Bundesbank Comments on Bitcoin

The German newspaper Welt cites Bundesbank leader Carl-Ludwig Thiele with some warning comments about Bitcoin. He says Bitcoin is not a good store of value. I disagree. The comment tells people to “look at a chart”. If you do that, you will see that the “safe” Euro has lost massively in value against bitcoin just about … [Read more…]

Brexit and “BUxit”

One of the proposals of scaling Bitcoin is known under the name of “Bitcoin Unlimited” (BU). The recently opened website www.bitcoinunlimited.info has this to say about the conditions for activating BU: Bitcoin Unlimited has no script to create a hard fork. It just gives the stakeholders this option. How they use it is up to … [Read more…]

How Bitcoin Rule Making Does Not Work

If you are following Bitcoin, you may have heard that there are differing views on how to increase transaction capacity. I have an opinion on which of those views is preferable. I will keep said opinion to myself here, since it is not relevant for this post. Let’s call them plan A and plan B. … [Read more…]

Bitcoin and Trademark Law

Recently, some people try to change the Bitcoin network rules. They want larger blocks, and call their effort “Bitcoin Unlimited”. Now someone has applied for a trademark on “Bitcoin Unlimited” in the United States. I would link to the appropriate search result, but doing so would result in a link that only works for a … [Read more…]

RFC 1087 “Ethics and Internet” (1989)

Bitcoin may be understood as an Internet protocol. If so, it may be of interest to look at the procedure that was followed for adopting other Internet protocols as a model for responsible governance. Doing this, I found RFC 1087, titled “Ethics and the Internet” and published in 1989. That RFC stated that several activities … [Read more…]

Bitcoin Fee Price Elasticity

This was the topic of a post here in 2014, which got 1 (one) comment. Price elasticity means how much demand will be reduced if price goes up. That’s an important point now. Some people think that Bitcoin fees need to be low or zero, or users will switch to something else, and Bitcoin will … [Read more…]