Day 2, Senate hearings: Bitcoin climbs in use, Congress Fails To Comprehend Bitcoin (Again)

"Bitcoin is an open standard, an open protocol, and an open source payment network.  Nobody owns the network, and nobody controls the network.  All of the users collectively own the network, its rules, and its ledger."- from Statement of BitPay CEO Anthony Gallippi, before the Subcommittee on National Security and International Trade and Finance and the Subcommittee on Economic Policy of The United States Senate Committee on Banking, Housing, and Urban Affairs, during the hearing on 'The Present and Future Impact of Virtual Currency,' November 19, 2013 

"Now we are engaged in a great Civil War, testing whether that nation, or any nation so conceived and so dedicated, can long endure. (...) It is rather for us to be here dedicated to the great task remaining before us (...) that government of the people, by the people, for the people, shall not perish from the earth." - Abraham Lincoln, Gettysburg Address, Nov. 19, 1863 

As today's Senate hearing on virtual currencies began, bitcoin rose to $704 USD, and continued to climb.

Bitcoin and the future of "the public good:" Decentralization, anonymity, philanthropy

In the previous EdgedSolo post, a question was presented:  In light of developing "bitcoin anonymity" solutions, which will eventually (and fundamentally) alter the relationship between the indidual and the state, how will individuals and associations manage resources to maintain and enhance "the public good" at a time when government capabilities to do the same are diminishing?  This post will address that question, as well as some other relevant questions and issues.

First, some assumptions are going to be made for the purpose of addressing this question.  One assumption made here is that the progress of decentralized virtual currencies (particularly as solutions that enable anonymity evolve) will eventually liberate large numbers of individuals all over the globe to exercise greater ability to do what they want completely outside of the purview of governments.  Another assumption that will be made here is that many individuals will, upon realizing they are capable of doing so, will act primarily in a self-interested way, but that a growing number will become involved in micro-philanthropy - a practice of making small donations that collectively will comprise a significant part of the gifting economy.

In some ways, these assumptions are already borne out by data.  In many cases, as incomes rise, contributions to nonprofits decrease, and tax incentives - provided by governments that are currently able to do so - often enable higher levels of giving than would otherwise occur.  This, however, is a generalization, as current levels of giving to nonprofits vary widely from place to place in the United States.

Bitcoin for commodities, evaluation of USD, currency projections

Welcome back.  Today's post will cover briefly a recommended technique for using bitcoin for commodities purchases.  I'll also cover the BitPay, Inc.© process for funds settlement, which can be used as another method of diversification.  Finally, there is included here a brief evaluation of the status of the US dollar, and some currency projections.