Bitcoin interest group
Watching and analyzing the growing pains and gains of a new free market currency
Bitcoins are a form of digital currency that can be transacted peer-to-peer, have cryptography at their digital DNA heart, and have a mechanism of creation (digital mining by running the creation software on a powerful computer) that makes their scarcity profile very much like that of a finite natural resource... Gold and Silver come to mind. Bitcoins cannot be infinitely created - the underlying software increases the amount of computing power needed to make new Bitcoins at regular intervals, meaning that eventually it would take almost infinite energy (in the form of computing power) to create the next Bitcoin. This makes Bitcoins unique in the world of alternative, intangible currencies.
As of early 2013, with Bitcoin's value rising vs. dollars and other currencies, and many signs that the Bitcoin ecosystem is coming alive, it is fair to say that Bitcoin has gained enough critical mass in the free market that we should stand up and take notice. The purpose of this group is to observe, discuss, and dissect this phenomenon called Bitcoin - will it remain a free market or will bankers or governments find ways to control it? How much will a Bitcoin purchased today buy in 6-months, or a year from now? Will you be able to walk into a bar or a pizza shop and transact in Bitcoin sometime soon? Stay tuned, and join the group if you have feelings one way or the other.