The week in Bitcoin

Yet another week has come and gone in the bitcoin world with more than just the usual stories about how awesome blockchain is. The dramatic fall of the bitcoin price in the last few days certainly got some attention, but there was plenty of other stuff going on as well.

Certainly the biggest news of the week, relevant to lovers of bitcoin, is that Digital Currency Group are set to acquire Coindesk, the leading bitcoin trade publication. Coindesk have been an institution in the bitcoin world and are certainly responsible for increasing the popularity of bitcoin. Hopefully it manages to remain at the forefront of bitcoin publishing.

It was pretty hard to miss the bitcoin price drop after it plummeted below US$400 since holding firm around $450 for about 5 weeks. The price quickly dropped to around US$360 before regaining some composure and finishing around the US$380 mark.

To add fuel to the ‘bitcoin-doom’ stories, prominent developer Mike Hearn says that the Bitcoin ‘experiment’ has failed citing bitter infighting among bitcoin enthusiasts and the community in general. Even going so far as to say that the digital currency is on the ‘brink of collapse’. His issues seem to revolve around the inability of the community to decide what to do with blockchain limitations and the centralization of bitcoin in China. I’m sure the media outlets will have a field day with these pearls for a while.

In rather ironic news, the company 21 Inc announced that you can now buy the 21 bitcoin computer with bitcoin. Previously you could only purchase through Amazon which doesn’t accept bitcoin. Yes, I know what you’re thinking.

In other news, Paypal have appointed founder of Xapo, Wences Casares to their board. Could this be a sign that the global pay-giant is finally moving to bitcoin as a payment method, or is it that Casares is just good at his job? Time will tell.

And lastly, the multitude of boring stories from ‘catch-up’ outlets that blockchain technology can revolutionize financial services appeared again and again… Yawn.

Until next week, keep stacking up your coin.

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