DailyDirt: Does Bitcoin Matter?
from the urls-we-dig-up dept
- Marc Andreessen has written up his opinion on why Bitcoin matters, stating that it's the first practical solution for the Byzantine Generals Problem -- allowing (digital) information to be transferred securely in an insecure environment (the internetz). Andreessen isn't an unbiased source, though, as he has invested nearly $50 million in Bitcoin startups and is looking for more Bitcoin-related investments. [url]
- Glenn Fleishman has a rebuttal to Andreessen's opinion, pointing out the less rosy features of using Bitcoins such as the "buyer beware" aspect of having no chargebacks and no recourse for disputed transactions. Fleishman agrees that Bitcoin has value as a secure payment and transaction system, but not as a new currency that could displace existing government-backed money. [url]
- Focusing on Bitcoin as just a payment system or a currency may be looking at it too narrowly. The Bitcoin protocol can be re-used for other purposes that have nothing to do with money, such as building a secure P2P microblogging platform (eg. Twister). [url]
- Overstock.com is now accepting Bitcoin payments, making it one of the first online retailers that you've probably heard of to do so (besides the Techdirt store, of course). So far, Overstock users have bought over $500,000 worth of stuff using Bitcoin -- with sheets and cellphone accessories as the top items purchased (???). [url]