Monday, May 6, 2013

Living On Bitcoin For A Week: Bitcoiners Are The New Vegans - Day 4

Kashmir Hill's experiment continues: Day 4

Living On Bitcoin For A Week Bitcoiners Are The New Vegans - Day 4 - New Bitcoin World, Bitcoin News, Free Bitcoins, ASIC Bitcoin Miner, Butterfly Labs
On Friday, I skip breakfast again; it’s an unavoidable part of the Bitcoin diet as there are no places that serve food before 10 a.m. accepting my currency. I lose my appetite anyway when I check the value of Bitcoin; it has plummeted to $90 over night. It has been on a steady decline since I started my Bitcoin challenge. Is it me? My editor suggests the value is falling because I’m showing “what a drag” it is to use it.
But I think it’s due instead to a huge Bitcoin lawsuit that became public Thursday night. The virtual money has sparked a $75 million (real world currency) complaint; Seattle start-up Coinlab is suing Mt. Gox, saying the Japanese Bitcoin exchange has failed to follow through on the partnership they inked, refusing to let Coinlab take over management of Mt. Gox’s American and Canadian accounts as it allegedly agreed to do. Wrote Adrian Chen at Gawker:

"The Coinlab-Mt. Gox juggernaut was supposed to bring a new level of service, along with the legitimacy that came with the Silicon Valley Bank’s backing, to Mt. Gox and the economy as a whole. The partnership was considered so important to the growth of Bitcoin that some observers credited it with sparking a massive 40% surge in Bitcoin prices past $250 when it was first announced, during which some big Bitcoin hold probably made millions. (At least until the price crashed back down again.) Now the biggest hope of Bitcoin has devolved into the biggest lawsuit."

Lawyers are about to make a killing on Bitcoin, even if it’s not the currency they get paid in.

I hop on my bike and head to work, and my appetite comes roaring back to life. I order Greek food from Melody via Foodler. It’s a whopping $30 or .3 of a BTC but I don’t care. The restaurant delivers lattes, so I’m willing to pay the ridiculous $10 delivery fee. When the order comes, the wrap with roasted veggies is pretty good but they forgot the f***ing latte. Day 4 of not being able to order coffee with my Bitcoin. - Read more here:

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