I so love seeing something like this reaching me through the rather mundane Yahoo news feed 🙂

The Middleman is Obsolete

With 31,000 lines of code, the creator of Bitcoin (Satoshi Nakamoto) made the middleman obsolete. Bitcoin does to the financial middleman what email did to the US Post Office.

http://finance.yahoo.com/tumblr/blog-bitcoin-the-most-important-innovation-in-the-history-161315195.html

Bitcoin has done what no other computer program has done in the history of financial systems—it has automated the role of the middleman. Moreover, the developers of Bitcoin have given it away for free. The Medici family gained power and wealth by making a simple improvement to the existing system. Imagine if they had invented a new system altogether.

It floats like a stock, maybe close in line with commodities like precious metals. Easy to get after a small learning curve and setup arrangement (unless you use a face to face transaction) it isn’t too hard to see a significant down trend and go in. A week or so later you see 20% increase, what’s to complain about so long as you’re using a bit of funds you can afford to lose then it makes for an interesting hobby. Beyond that you are above hobbyist level and the risks are understood.

I first got BTC at Porcfest using a direct transfer device and soon after was able to make a transaction for material product. After that I’ve made a mail order purchase and since then have increase my BTC holding. Never once have I seen it drop below my input value although the recent deep dip did mean I was less than double the value of what I put in.

Your mileage may vary!