The Automated Clearing House, or ACH, which facilitated payments between bank accounts, was created in the 1970s and had not changed much since;

“We don’t use gold because it’s pretty—that was a stupid assumption of mine and many other people,” Wences would tell anyone who would listen during these days when he was totally immersed in the history. “No, we use it in jewelry because it’s very expensive. It’s

out on June 5 when Senator Chuck Schumer of New York held a heavily covered news conference, at which he decried the brazen business of Silk Road and called for prosecutors to shut it down. He described Bitcoin as an “online form of money laundering used to disguise the source of money, and to disguise who’s both selling and buying the drug.”

Although many expressed anger that Mark was violating one of the fundamental tenets of Bitcoin—the irreversibility of Bitcoin transactions—Mark could do so because trades on Mt. Gox happened only within the company’s system, not on the actual blockchain (Mt. Gox interacted with the blockchain only when coins moved into and out of the company).

When the last public forum post came from Satoshi, on December 12, 2010, there was nothing marking it as such. Announcing the latest version of the software, version 0.3.19, the post was markedly different in tone from those early messages, selling the world-beating potential of Bitcoin. The main sentiment now was a warning that Bitcoin was still e

A week before New York Tech Day, the Canadian government announced the launch of a new digital currency effort, called Mint Chip, that it hoped would spur innovation in payments.

In an Amazon review of Danish butter cookies, he wrote: it has lots of buttery taste the shipment went well. i’ve had a nice comment from my kids. it’s a perfect xmas and i would say, for other occasions.

Wences gave $100,000 of his own money to two high-level hackers he knew in eastern Europe and asked them to do their best to hack the Bitcoin protocol. He was especially curious about whether they could counterfeit Bitcoins or spend the coins held in other people’s wallets—the most damaging possible flaw. At the end of the summer, the hackers asked

These experiences gave Wences insights into the nature of money that most people in the world learn only from textbooks.