Paul Steinbart

Bitcoins Are Back, at Least for Porn and Poker
August 01, 2012

If last November you had pressed an economist on the life expectancy of the bitcoin, you would have likely heard a variation of the doctor’s worst words: “It’s not looking good.” The bitcoin, a digital currency that operates free from central authority, was furiously shedding value, having lost nearly 95 percent of its spending power in the five months prior. By the time its freefall thudded to a halt around the two-dollar-a-coin mark, many of bitcoins’ biggest supporters had turned their back on the cryptocurrency. Yet for the past three months, bitcoin has been making a quiet resurgence.