A political evaluation of Bitcoin by Michel Bauwens, director of the P2P Foundation
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Peer2Politics
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on peer-to-peer dynamics in politics, the economy and organizations
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jean lievens
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This brilliant infographic is from March 2014 but still worth sharing. It was originally published at Cryptocoins News
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Shortly after, TechCrunch had a piece about it. I also forwarded on my responses to Raphael Satter, a journalist for The Associated Press who also got in touch via twitter. The story is now all over the place. Overnight the story made it on to Forbes and The Guardian, and this morning Paul Vigna from The Wall Street Journal got in touch has just post this up. A quick google news search also brought up articles in The Evening Standard, The International Business Times, PCWorld, Here is the City, The Domains, Finextra, The Drum and more.
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Technology is subversive. Every few years, a new technology threatens the status quo of one industry or another, and a familiar sequence of events follows. Consumers, users, and some savvy technologists win. The folks dominating the status quo—typically rich, powerful, well-connected folks—start to hurt. But dominant players don’t like to lose, so they fight back using every weapon in their arsenal. As a result, while the first chapter in the life of a new technology is its happy launch, the second chapter is invariably a ferocious backlash. This year’s unfolding second chapter involves Bitcoin, an enticingly anonymous “cryptocurrency” designed to wrest the international currency system from the hands of central bankers. Bitcoin Is a Junk Currency, But It Lays the Foundation For Better MoneyNathan LewisContributorBitcoins Are Digital Collectibles, Not Real MoneyLouis WoodhillContributor
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From
reason
The poll then described Bitcoin to respondents as “a new online digital currency that is not connected to any particular country’s currency system and is not controlled by any government.” Then, even despite the high number who knows nothing about Bitcoin, a plurality (47 percent) said government should not allow people to use Bitcoins to purchase goods and services, while 38 percent said it should be allowed and another 14 percent don’t know.
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The first line of Satoshi Nakamoto’s white paper reads as follows: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” The goal is achieved quite simply by removing three frictions to the exchange of value among people.
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The virtual currency launched in 2009 is being used by homeless people in Pensacola, Florida in unexpected ways. Instead of begging for change, Jesse Angle, a homeless man, grabs his morning snack and coffee and makes his way to a nearby park with Wi-Fi access. Angle watches YouTube videos in exchange for bitcoins. For every video he watches, Angle gets 0.0004 bitcoins, amounting to about 5 cents, through the service BitcoinGet. The service drives artificial traffic to specific online clips. Jesse has a limit of 12 videos per day, meaning he can earn 60 cents daily.
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