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I suggest you visit Tree Armor today and see what they have to offer.

The total world economy is valued at 70 trillion US Dollars, which $21-$24 Trillion of that is cross border trade, any trip to Walmart would confirm this with the sheer amount of products made overseas such as China.

In my opinion Bitcoin was designed to replace the US dollar for international trades.

As it stands now, if China is selling a product to Canada. China converts the Renminbi to US dollars, then transmits the US dollars to Canada, Canada then coverts those US dollars to Canadian dollars.

The same goes for virtually every other country doing business with each other, to the tune of $21-$24 trillion US dollars. All oil contracts for example are done in US dollars, it’s the reason the banking sanctions on Iran did so much damage, they couldn’t sell their oil because they couldn’t convert the Iranian rial to US dollars. Hence can’t complete a transaction (and by default can’t sell their oil).

The US is happy to supply those dollars in the form of debt sold to them. If those dollars were suddenly not needed, we would see epic levels of inflation as the demand for US dollars would shrink $21-$24 trillion.

I believe (again my belief) that we can rule out Satoshi as being American, because the damage done the US economy would breathtaking if Bitcoin were to replace the US dollar for overseas transfers in even a mid order timeframe. In my opinion the 21 million bitcoin limit rang sense to him because that roughly equals the amount of international cross border trade world wide.

I’m not saying bitcoins will be worth 1 million American dollars, I’m just saying they APPEAR to be designed to be worth 1 million American dollars.

You have really 2 options for Bitcoin.

1 – Washington goes after bitcoin and sends it so far underground that it’s worth very little.
2 – International trades start being settled in Bitcoin, which skyrockets the value of each bitcoin.

What impressed me is how the US handled Bitcoin, treating it as just another currency like the Euro or Japanese Yen by doing this they are attempting to carve a path for bitcoin that it will be treated just like any other currency with the unsaid assumption that the international trades will still go though US dollars, and their current seizure of funds at Mt.Gox proves their view of bitcoin, IE: you still need to deal with US dollars.

The day this changes is the day when Yen and Euros are converted directly to Bitcoin. So when Japan converts their currency to Bitcoin, sends it to France where it’s converted from Bitcoin to Euros is the day the US will declare war on Bitcoin. Until that day you really have nothing to fear.

That’s just my random thoughts on Bitcoin.

Cash for bitcoins is an option, where you can fill out paperwork, make a deposit at CVS and you’ll get your coins. In order for that to happen, it must go though multiple companies and hope everything goes ok.

People often complain much more about the process of getting a bitcoin than the actual cost.

For purchasing small amounts of bitcoins the wire transfer fees generally exceed the actually purchase price of the bitcoins themselves.

There has to be a better way, and honestly the key to that is Paypal. An article today showed up on CNN Money regarding Paypal and Bitcoin.

The moment Paypal accepts and allows for purchase and sales of Bitcoins is the exact moment Bitcoin will exceed thousands of dollars per coin. Though it’s possible 90% of the population has heard of bitcoin, 99.99999% of the people on the street have no idea how to purchase one.

Recently an investement banker said on Twitter:

Josh Brown, a financial adviser at asset management firm Fusion Analytics, tweeted: “Looking forward to answering two dozen client emails about should we diversify into ****ing Pac-Man pellets.”

The only thing holding Bitcoin back now isn’t the actual cost of bitcoin or even the underlying technology and ease of use. These things will improve (and quickly improve) over time. The thing holding back bitcoin is the existing system, and if Paypal chooses to adopt bitcoin, you’ll see the value of Bitcoin Skyrocket to levels that are unheard of.

The problem that was exposed was the fact that Google was listing all their private URLs. A few weeks later Instawallet was shut down.

What I discovered was actually only the tip of the iceburg. When all was complete and the dust settled, I realized that the fix I suggested (and they implimented) only stopped Google from listing the URLs, it didn’t prevent Bing, Yahoo and hundreds of other smaller search engines from listing the urls. This allowed anyone to do a simple site:commmand in any search engine and steal mass numbers of bitcoins. My inital estimates were WAY off. Google only showed about 100 or so bitcoins in the index. Whereas when reading forums and reddit, I found that Bing, Yahoo and others had thousands of urls containing tens of thousands of bitcoins.

In other words, I only stopped the biggest search engine. Paymium had a big problem on their hands. I have mixed feelings about pushing this issue. On the bad side I feel that I sort of crippled a bitcoin company, on the positive side I believe I saved thousands of people from losing their bitcoins. The company never owned up to the fact that I saved their clients and generally speaking overall the community gave me mixed results.

