Bitcoin Group on the block

Subject: Bitcoin Group on the block Tue Oct 06, 2015 2:43 am

It's not often you see financial services businesses fill their websites with footage of staff joking around the office, being hit in the face by flying teppanyaki or describing the creation of a bank account as a 'Kafkaesque task beset by bureaucracy'.

Bitcoin Group on the block 1444083172933

Bitcoin Group on the block 1444083172933

But in the alternative universe of bitcoins, it makes some sense. People who use the 'cryptocurrency' are often young and distrusting of authority. In fact the whole idea of a bitcoin miner launching an IPO seems quite subversive considering the community's distrust of middlemen.

Distrusting or not, though, the bitcoin business is desperate for capital and Bitcoin Group – which describes itself as "Australia's largest [Bitcoin] mining operator" – will soon be asking you for yours.

Bitcoin is a "cryptocurrency". Rather than existing as physical coins and notes, bitcoins are evidenced by transactions on a on a giant ledger known as the "blockchain".

The main attraction is that it's considered free from manipulation from central banks and governments. The theory is that by cutting out these people, the purchasing power of a bitcoin will not be eroded over time. It is also hoped that transaction fees will be lower than those typically charged by credit cards.

So where, you might ask, do bitcoins actually come from? Well they don't grow on trees, but they do almost grow out of computers – which is where Bitcoin Group comes in.

Read more: http://www.smh.com.au/money/investing/bitcoin-group-on-the-block-20151002-gjzylc.html#ixzz3nleXBDq7

Bitcoin Group on the block

Bitcoin Group on the block

Anarcho-Capitalist Categorical Imperatives

AnCaps' Laissez-faire Free Trade Zone