Virtual Currencies

New York Launches BitLicense Proposal – How Bad is it?

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Screen Shot 2014-07-18 at 3.05.31 PMRight off the bat, I want to make it completely clear that I first became attracted to Bitcoin from an entirely ideological perspective. Having worked on Wall Street for ten years, I saw first hand the immorality, destructiveness and criminality inherent in our current monetary and financial system. In fact, I became so disillusioned and disgusted with the industry I resigned from a lucrative job in January 2010. Thus began a long journey in which I looked for answers anywhere I could, in most cases finding very few. It wasn’t until I came across Bitcoin and recognized its revolutionary force for good that I became far more optimistic about our future as a species.

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PayPal’s President is “Fascinated” by Bitcoin

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Really interesting video interview here by Bloomberg News with PayPal’s President David Marcus.  When asked about Bitcoin, Marcus states that he is “spending a lot of time looking at it” and calls it “truly fascinating.”  Interesting, because 95% of Twitter and mainstream financial “journalists” are entirely convinced it is a bubble and a scam.  Oh, … Read more

Bit-Dating Has Arrived: OK Cupid Now Accepts Bitcoin

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At the end of the day, the ultimate value of Bitcoin will have nothing to do with speculators or DDOS attacks.  The ultimate value of Bitcoin will be determined by end market adoption, which despite the dramatic rise and fall in recent weeks, appears to be continuing at an extremely rapid clip.  I supported Bitcoin publicly when it was only trading at 10, well before the recent run-up and mainstream financial media hype.  I support it just as much today as I did then, and I think the prospects have never looked better for the crypto-currency than right now.

In the latest news, we discover the OK Cupid dating site has decided to accept it as payment.  From Forbes:

As a company whose business proposition has gone from kind of weird to utterly commonplace in the space of a few years, OK Cupid has always been comfortable with novelty. Now it’s embracing a new technology that strikes a lot of people as too futuristic for comfort: Bitcoin.

Starting today, premium users of the IAC-owned dating service can pay for their subscriptions with the untraceable peer-to-peer digital currency.

OK Cupid CEO Sam Yagan says this is a forward-looking move, driven not by user demand but by the imperative to embrace a technology that’s not going away.

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