Why does Bitcoin require arbitrary work?

Fluctuations in the US dollar value of Bitcoins over the last six months

Fluctuations in the US dollar value of Bitcoin over the last six months

Over the last few days it is possible I have become fixated on Bitcoin, a cryptographically controlled virtual currency that presently exchanges at around $800 per. By “presently” I mean this morning. If you are reading this in 2014, odds are the value of Bitcoin has done something surprising, as the chart above suggests it might. Bitcoin has been extremely susceptible to market fluctuations since its creation in 2009. Part of that volatility owes to Bitcoin’s gradual acceptance as currency; until 2011, Bitcoins traded for exactly zero dollars, because you couldn’t use them to buy anything. Now, though, several legitimate retailers accept Bitcoin, and so do a lot of illegal ones.

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Friday links! Market forces edition

The market corrects a lady in Singapore.

The market corrects a lady in Singapore.

Thanks to telecommunications, an amazing amount of time has elapsed between when I clicked “new post” and now. People call me and ask me to do things, and I do them instead of the the things I like because those people have money. You can’t fight the market. While government is an obtrusive artifact that has no right to interfere in our lives, the market is a natural force that must be allowed to operate freely, lest it become enraged. Today is Friday, and the only true freedom lies in letting the aggregate consequences of everyone doing whatever they want tell us all what to do. Won’t you follow the trending line with me?

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On Missoula’s well-liked mayor

An elderly constituent attacks Missoula mayor John Engen.

An elderly constituent attacks Missoula mayor John Engen.

Two weeks ago, Missoula mayor John Engen won reelection with 65% of the vote. He faced four challengers who registered their candidacies on the day of the filing deadline, and the closest one got 16%. He ran unopposed in 2009. John Engen is going to be mayor for a long time, partly because he has no credible rivals but mostly because he is extremely likable. He listens to people. He is particularly sensitive to neighborhood concerns, as when he sided with residents who opposed Missoula College’s expansion to the UM golf course, or when he supported a city council plan to retroactively zone a soup kitchen out of business. That last one doesn’t sound like such an unqualified triumph, does it? Mayor Engen has the virtues of his faults, and sometimes his willingness to accommodate his constituents can lead him astray. That’s the subject of my most recent column in the Missoula Independent, which you can read instead of a real blog post. Or you can click on over to one of the web’s many clearinghouses for tasteful erotica—don’t let me tell you what to do. We’ll be back tomorrow with Friday links.

Does Healthcare.gov make Michele Bachmann look smart?

httpv://www.youtube.com/watch?v=UovY-EL8xEY

That’s Michele Bachmann on America’s Newsroom earlier this week, arguing that the problems with the Healthcare.gov website—along with questions about whether people can really keep their existing insurance plans—have vindicated the Republican Party in areas including but not limited to the October shutdown. “I hate to say I told you so,” Bachmann said, hating it, “but we all look like geniuses now.” The congresswoman from Minnesota then drew a quick sketch of a 100%-efficient heat engine before vanishing, possibly into time.

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Ohio Walmart holds food drive for workers, enraging all

They also threw in a couple of capital letters they had lying around.

They also threw in a couple of capital letters they had lying around.

The internet was all atwitter yesterday with news that a Canton, OH Walmart was holding a Thanksgiving food drive for needy workers. The drive asked for donations from employees, not from customers as Business Insider and certain other outlets gleefully reported. Their exuberance was unbecoming but understandable. As America’s largest retailer and, now, grocer, Walmart is maybe responsible for a broad degradation of working life. The giant corporation pays its workers low wages in order to offer low prices, which drives smaller retailers and grocers out of business, which increases the share of the workforce earning low wages at Walmart. As a bonus, those people are also more likely to have to shop at Walmart. If you already have an opinion about this process, yesterday’s news was proof of concept.

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