What is BitCoin?

Uploaded on Mar 22, 2011

More information on http://www.weusecoins.com

This video is a short animated introduction to Bitcoin, made possible with donations from the Bitcoin community.

We’d like to thank:
– Donators for the Bitcoin Animated Movie Bounty
– Bitcoin users and miners around the world
– Everyone from #bitcoin-dev and #bitcoin-otc on Freenode for help with the technical side and history of Bitcoin
– Gavin Andresen, Mike Hearn for reviewing the script
– Greg, Steve, Dan and Jasmin who provided their professional help and insights for free
– All of our friends, family and random strangers who took the time to read the script and provide feedback

Credits:
Voice – Chris Rice (www.ricevoice.com)
Motion Graphics – Fabian Rühle (fabianruehle.tumblr.com)
Music/Sound Design – Christian Barth (www.akkord-arbeiter.de)
Production – Stefan Thomas

The Center for Natual Living is now accepting BitCoins!

The Center for Natual Living is now accepting BitCoins!!!  CfNL is the “parent” organization to Sovereign Living!  You can contribute to the organization with BITCOINS!  How neat!  If you’re into alternative currencies and enjoy what we provide for you here at www.sovereignliving.tv, consider giving through bitcoin!

Who wants to be the first to try out this evolutionary way of conducting voluntary exchange?

http://centerfornaturalliving.org/donate/

To Bitcoin or not to Bitcoin, that is the question.

To Bitcoin or not to Bitcoin, that is the question.  I feel conflicted about this digital currency.  Bitcoins represent many of the things associated with a sovereign lifestyle; decentralized economies,  stateless currencies, private/anonymous transactions, and the opportunity to diversify your savings.

On the other hand, part of a sovereign lifestyle involves living sustainably.  In modern society this is difficult because many of us are addicted to the “grid” in various ways.  Electricity, water, internet, grocery stores, gasoline, etc..  When you are dependent on these systems it is hard to truly be responsible for your existence.

John discusses the paralells between sovereignty and sustainability in his recent speech in New Hampshire, here is a link for further details:

This is where my concerns with Bitcoin come in – last night I read an article discussing the massive amounts of electricity being used to mine Bitcoins: http://techcrunch.com/2013/04/13/the-cost-of-a-bitcoin/

Blockchain.info, which tracks Bitcoin-related data, estimates that miners are using 1,005.59 megawatt hours of electrical consumption each day in their pursuit of new blocks of Bitcoins. That ends up costing about $150,000 in power costs each day to mine the currency. [Hat tip to Bloomberg for reporting on the data.]

Given this information, I feel less inclined to “buy in” to the currency.   What is the true cost of the Bitcoin?  It seems it could come tied with unintended consequences for our planet and our ability to function as sovereign beings.  What do you think about this?

Could a patent lawsuit take down Bitcoin exchanges?

Here at Sovereign Living we believe in decentralized economies.  We are all about barter/trade networks and have personally influenced the growth of a silver exchange network here in Austin called the Black and Yellow Pages.  Today I read an interested article on the new electronic currency, bitcoin, and how it could one day be influenced by big government through patent law.  Here is an exerpt.  There is a link to the full article at the end!

Success of Bitcoin would mean the demise of central banks, Wall St. and the Washington insiders who trade on inside information and market manipulation. So will we see these insiders try to do to the Bitcoin exchanges (the price discovery mechanism) what they did to similar challenges to the oil price fixing, Hollywood propaganda, and political market making? One would tend to think so.

My thought is that as Bitcoin and the exchanges become more prevalent we’ll see Wall St. and the central banks challenge the exchanges on intellectual property grounds. They will argue the technology for trading in virtual securities with a virtual currency is a patented technology owned by Wall St. and that virtual market making is violating this patent (US pat. no. 5950176).

So far the collateral damage has been high for anyone trying to combat the enemies of free markets in oil, entertainment and politics, but perhaps the sheer size of Bitcoin’s global distributed network will prevail.

Let’s hope so. Let’s hope Bitcoin does not become an intellectual property farce the way Monsanto claims to hold the patent rights on seeds or the way the drug industry claims to have the patent rights on various DNA.

Read the full article here: http://rt.com/op-edge/patent-lawsuit-bitcoin-exchanges-458/