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. . . that I should bear witness unto the truth. John 18:33 // David E. Robinson, Publisher
. . . if the trumpet give an uncertain sound, who shall prepare himself for battle? I Corinthians 14:8
No.446
04/02/13
Bitcoins can be bought for other currencies, virtual or real, and are accepted as payment for goods or services. They can also be won through gambling, received as gifts or donations, or simply mining the process by which new bitcoins are introduced into the system. Bitcoins (BTC) are bought and sold for other currencies at online exchanges. The Japan-based Mt. Gox is the largest of its kind, where BTC have recently traded at an average exchange rate of $90 per bitcoin. Issuance of the currency is completely automated, with 25 new bitcoins generated every 10 minutes; inflation is set to be halved every four years, until a total of 21 million bitcoins is reached. In theory, the currency would not lose its purchasing power unless individuals and businesses refused to use bitcoins. With numerous financial companies already exchanging bitcoins into any of the worlds currencies, the founder of the Swedish Pirate Party, Rick Falkvinge, estimated that Bitcoin could capture between 1 and 10 percent of the global foreign
Maine Republic Free State News, 3 Linnell Circle, Brunswick, Maine 04011 http://maine-patriot.com / drobin88@comcast.net
number at 500,000 BTC, or 5 percent of the total number of bitcoins in circulation at the time. The largest Bitcoin hacking heist, in March 2012, robbed the victims of 46,653 BTC ($230,468). The perpetrators exploited a vulnerability in the customer service of Bitcoinica exchange to get access to users wallets. Satoshi Nakamoto, who created Bitcoin in 2009, left the system to develop on its own in 2011; his true identity was never revealed. One popular theory among Russian bloggers speculates that Nakamoto is Grigory Perelman, a reclusive Russian mathematician famous for solving the Poincar conjecture and receiving the Fields Medal the Nobel prize of math, for the achievement. It is difficult to predict this new policy would play out: Patrick Murck, a legal counsel for the Bitcoin Foundation, a trade group promoting industry standards, said the framework would be infeasible for
many, if not most, members of the Bitcoin community to comply with. Keiser believes that Bitcoin users and the currency itself have little to worry about, unlike most of Internet startups feeling themselves suddenly vulnerable to government oversight. Bitcoins are not issued by a central body, and rely on a network of verification nodes to regulate transactions; in the future, Bitcoin users may achieve enough political clout to defend itself in traditional arenas. As Bitcoins price increases, the new Bitcoin millionaires and billionaires will use their economic clout to rewrite laws in favor of Bitcoin, the same way banks like JP Morgan or Goldman Sachs lobby government to write laws that favor them, he explained. Web 3.0? Bitcoin could also offer relief to debt-stricken countries such as Cyprus. Cyprus was Bitcoins come to Jesus moment and its fitting it
happened around the Easter Holiday, Keiser said. For millions of people around the world who have been victimized by banksters and their corrupt politician friends, the light bulb went off and they suddenly realized they could save their wealth by parking it in Bitcoin and no government or bankster could stop them. After the initial rush of interest in the Internet in the mid-1990s, and the follow-up boom of Web 2.0 and the growth of social networking, Bitcoin is the third and perhaps the most disruptive wave of all, Keiser said. This is Web 3.0, he said. For me its extremely exciting since I pioneered the idea of virtual currencies back in the mid 1990s and have four US patents in my name covering virtual trading and virtual currencies. Most people I talked to back then about these ideas and the possibility that something like Bitcoin could exist didnt think it was possible. They were wrong.
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ad Christi potentium et gloriam (for the power and glory of Christ) 2 Maine Republic Free State News, 3 Linnell Circle, Brunswick, Maine 04011 http://maine-patriot.com / drobin88@comcast.net