt. It's less clear with a straightforward voluntary exchange. Yes, I remember this. It was quite amusing but I'm going off my high school economics classes in Australia and coins there are only legal tender up to certain amounts.
At least that was the case 20 years ago. I imagine there'd be similar for all denominations but I'm too hungry to do the googling. It's only with a debt that you're legally required to take cash.
The cops had no obligation to force the company to take the pennies? I don't know about that. The US might not have the same restrictions Australia has. I'm wondering if they were doing it just to keep the peace rather than follow the letter of the law. All that matters is which side a judge takes in the end. The police officers were wrong as in unlawful to force them to accept the pennies. Legal Tender laws are very misunderstood in the US. The professor stated he had seen other private currencies fail, which ones are he talking about?
I'm aware of liberty dollars and United States Private dollars, however the former ran into legal issues not market issues and the later just seems like a out right fraud. I'd take what he says with a grain of salt. I know he was wrong about legal tender although I'm sure he actually knows better. By private currencies, he's probably referring to Flooz or Beenz which were taken out with the dotcom crash. Either way, the dollar is a fiat currency and is not based on anything anymore.
I think it's time for something new or even revolutionary. It's kind of counterintuitive to someone who doesn't actually download podcasts. In looking at it, it could be more straightforward. I'm not sure why they don't just have a download link right next to the in-page player, but I'm glad the NPR Podcasts page for the show does have that "download latest" link.
In reality I guess they're trying to appeal to the average non-technical user, but who knows In any case NPR podcasts pretty much every show they do and shows like this one will already appear as options in directories like iTunes, Stitcher, etc..
Two skeptics thought that bitcoins will be worthless in 5 years, but they didn't give any reasons for that of course they didn't have much time in a 20 minute podcast. But I don't think they realize the fundamental differences between bitcoin and every other kind of money that has ever existed. I bet they are just applying their schema that "new money, like e-gold, WoW gold, Liberty Dollars, etc.
And after studying the various failure scenarios, I am quite confident bitcoin won't fail. At this point, I think there are only two things that could stop Bitcoin: For example, a remote exploit in the Bitcoin client that resulted in private keys for major mining pools or exchanges being compromised.
What about an evergrowing set of competing bitcoin currencies as miners defect to alternative p2p pools? Why has no one done this yet, then? The sooner you do, the more likely you are to get people to switch. Your alternative block chain will have no value, however, and offer nothing over the current chain. People can still mine productively, but perhaps as it gets harder, some enterprising folks will open that pandora's box.
About the best comparison I can offer here is to imagine the alternative DNS trees, except if you were paid to create domain. Didn't even know about it when i brought up DNS. Namecoins aren't a competing currency. It's a generalization of the Bitcoin model specifically for the purpose of creating a distributed DNS. Bitcoin, or more specifically, block chains, can be generalized and used to solve other problems.
That doesn't hurt Bitcoin though. In fact, if we create separate chains for distributed DNS, timestamping, text storage, etc, the common currency used to buy credits for those chains will likely be Bitcoin. But that's much different than "Bitcoin2", which is essentially just a new block chain specifically to act as a currency. And that will likely fail.
Sure, some people might start a Bitcoin2 chain with some extra features. Some early users will get it and mine a bunch of coins. But if it starts to take off, difficulty will increase. Now you have two difficult chains, where one has value and the other really doesn't. Of course the people who start that chain will jump right in and hope to get rich by being early. But who is going to switch from Bitcoin when the difficulty rises on Bitcoin2?
Now you have a separate chain, far less valued than BTC, and the difficulty is increasing. I agree those are the most serious concerns.
However, I don't think the US government actually can stop bitcoin - they will just drive it underground and to other countries. An exploit would be more disastrous.
If a flaw in the software enabled cheaters to steal private keys at will, that would definitely kill bitcoin and set any competitors back significantly due to the stigma. But if there were such a problem, it probably would have already been uncovered. So I think we are likely safe from this. I don't think they're likely, I just think they're about the only things that could seriously compromise it. Use of this site constitutes acceptance of our User Agreement and Privacy Policy.
Bitcoin comments other discussions 1. Log in or sign up in seconds. Submit link NOT about price. Submit text NOT about price. Bitcoin subscribe unsubscribe , readers 14, users here now Bitcoin is the currency of the Internet: You can also explore the Bitcoin Wiki: Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy.
News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Ben Horowitz is a big-time venture capitalist. His firm invested in Facebook and Twitter. Ben thinks bitcoin is going to change the way people buy and sell stuff on the Internet. Felix Salmon, a high-profile finance blogger at Reuters , is a prominent bitcoin skeptic. So when Felix recently published an essay calling bitcoin a bubble that was sure to burst, Ben posted a comment challenging him to a bet over the future of bitcoin.
So I immediately said yes. When we heard about the challenge, we invited Felix and Ben to come on Planet Money to hash out the details of the bet. Basically, we offered to be their bookie.
Fortunately for us, they accepted. For more on the bet, see our post: