This episode, recorded on June 12, 2014, covers market volatility, regulatory concerns, and new developments in the cryptocurrency space.
Main Topics Discussed:
* Market Volatility: Bitcoin prices experienced a dip, attributed to the Silk Road Bitcoin sale and anticipation of a large government sell-off (30,000 BTC).
* Government Sell-Off: The planned government sale of Bitcoin was viewed positively as a "reduction of uncertainty," suggesting institutional buyers (ETFs, Coinbase) would absorb the supply.
* Security Concerns: Fears regarding a 51% attack on CEX.io were dismissed as theoretical and economically unfeasible for mining pools.
* New Projects: Discussion of TORcoin, a new cryptocurrency designed to monetize Tor exit nodes and bandwidth.
* Regulatory Status: The Detroit News supported treating Bitcoin as foreign currency, criticizing the IRS tax rules as "onerous and antiquated."
* Fundraising: An update on the "Bitcoin in the Beltway" fundraiser to send Chris Ellis to Washington D.C.
Key Quotes:
* "This is the reduction of uncertainty." (Referring to the government sell-off)
* "It's the money of the internet and the internet is a foreign country." (Regarding BTC's legal status)
* "It's called theoretical because it's not going to happen." (Dismissing the 51% attack)
People Mentioned:
* Chris Ellis
* Ron Paul Cohen
Bitcoin Price:
* Google Finance reported a low of 550, a high of 619, and a last price of 581.
* Ron Paul Cohen was noted at 24 cents a coin.