Hold on to Your Bitwallets, Folks

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The Guardian reports on the latest Bitcoin follies:

Bitcoin, the digital currency, lost more than $160 (£104) in value on Wednesday, just hours after hitting a record high. The currency hit a new high of $266 before falling to $105 and then bouncing back to $130. The fall is unlikely to put off speculators. Two months ago, a Bitcoin was worth $20.

….Wednesday’s wild ride came as someone gave away thousands of dollars worth of Bitcoins on Reddit, the social news site. News blog Business Insider calculated a Reddit user under the name “Bitcoinbillionaire” had given away $13,627.69896 worth of Bitcoins to Reddit users over the day. The mystery donor signed off with a quote from Ron Paul, libertarian politician and one-time would-be presidential candidate: “It’s no coincidence that the century of total war coincided with the century of central banking.”

So the monetary base of the Bitcoin empire dropped by about a billion dollars because someone gave away $13,000 on Reddit. And this is something we’re supposed to take seriously as the future of money? Seems a wee bit fragile, no?

For more on the techno-idiocy that is Bitcoin, Adam Serwer and Dana Liebelson answer all your questions here.

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Truth #1: The chaos is the point.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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