This episode provides a snapshot of the volatile and rapidly evolving crypto landscape in mid-2013, covering everything from exchange complaints to hardware upgrades and new industry adopters.
Summary:
The hosts opened by noting the volatility of Bitcoin, which was seen flashing down from the $110 range to $103. The discussion then focused on three major developments: technical issues at BitInstant, strange upgrade offers from Butterfly Labs, and the acceptance of Bitcoin by the Blender Foundation. The tone was highly skeptical, particularly regarding the reliability of new online services and the legitimacy of hardware upgrade schemes.
Main Topics Discussed:
* Bitcoin Price Action: Volatility noted, with prices fluctuating between $110 and $103.
* BitInstant Complaints: The service faced widespread complaints regarding slow orders and poor responses following the launch of a new beta website.
* Butterfly Labs: The company was sending strange, non-refundable upgrade emails for GigaHash Miter hardware, requiring a $100 fee.
* Blender Foundation: The 3D animation software announced that it now accepts Bitcoin payments.
Key Quotes:
* "Bitcoin is the honey badger of currency."
* "Who would have thought that a website, founded by the guys who weren't technical enough to build Facebook, would have technical problems?"
* "Butterfly Labs is either the greatest con scheme ever, or mad geniuses who will someday ship me my GigaHash Miter."
People/Entities Mentioned:
* BitInstant
* Butterfly Labs
* Blender Foundation
* Facebook (used for comparison)
Bitcoin Price:
* Fluctuating between $110 and $103 (as of June 13, 2013).