Bitcoin – A Jack of All Trades is the Master of None

As cybercommerce begins it will lead inevitably to cyber-money.— James Davidson, The Sovereign Individual, 1996

The hype surrounding Bitcoin has gone off the charts in the past year.  For those of us who have been involved with digital currency systems since the 1990’s, it is interesting to see how people caught up in the hype think Bitcoin is wonderful but in many cases cannot clearly see the reason why.  Other enthusiasts think that Bitcoin is the ultimate solution for all payments.

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California Accuses Bitcoin Foundation of Unlicensed Money Transmission, Issues Cease and Desist Order

Update: Read the Bitcoin Foundation’s responce here.

Via Jon Matonis/Forbes

Directly following last month’s Bitcoin 2013 conference event in San Jose, CA that brought decent revenue into the state, California’s Department of Financial Institutions decided to issue a cease and desist warning to conference organizer Bitcoin Foundation for allegedly engaging in the business of money transmission without a license or proper authorization.

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