Over the last couple of weeks, everybody has been weighing in about Bitcoin, the digital currency that might be the money of the future, or a bubble bursting right in front of us. After being worth only $30 in March, on Wednesday, Bitcoin reached an all time high of $266, then plummeting to just over $100 in a few hours, and now stabilizing around $120. When Bitcoin’s price started to increase unexpectedly, it became the one thing everybody in Silicon Valley was talking about. (For those who don’t know what Bitcoin is, this video explains it perfectly in 3 minutes).
12/12: DonkDown Radio Pistol Slap from SealsWithClubs Bitcoin Evolution Review Poker & Menachum on Sports. Pistol Slap calls the show all the way from Belfast, Ireland because it’s the future and we can do that s*** now. We discuss ignorant Americans and poker gossips. Menachum gives his mutt fantasy picks and we pack and ship that b****. Another platinum hit. Pretty happy that 12/12/12 fell on a Wednesday – Glad to generate a 12/12/12 date-stamped file for national mic check day. [Visit Website] [Download MP3].
Cascascius Coins: These are the brainchild of Mike Caldwell. He mints physical coins and then embeds the private keys for the bitcoins inside them. You can get the private key by peeling a hologram from the coin which will then clearly show that the coin has been tampered with. Mike has gone out of his way to ensure that he can be trusted. These are a good investment strategy as in the years to come it may be that these coins are huge collector’s items.
The sealed part of the wallet will have the private key without which you cannot access the coins. Therefore, only put as many coins on the wallet as you want to be inaccessible. You will not be able to whip this thing out and take out a few coins to buy a cup of coffee. Rather, think of it as a piggy bank. To get the money, you have to smash it. It is possible to take out smaller amounts but at this point the security of the wallet is compromised and it would be bitcoin easier for someone to steal the coins. Better to have them all in or out.
NP: What about your experience as an entrepreneur? It’s been a crazy roller coaster for you, having to shut down and then being able to relaunch. Any advice?
Whether or not you ever need to break off the small CombiBar Gold 1 gram bars from the whole to make payments, it is still perfectly good physical Gold ownership. The premium is only a percent or two higher than a sovereign Gold coin like a Buffalo or Eagle.
Thus then is as inconceivable the notion of the replacement of this age old form of currency, as was the concept of man or woman for that matter, taking to flight. People are used to things. They are comfortable with them. Change is not a boon. It is a burden. Not acceptable a notion is the notion of a currency alteration.
Consider your CombiBar 50 gram Gold bars like fire insurance on your home: you hope you never need it, but if you do need it, after the fire starts it is too late to acquire it.