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Travis Patron is the founder of Diginomics and author of The Bitcoin Revolution: An Internet of Money, a seminal publication in the digital currency industry which outlines the implications of bitcoin. As a public speaking authority, he has helped audiences ranging from small teams to large university classrooms understand the implications of programmable money.
ShapeShift.io, a well-known currency converter in the bitcoin industry, has recently closed an investment round of US$1.6 million
Silk Road operator and kingpin Ross Ulbricht has been sentenced to life in prison
Ripple Labs, Inc. has been handed a US$700K civil enforcement action on behalf on the Financial Crimes Enforcement Network (FinCEN).
If bitcoin acceptance reaches a critical mass where necessities of food, shelter, and clothing can be bought with it, it will likely have reached a tipping point where it displaces national currencies.
In light of recent events within the bitcoin industry, namely the Evolution Marketplace going up in a burst of flames with customer money, it has become clear that cryptocurrency deviates from traditional money in more ways than initially meet the eye.
Within the shadowly depths of the darkweb lurks characters of questionable motives. However, there also exist services which have hidden benefits unbeknownst to the average user.
Ledgers of information shower us with examples from the past. The Bitcoin blockchain is no different. Indeed, it shares many parallels with both the printing press and the Babylonian cuneiform. When we study these artifacts, we can get a glimpse of what Bitcoin as an information technology will bring.
Bitcoin is a virus spreading with no cure. It transmits itself through the ideas of others and travels via digital networks of information. Eating up the processing power of computer systems and decaying the roots of analog money, Bitcoin is the spread of a benevolent virus.
Even though we may make the argument bitcoin is a poor store of wealth, as some have recently contested, could it simultaneously be a valid hedge against economic uncertainty?
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