Blog Ipsa Loquitur

Via The Verge, how one converts Bitcoins into worthless fiat currency:

The ATM experience is far from seamless, however. To use it, you must submit your phone number, a PIN, a government ID, a palm vein scan, and let it take your photo.… Cashing out Bitcoin can take up to 15 minutes because the currency is designed so that every transaction must be verified by users in the network.

Also, because it’s Bitcoin, the amount of coins you own at any time is public knowledge. Ahh, the sweet smell of digital freedom from the tyranny of The Fed.

Sometimes, I think the J.P. Morgans and the Goldmans Sach of the world came up with Bitcoin as a way to prove that their asinine financial meltdown(s) could actually be worse; because this, apparently, is what Bitcoin looks like when it’s working.