March 30, 2013

Bitcoin: Global Economy's Last Hope?

Paul Ford, Bloomberg Businessweek

N/A

A dollar bill has a serial number and travels from buyer to seller. A Bitcoin’s not so much a thing as an understanding, a balance in a decentralized general ledger, or “account log.” Bitcoins are created as the side effect of a great deal of meaningless computational work. That is, the computer could be working on protein-folding, or processing images, or doing something else with its time, but instead it’s being used to “mine” Bitcoins—searching for mathematical needles in a networked haystack. Once the needle is found, a “block” of Bitcoins is born. Bitcoins live in a bit of software known as your “wallet.”

Read Full Article ››

TAGGED: Cyprus, Spain, Eurozone, United States, global economy, Bitcoin

RECOMMENDED ARTICLES

March 27, 2013
Germans Pay Taxes, Greeks Don't
Alex Hageluken, Suddeutsche Zeitung
A new report finds that southern European households have higher net household income than places like Germany, which is shelling out euro bailout cash. Things must change. more ››
March 26, 2013
Europe's Love Just Got Even Tougher
Bill Emmott, The Guardian
Getting tough on Cyprus was sensible. Elsewhere in the eurozone, a much softer touch is needed. more ››
March 21, 2013
How Corruption Crippled Spain and Europe
Eric Ellis, The Global Mail
THE A369 road south from Spain’s literary retreat of Ronda, the mountain town that so inspired Hemingway, Welles and amigos, meanders photogenically through Andalucia’s famous pueblos blancos, whitewashed villages... more ››
March 20, 2013
Scotland's EU Bombshell? Euro Bunkum
Angus Roxburgh, Guardian
By sowing doubts -- with no basis in law -- about Scottish independence, the Euro chief is interfering in the debate. more ››
March 27, 2013
Will Karl Marx Have the Last Laugh?
Michael Schuman, Time
With the global economy in a protracted crisis, and workers around the world burdened by joblessness, debt and stagnant incomes, Marx’s biting critique of capitalism — that the system is inherently unjust and self-destructive... more ››