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The Trickle - Bitcoins, really?

March 22, 2013 - Brian Ferry
I have no Bitcoins.

I guess that makes me poor in a way I had never imagined.

Bitcoins are virtual money - peer-to-peer digital currency. Unlike Monopoly money, or the dollars I imagine having should I win the PowerBall, they are not effectively meaningless. I think.

There have been serious articles written in the Wall Street Journal and other serious news sources about this phenomenon. And they seem to indicate it's serious business.

On the other side, I can't track down any solid evidence that it's a hoax. The Pet Rock people and the baseball card investors probably couldn't, either.

Still, having once had a meaningful baseball card collection that I was counting on, I don't think I'll be investing in Bitcoins any time soon.

I wouldn't put myself at the top of the list of people who don't believe in our government. I don't run out every two weeks to turn my paycheck into as much gold as it will buy. (I wish I had started doing that 10 or more years ago.) I don't have a stockpile of currency or precious metals (I wish I did) or much of anything else at my house. Please don't stop by to check.

The value of Bitcoins has soared as people put more trust in it. At first, they were exchanged for techie stuff. Now, some guy in Canada wants to sell his home for them. He would also accept the equivalent in Canadian dollars, though he said he would prefer the Bitcoins.

I can't even explain the tech stuff related to why the creators of this thing can't just make more of them for their own use. I read it several times and that and the part about every transaction in the history of Bitcoins is part of the transaction process make no sense to me.

Still, if you want to try to convince me that Bitcoins (exchanging at about 78 American dollars) are the way to go, feel free to send me some as an experiment. That may be impossible, since I haven't created any kind of account or wallet and I've never done Bitcoin mining and don't plan to start soon, but you are welcome to try.

 
 

Article Comments

(1)

benklein

Mar-22-13 5:04 PM

Pretty interesting, here are some other links that may help explain them.

***********bloomberg****/video/a-look-at-the-world-s-largest-online-currency-cPMjkXT0QB~SWJbQWWaB2g.html

***********wired****/wiredenterprise/2013/03/bitcoin-ring/

***********economist****/node/21563752

 
 

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