However when bitcoin first started gaining widespread adoption in 2009-2011 , this simple URL security system was rapidly becoming the norm. With several companies adopting Instawallet’s URL security system for securing individuals hard earned bitcoins.

In hindsite, if I didn’t push the issue, Instawallet most likely would have still been around, and more companies would have adopted this URL security system. If one of them became even somewhat popular people would have seen their coins vanish from such a simple exploit and it would have made headlines that another Bitcoin company was hacked. I believe I did the right thing for bitcoin as a whole, though some villified me in the process.

Let me be clear about this, if anyone discovers a flaw in the same line as what I discovered, I believe they should do the same thing I did. Expose it after giving the company time to fix it. You will be helping bitcoin, and saving countless customers from getting their bitcoins stolen.

I myself don’t have many bitcoins. So if someone steals the whopping few coins I have it hurts. I believe I saved many people from suffering that fate. I don’t think what I did was wrong. Though I am sure some people disagree.

The Financial times put this as a side note in part of a larger article as compared to the headline that it deserves.

Also under consideration was the idea of creating a regulated exchange, which would be the world’s first. Such an entity would go some way to addressing concerns about criminality by requiring users to provide proof of identity.

This is huge, regardless of what side of the issue you believe (if it should be regulated or not). However the argument is that with government backing it offers a stronger sense of legitimacy.

Bitcoins are now trading at $119 / 91.72 Euros

What are your thoughts?

Jim Saunders, developer, & co-founder of CEO America, has been visible &
active in the Lehigh Valley for nearly 40 years. A graduate of Muhlenberg
College and Lehigh University , Jim taught high school English in the late 60?
s and early 70′s. It was during this time that he joined the original WAEB
Good Guys and became a radio announcer and disc jockey. This made him
extremely popular with his students, who often did their homework while
listening to rock in roll with their English teacher.

Reddit apologized for the ‘dangerous speculation’ on the site that pointed fingers at the student. According to USA today

It’s an honest question and I need an honest answer. No reports yet have come to see if he was killed or committed suicide. However one part of the report states this: “Health Department spokeswoman Dara Chadwick said Thursday that the body of Sunil Tripathi was identified through dental records.”

Who kills himself to the point where you need dental records to identify the person?

Something is wrong here. Just my opinion.

I was reading the recent article on Business Insider and noticed something that somewhat bugged me, and I suspect also a greater part of the Bitcoin Community (you know, the group of people that pushed bitcoin to roughly a 2 billion dollar marketcap?)

The part that bothers me the most are these two exact phrases:

Chris Dixon of Andreessen Horowitz, for example, recently said in a blog post that Bitcoin-like technologies were ushering in “the third era” of currency.

and this:

Andreessen Horowitz is also putting its money where its mouth is. Earlier this month, the venture capital firm announced an investment in OpenCoin, a Bitcoin competitor.

I know about Ripple, OpenCoin and the overall mission. My problem with it is that it’s not bitcoin.

Since it’s not Bitcoin, most likely this will fail. I am honestly giving all Venture Capital firms a shot across the bow, don’t try to make another bitcoin fork. It’s been tried a thousand times in the past.

Bitcoin does well because it’s open source and cannot really be controlled by any individual company or party. This is the exact reason Bitcoin has done well.

If you want to make something huge, you want to get a decent return on investment, you are going to have to build it within the Bitcoin infrastructure. Build a better exchange, build a decent escrow service, build a better bitcoin client, build a way to get your MasterCard or Visa to pull directly from the blockchain.

Build that.

Otherwise I am letting you know, you’re wasting your money. It’s not going to work.

However there are 4 lines of thought when it comes to valuing bitcoin, starting off with “this is a huge tulip mania” and ending with “this the first real global currency”

The Bubble People – These people believe the rise of Bitcoins is too much, too fast, in 2 years they will be worthless. They point to historical references of past bubbles and even to the prior crashes of bitcoin. They have historical evidence to prove their point and they might be right. You’ll often see them saying that most people trade bitcoin for currency and they are seldom used for any other purpose. These people most likely won’t be investing in Bitcoin until real proof shows up that states it’s not a bubble.

Bubble People : 10 years from now they view each Bitcoin to be worth $0.

The Bitcoin Trader – These people generally don’t see past the next refresh on ounce.me. Their mentality is that no other investment vehicle is providing any returns on their money. They are not there to build a currency, they are there to ride the investment and make as much money as possible while they can. They view it as a bubble as well, but more like the .com bubble where companies such as Ebay and Amazon.Com still exist (though many others failed). They do credit the modern internet to the bubble. They believe there is a future for bitcoin, but a more muted one.

