On the New York Magazine, Kevin Roose compares prophetic end-of-times doomsday cults to the popular digital currency Bitcoin. While Bitcoin believers claimed the virtual money was going to "change everything," the reality is that "none of that has happened. And it's exceedingly likely that none of it will."
You've probably heard about the bankruptcy of Mt. Gox, a former Magic: The Gathering card exchange that morphed into Bitcoins largest trading floor before being wiped out by a nearly $500 million heist. But even before that, new knocks to Bitcoin were coming fast and furious: the arrest of Bitcoin prodigy Charlie Shrem; the consolidation of Bitcoin mining operations in a way that threatened to undermine the rules of the currency itself; the successive (and utterly predictable) shutdowns of Silk Road and Utopia. Today, another nail hit the coffin courtesy of Flexcoin, a so-called "Bitcoin bank" that announced that all its users' accounts had simply vanished.
These may seem like isolated incidents, but together, they add up to a massive, damning breach of trust. I don't doubt, as Nobel laureate Robert Shiller put it last week, that "something good can arise from [Bitcoin's] innovations." But Bitcoin itself will never recover from these initial pratfalls. Partly this is because lawmakers and regulators, spooked by early hype and the Mt. Gox disaster, are never going to afford Bitcoin services the kind of autonomy they'd need in order to flourish. Partly it's because there are conceptual problems with the Bitcoin architecture itself. And partly it's because Bitcoin's anarchic roots are too fringe to draw in the masses. In the mind of the average American, the currency is now synonymous with theft, drugs, and techno-wizardry. These impressions do not a global currency make.
|10 Dirty Little Web Development Tricks|
|Rumpetroll: Social Networking for Scandinavian Sperms?|
|A Font Made Entirely Out of CSS|
|The Human Flesh Search Engine|
|Tackling spam should be part of the campaign to reduce carbon emissions|
|100 Things We Can Do Today to Stop Global Warming in the Next 30 Years|
|“They don’t drive like people. They drive like robots.”|
|“Parti.Vote is designed to make the US's representative government system more equitable.”|
|How to Avoid Jury Duty|
|Making a Movie Inside a Video Game|
|"Hours after the fires in Santa Rosa I filmed this postal worker still delivering the mail."|
|CaptchaTweet: Write Tweets in Captcha Form|
|"The scientific reality of artificial intelligence."|
|“If the facial data and related personal information is stolen and put on the internet, it will cause big problems.”|
|Google Map Shows You the Most Photographed Areas of the World|
|“Creating a shift from medical device to positive body image statement.”|
|"It’s time for something so stupid it’s actually smart."|