blog/data/2012-11-04-bitcoin.txt

   1 Title: The European Central Bank (ECB) take a look at bitcoin
   2 Tags: english, bitcoin
   3 Date: 2012-11-04 08:30
   4
   5 <p>Slashdot just ran a story about the European Central Bank (ECB)
   6 <a href="http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf">releasing
   7 a report (PDF)</a> about virtual currencies and
   8 <a href="http://www.bitcoin.org/">bitcoin</a>.  It is interesting to
   9 see how a member of the bitcoin community
  10 <a href="http://blog.bitinstant.com/blog/2012/10/30/the-ecb-report-on-bitcoin-and-virtual-currencies.html">receive
  11 the report</a>.  As for the future, I suspect the central banks and
  12 the governments will outlaw bitcoin if it gain any popularity, to avoid
  13 competition.  My thoughts go to the
  14 <a href="http://en.wikipedia.org/wiki/Wörgl">Wörgl experiment</a> with
  15 negative inflation which was such a success that it was terminated by
  16 the Austrian National Bank.  A successful alternative would be a
  17 threat to the current money system.</p>
  18
  19 <p>While checking out the current status of bitcoin, I also discovered
  20 that the community already seem to have
  21 <a href="http://www.theverge.com/2012/8/27/3271637/bitcoin-savings-trust-pyramid-scheme-shuts-down">experienced
  22 its first pyramid game / Ponzi scheme</a>.  Not very surprising, given
  23 how members of "small" communities tend to trust each other.  I guess
  24 enterprising crocks will try again and again, as they do anywhere
  25 wealth is available.</p>