Trader People : 10 years from now they view each Bitcoin to be worth roughly $100-$1000 dollars.

The Bitcoin Commodity – Now these guys don’t believe Bitcoin is a currency at all. They view it as Digital Gold not digital dollars (or Yen or Euros). These guys never will (and for some good reasons) picture anything other than exchanges existing in terms of Bitcoin businesses. They view it as nothing more or nothing less than exchanging Gold or Silver at a specialized exchange, such as APMEX. They believe that the marketcap of Gold or silver is roughly the maximum bitcoin can achieve, since it will never be used as a currency just as a store of wealth. IE: The most each bitcoin is worth is maxed out at roughly the price of Gold. They firmly believe that Gold and Platinum trade where they are because there are real economic forces that put that spot price on those metals. Those same forces apply to Bitcoin.

Bitcoin Commodity People : 10 years from now they view each Bitcoin to be worth roughly the same as an ounce of Gold or an Ounce of Platinum currently $1,500 an ounce, scaled up for scarcity you’re looking at about $250,000 per bitcoin.

The Global Bitcoin – Now these guys have huge dreams. If they are right they believe they are sitting at the start of a very long translation from country backed currency that relies on the full faith and credit of a specific country to to a Cryptography based system. They envision bank accounts disappearing (though they don’t discount specific businesses giving bitcoin loans out), they believe that all transactions should eventually settle in Bitcoins. These guys have a much bigger vision of Bitcoin than the commodity individuals do, because they believe it’s not just a place to park your assets, they believe Bitcoin will be the currency of reserve. They believe that if China is selling products to Japan, that international transfer should take place in Bitcoin.

Global People : 10 years from now they view each Bitcoin to be worth the world economy divided by the number of bitcoins. The Global Economy is at 70 trillion. In 10 years each bitcoin would be worth roughly the number in circulation divided by the global economy. Something in the order of $3.5 trillion each…

I am proposing naming the Bitcoin-bong (the second smallest domination) a “laszlo”

As per Bitcoin.it :

“Equally, the inclusion of existing national currency denominations such as “cent”, “nickel”, “dime”, “pence”, “pound”, “kopek” and so on are to be discouraged; this is a worldwide currency. ”

I agree. These are the following official Bitcoin Units:

Tam-Bitcoin 2,814,749.76710656
MBTC megabitcoin 1,000,000
kBTC kilobitcoin 1,000
hBTC hectobitcoin 100
Initial block reward 50
ᵇTBC Bong-Bitcoin 42.94967296
daBTC decabitcoin 10
ᵐTBC Mill-Bitcoin 2.68435456
BTC *bitcoin 1 — base unit name
ˢTBC San-Bitcoin 0.16777216
dBTC decibitcoin 0.1
ᵗTBC Ton-Bitcoin 0.01048576
cBTC centibitcoin 0.01
mBTC millibitcoin 0.001
TBC *Bitcoin 0.00065536
TBCᵗ Bitcoin-ton 0.00004096
TBCˢ Bitcoin-san 0.00000256
μBTC microbitcoin 0.000001
TBCᵐ Bitcoin-mill 0.00000016
TBCᵇ Bitcoin-bong 0.00000001
Satoshi “Satoshi” 0.00000001 — named after founding father

Now for the most part they follow the highly technical international standard of units. However as Bitcoin continues to grow in prominence I believe we should do what every other currency does, honor their founding fathers.

Normally currencies (such as Bitcoin) put their Presidents, Founding Fathers, Prime Ministers and Kings and Queens faces on their currency. Since we don’t have a currency that we normally print off in common dominations (Paper wallets with don’t count because your paper wallet doesn’t have the exact same figure as everyone else) We were forced to use the naming of the lowest domination of Bitcoin a Satoshi.

However Bitcoin does not have a currency that we can put someones face on we should at least find a way to honor some of the founding fathers and the ones that did contribute to the growth of Bitcoin. The only real way we can do this with an online only currency is to name some of those dominations after those people, considering the precedent is already set with the naming of the Satoshi, this fits into the cultural standards already established with Bitcoin.

It’s my belief that his purchasing a pair of Pizzas for 10,000 bitcoins in 2010 (That Purchase is now worth $1,439,360.45) is one of the primary reasons we have a growing Bitcoin Community.

In other words, it’s my opinion that he contributed as much to Bitcoin as Satoshi. Satoshi laid out all the technical aspects for Bitcoin, but Laszlo is the one that actually put it to use.

I believe the second smallest domination should be called a Laszlo , just as the first smallest is called a Satoshi.

This is the only way we can continue to honor the major contributors to the Bitcoin Project, because honestly we can’t print off their faces on each transaction.