Bits & Pieces Weekly

Bitstamp’s Missing Millions: The Good Parts – Bits & Pieces #9

On January 4, 2015, one of the more popular Bitcoin exchanges, Bitstamp, suffered a costly security breach. The administrators promptly suspended services and later announced a loss of nearly 19,000 BTC, worth roughly $5 million. This is simply wild.

One of the reasons that we like to praise cryptocurrency is because it is different. Granted, differences don’t necessarily make something better, but when the old norm is wrought with as many flaws as our …

Read More »

Spend Bitcoins While They Are Cheap! – Bits & Pieces #8

Bitcoin Accepted Here

Why on earth would I want to spend my bitcoins now, when they’re worth so little compared to when they peaked? Shouldn’t I wait and hope that the price rises again? The short answer is “No, because I feel like spending my coin.” I want some new stuff and I want to buy it with bitcoins, but that’s not all there is to this decision. There are always reasons to hold and reasons to spend, …

Read More »

The Real Cost of Moving $83m – Bits & Pieces #7

On December 2, 2014, a transaction worth almost $83 million hit the Bitcoin blockchain. That’s amazing, even before we start talking about fees. Someone was able to move millions of dollars around the globe, without even leaving his leather office chair. Ok, so I don’t know those details for sure, but they’re certainly possible with Bitcoin. For all I know, the sender was still wearing his PJs.

What’s most interesting about this transaction is, as …

Read More »

The Bitcoin Bowl’s Impact – Bits & Pieces #6

The Bitcoin St. Petersburg Bowl

On December 26, 2014, two college football teams will face off in the world’s first ever Bitcoin Bowl, sponsored by BitPay. How cool is that? Thousands of football fans across the nation will watch the game on ESPN and ought to start seeing Bitcoin as more important that they originally thought. Many may even be introduced to cryptocurrency for the first time.

It’s clear that this can only be a fantastic thing for Bitcoin. …

Read More »

Bitcoin Will Tank On Bitcoin Black Friday! – Bits & Pieces #5

Black Friday is by far the biggest shopping day of the year. I used to enjoy waking up at the crack of dawn to face the crowds, but that was years ago. These days, I enjoy skipping sleep altogether as most stores open Thursday night. The funny thing is, I often come home empty-handed, and it’s not because I get in line too late. I think it’s because of how much I hate spending money. …

Read More »

How to Destroy Bitcoin – Bits & Pieces #4

We love Bitcoin. A lot. So why would we want to destroy it? Well, for the most part, we don’t. But if you’ve listened to our weekly podcast before, you may have heard us chatting a few times about how the only thing likely to displace Bitcoin is something better. So today, I’m talking about what could be better. If we really did want to destroy Bitcoin, how should we design an ultimate new currency?…

Read More »

What the Fork? – Bits & Pieces #3

The word ‘fork’ gets tossed around a lot in the Bitcoin world. Many people use it to mean different things. In today’s edition of Bits & Pieces, I’ll try to explain what Bitcoin forking is all about.

In the ancient years BC (before cryptocurrency), forking referred to changing a program’s source code and creating a new, similar-but-different program. The differences could be as significant or as minor as desired. Today, in most computer-related contexts, the …

Read More »

Multisignature at Coinbase! – Bits & Pieces #2

In the future, I’ll probably avoid writing about two topics so similar, two weeks in a row, but events worked out darn near perfect this time. Last week, I described how multisgnature Bitcoin addresses work and why they are so useful. Just two days later, Coinbase announced a new feature called Multisig Vault. You can now control your own keys when using Coinbase and the company has no ability to run off with your …

Read More »