What Happens When Anonymous Gets a Bank?
by Dominic Basulto
And that's where things start to get interesting. Veteran tech guru Jason Calacanis recently called Bitcoin the most dangerous open source project he's ever seen. TIME suggested that Bitcoin might be able to bring national governments and global financial institutions to their knees. You see, Bitcoin is as much a political statement as it is a virtual currency.
If you think there's a shadow banking system now, wait a few more months. The political part is that, unlike other virtual currencies like Facebook Credits (used to buy virtual sock puppets for your friends), Bitcoins are globally transferrable across borders, making them the perfect instrument to finance any cause or any activity -- even if it's banned by a sovereign government.
You don't need a banking or trading account to buy and trade Bitcoins - all you need is a laptop. They're like bearer bonds combined with the uber-privacy of a Swiss bank account, mixed together with a hacker secret sauce that stores them as 1's and 0's on your computer. They're "regulated" (to use the term lightly) by distributed computers around the world. Most significantly, Bitcoins can not be frozen or blocked or taxed or seized.
Theoretically, you could start generating Bitcoins right now on your laptop by putting a sophisticated computer algorithm to work. (Watch this video segment from Jason Calacanis for all the details)
Right now, there are six million Bitcoins in circulation, trading at an average value of $6.70 each. $40 million is a lot of money, but a drop in the bucket in the grand scheme of things. After all, trillions of dollars trade hands each day in the spot FX markets. However, remember that computer algorithm I mentioned earlier? Well, it controls the value of all those Bitcoins in circulation. The greater the demand, the higher the value of the Bitcoins. Within years, we could be talking about billions of dollars' worth of Bitcoins in circulation. Money might not grow on trees, but now it grows on your laptop.
What's fascinating is that anybody can download an 8-page PDF explaining this P2P virtual currency system and judge for themselves if it makes sense -- just be prepared to work through some differential calculus and probability theory.
From http://bigthink.com/ideas/38488
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For one thing, the Spanic government arrests 'Anonymous' members...
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