ETF Bitcon not redeemable -- Bitcoin Network Hashrate up 500%? -- Law Firm Accepts Bitcoin
MB
·
2013-07-11
·00:03:49
·MadBitcoins
July 11, 2013 -- Nairobi, Kenya -- I'm the rule of three, telling you that there's no such thing as a free lunch in a Robinson Crusoe economy where a rising tide lifts all boats. -- Here are Today's MadBits:
A large volume spike pushed bitcoin prices above $80, flirting with $90, then back down to ...
Summary
Here's a summary of the 2013-07-11 "ETF Bitcoin not redeemable -- Bitcoin Network Hashrate up 500%? -- Law Firm Accepts Bitcoin" episode:
1. Main Topics Discussed:
- Winklevoss Bitcoin ETF Redeemability: Discussion about the ETF not being redeemable for individual Bitcoin holdings, drawing a comparison to gold ETFs.
- Avalon A6 Miners & Network Hashrate: Analysis of a large shipment of Avalon A6 miners and its potential impact on the Bitcoin network's hashrate, suggesting a possible 500% increase. Concerns about centralization were raised.
- Law Firm Accepts Bitcoin: A New York City law firm, Nessenoff and Milton Bird, started accepting Bitcoin payments through BitPay, marking a significant adoption milestone.
- Bitcoin Price: Brief mention of price fluctuations.
2. Key Quotes:
- "I never thought it would happen [ETF redeemability]. It's not like you can transfer gold from your gold ETF to your home vault."
- "Is Bitcoin developing a central bank of A6? In A6 we trust?" (Referring to the concentration of mining power)
- "N&M, I wish it was M&M, wouldn't that be funnier." (A humorous comment about the law firm's name)
3. People Mentioned:
- Tyler and Cameron Winklevoss (Winklevoss ETF)
- Chairman of the Bitcoin Foundation's regulatory affairs committee (unnamed)
4. Bitcoin Price:
- The episode mentions Bitcoin prices fluctuating between $76 and $90, with a high of $90 and a last of $85.
People mentioned