In March, the eagerly anticipated sequel to The Muppets opens in the U.S. As there's significant affection for muppetry in the G:TB community, I know you're all kinds of excited. I caught the trailer in a theater last week. You'll enjoy it, too:
Keeping with themes related to international criminal conspiracies and green-clad heroes, interesting news out of the Bitcoin community last week. For the uninitiated, Bitcoin is a virtual currency developed by a mysterious (frankly, anonymous) Japanese computer scientist who goes by the name of Satoshi Nakamoto. (Or as, Wikipedia describes it, "Bitcoin is an open source peer-to-peer electronic money and payment network introduced in 2009 by pseudonymous developer "Satoshi Nakamoto"). Though there are other virtual media of exchange, Bitcoin has generated the most public interest, with speculators bidding the value of a single Bitcoin over the $1,000 mark today. I've got a professional interest in the currency, given the substantial interest in it at the intersection of regulation, finance, and law enforcement.
A week or so ago, a pair of Israeli researchers published a paper linking Nakamoto to Ross Ulbricht, generally thought to be the man behind the identity of Dread Pirate Roberts, the founder and operator of and online exchange known as Silk Road. Ulbricht is in a spot of bother at the moment, as Silk Road is alleged to have facilitated millions of dollars in illicit transactions, including the movement of narcotics. Ulbricht is also alleged himself to have solicited no fewer than five murders for hire while operating the exchange. It's an engrossing mix of technology, greed, cloak and dagger, and dipshittery, if you have a few minutes to Google it.
Texas technologist Dustin Trammel quickly debunked the Israeli research, claiming ownership of the early Bitcoin account used to link Nakamoto to Ulbricht. (As an aside, if he was in on the Bitcoin phenomenon back at the beginning, he's sitting on a shit-ton of real, live cash money, even if it may be represented by ones and zeros at the moment. I've got a colleague who mines Bitcoins, and his several hundred dollar initial investment is worth north of $70,000 at the moment - and that's just what he's willing to admit.)
But while Trammel's unusually public response is interesting, it pales in comparison to the suit he's wearing in the picture below:
Which ties the whole thing together.
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41 comments:
saw this story last week....can't wait 'til the movie comes out. it seems to me that the winklevoss boys were involved early in the bitcoin technology, no? or am i dreaming that?
winklevii were early speculators in bitcoin. suspect they've made a metric fuckton.
I would pay at least $300 for that suit/shirt in my size.
Chinese investors are pushing the Bitcoin to new highs.
A virtual currency that provides a safe haven for organized crime and Chinese investors looking for a floting currency? I'll pass because I think the feds and the Chinese Central Committee will find it in their best interest to regulate in any way they can.
That said, not unlike the ilicit file sharing of Napster and others that spawned the current music world, Bitcoin may be the grandfather of future financial instruments we all use.
many u.s. regulators, at least at the moment, are relatively positive in their assessment of bitcoin as a legitimate means of exchange:
http://blog.thomsonreuters.com/index.php/bitcoin-fans-celebrate-u-s-senate-hearing-bankers-stay-wary/
i think your last sentence, marls, is dead right. it may not be bitcoin, but we will see some digital currency in widespread use in our lifetimes.
Is Thompson Reuters really a reliable source though?
In many ways, we already use digital currency. It is rare that I actually use cash these days, even for everyday transactions.
The question is whether we will move to a non-government backed currency. For a currency to be embraced, there needs to be some faith by the user in what stands behind that piece of paper, metal disk, or digital thingamajig, whether that be precious metal reserves or just the creditworthiness of the issuer. I doubt that will be achievable long term for Bitcoins. Alternatively, it might be achievable for larger multinational companies or banks, especially if faith in the US govt weakens making the dollar a less attractive reserve currency.
You think that the occupy Wall Street folks are pissy now, just wait until we are using CitiBucks and ExonMobil Scheckles.
I just want a bit coin in your life.
ultimately bitcoins *are* government backed, at least indirectly. the bitcoin market allows you as a holder of bitcoins to exchange them for u.s. dollars or english pounds (or eskimo pence). and retailers are already allowing consumers to pay for tangible items with bitcoins, implying a trust in the underlying framework. semantic distinction, for sure. it's a really fascinating experiment, if nothing else.
So I see that Marls is not a Cash Money Brother - who knew?
lemonheads!
Marls said to me just the other day "straight cash homie." True story.
digital shit. it's cray cray.
danimal, i like florida state -29. -49, too.
i'll take duke once the line gets up to 33ish...I may even take 'em at 29.
florida state's gonna lead that game 35-0 at the half. all that's left to figure out is how long they stay interested.
I won't argue against the fact that there is group of folks who have faith in the Bitcoin. Currently, this group consists mostly of folks in illicit business seeking to avoid money laundering laws, Chinese looking for a non-yuan currency, finance celebs like the Winklevii, and the nerd herd who is "mining" the bitcoins and obviously think they have value.
Government backing comes when a nation-state actually begins holding Bitcoins. Maybe I'm old skool (or an old fool), but I don't see that happening. The exchanges are private markets that match Bitcoin holders with a counterparty willing to buy those Bitcoins for a price. No different than exchanging Dollars for Pounds, or pork bellies, or frozen concentrated OJ. However, you need counterparties or marketmakers to create the demand necessary for exchange. Any shock to the bitcoin ecosystem (eg. the feds crack down on the money laundering, it turns out that there are more Bitcoins than originally stated, someone is able to make counterfeit Bitcoins) and the demand will dry up quickly.
I agree that this is fascinating experiment.
the bitcoin foundation agrees with marls, fwiw, and is working closely with regulators to add transparency to the market while retaining its essence.
also, non-yuan needs to show up more often.
finally, zman's comments have no standing until he learns to spell my employer's name correctly.
history dictates as much rob. so...you'll give me 49. that is what you submitted here, in typeface. bottle of ron?
not ron yuan either. you know the ron i speak of.
i'm a lousy gambler, danimal, but i'm not stupid. well, not reallllly stupid.
as has been chronicled here at gtb over the last 12 weeks, i'm not either.
that is, I am...I am a lousy gambler.
You guys playing cards?
http://tinyurl.com/k88svun
coincidentally, on the bitcoin. or check out @awfulannouncing's twitter feed....
I prefer the poop and boobie jokes.
you can use bitcoin to purchase porn anonymously, tr.
in the unlikely event that you're unaware of this already.
I am too stupid to properly spell Thomson, let alone understand Bitcoins. Fortunately, someone smarter than me said that you should never invest in something you don't understand and I've followed that advice. Unfortunately, all that leaves me to invest in is rubber dogshit and dirty magazines.
Loud in Seattle.
The Seahawks deserve better uniforms.
RIP Gilligan.
We disagree again on a uniform.
Tirico just said "blue ball"
The pants should be a different color than the jersey and the pattern on the numbers is goofy.
Marshawn Lynch has the weirdest combination of balance and power I've ever seen.
[awkward]
I didn't have the energy to bitch about it last night but Florida lost to UConn at the buzzer on a fluke play last night.
Oh, and both of the Gator PGs are not out for the next couple weeks. 2013 Florida Athletics: Everybody Gets Hurt!
Is anyone else tied of hearing "lean in" at work?
Enough already...
*tired*
I'm so tired of it, I can't type
I've never heard lean in at work, we just pull up our pants and do the rockaway, now lean back, lean back, lean back, lean back.
Well played, Z.
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