Bitcoin: The End of Money As We Know It (2015) Documentary Review

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Director: Torsten Hoffmann, Micheal Watchulonis Documentary Running Time: 60 minutes The subject of money is undoubtedly a source of enigmatic confusion. Many people have covered it, from economic professors to bloggers and authors; even Ira Glass on NPR. But Bitcoin continues to feed confusion over what it is, how it got here, and whether or not it could change money in our lifetime. Director Torsten Hoffmann breaks out into the world of money with his energetic documentary, “Bitcoin: The End of Money As We Know It” (2015). It’s dynamic, filled to the brim with hard-hitting history. There’s electricity in the pace, a kineticism in the narration, a fervor in the subject matter and the high-stakes world of finance. It is a rapid film that catches you off guard, with a title as provocative as itself. The picture begins with a luring score that ushers us in, not to explore simply Bitcoin, but to hint at the basis of trade, commerce, and civil society. Montaging clips of personal interactions and crowds of people, Hoffmann opens the film as if opening the blinds on a warm and beautiful morning. His story of money is one filled with promise like a sunrise over a landscape of …

Elliptic Launches Bitcoin Blockchain Visualization Tool

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Bitcoin startup Elliptic has announced a new blockchain visualization tool that draws connections between several well-known dark markets and bitcoin exchanges. Called the ‘Bitcoin Big Bang’, the feature is part of an offering aimed at businesses looking to beef up their anti-money laundering efforts. The tool, which displays an interactive web of blockchain entities, shows how Silk Road, for example, connects to several ‘Known Exchanges’ currently operating. Elliptic CEO James Smith told CoinDesk the UK company intends to launch an API in July that will offer a broader range of information to participating clients, a group that will likely include exchanges and other companies that handle bitcoins on behalf of customers. According to Smith, the identities of the exchanges on the tool were withheld because “we thought it would be more damaging to their business and our relationship to name-and-shame”, stressing that the goal of the project isn’t to reduce blockchain privacy but to put more information in the hands of companies that need to stay compliant. He told CoinDesk: “We want to help those companies in a more rigorous way to look out for transactions that might be related to criminal activity.” The announcement reflects a shift towards compliance for the bitcoin custodian, whichlaunched last year …

Blockchain Technology to Transform Monetary System

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While bitcoin has had its share of ups and downs in the past years, the underlying blockchain technology has the potential to change the entire monetary system. Renowned futurist Peter Diamandis claimed that the financial system could see an extraordinary transformation in the next decade due mostly to bitcoin-like technology. “You might have heard of bitcoin, which is the decentralized (global), democratized, highly secure cryptocurrency based on the blockchain. But the real innovation is the blockchain itself, a protocol that allows for secure, direct (without a middleman), digital transfers of value and assets (think money, contracts, stocks, IP),” Diamandis mentioned. “Investors like Marc Andreesen have poured tens of millions into the development and believe this is as important of an opportunity as the creation of the Internet itself.” Blockchain Technology Protocol “At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things,” Diamandis wrote in Forbes last year. “Most importantly, it is an ‘exponential currency’ that will change the way we think about money. Much the same way email …

The Past and Future of Bitcoin [Infographic]

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CoinMe, a Seattle-based bitcoin startup, has created this infographic, explaining the past and future of Bitcoin, and also the use of the city’s first-ever Bitcoin ATM – CoinMe’s Kiosk. The Coinme Kiosk is the new solution for Seattle-area residents to buy and sell bitcoins. As the first Bitcoin Kiosk in the Northwest, and the first licensed kiosk in the U.S., Coinme is eager to introduce Bitcoin to the community through regular Meetups and free onsite consultations. The ATM is operated by Coinme but manufactured by Las Vegas-based Robocoin, which also built the world’s first Bitcoin ATM that was installed in Vancouver, Canada last October. The Kiosk is open seven days a week from 11 a.m. to 10 p.m., and it scans your palm and allows you to exchange cash for Bitcoin, or do the reverse. Customers can make up to $3,000 worth of Bitcoin exchanges per day. Check the infographic below and tell us in the comments below what do you think about the new CoinMe’s Kiosk.  

BITCOIN IS 100 TIMES MORE POWERFUL THAN GOOGLE

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Allow me to introduce you to someone who has the potential to be very important in the future of Bitcoin. His name is Balaji Srinivasan, and he is the chairman and co-founder of 21 Inc. What is 21 Inc? 21 Inc. is the Bitcoin startup that secured the most venture capital of any Bitcoin company in history, at $116 million. What do they need $116 million in venture capital for? They are investing in “future proprietary products designed to drive mainstream adoption of Bitcoin.” With that in mind, the research of 21 Inc. has highlighted some interesting Bitcoin factoids. One Srinivasan released at the second annual Bitcoin Job Fair held last weekend in Sunnyvale, California regarding how big Bitcoin has become in the computing world. Google is big, but Bitcoin is bigger. How big is it? Honestly, I looked online to find out what a petahash rate and a gigahash rate was, and that is one long rabbit hole, so I’ll leave the technical ramble to techies like Mr. Srinivasan. He makes the comparison to Google based on the fair assumption that they are using 1e7 servers, for 1e7 H/s per Xeon, and ~10 Xeons/server = 1 PH/s. One petahash …