December 4, 2011
In February 2011, from http://lesswrong.com/lw/4mc/singularity_institute_now_accepts_donations_via/ . At first I thought "Hm, Bitcoin, is that a new payment processor?". Nothing prepared me for what I was about to discover...
Pretty much everything becomes simpler, more efficient, more powerful, and overall better when it's digital. Wealth is such a fundamental concept that we cannot afford for it not to undergo this natural progression. And, digital wealth can only be universally accepted is if it's decentralized as with Bitcoin.
I'm not at all worried about things like popularity among merchants, public perception, exchange rate volatility, early adopter advantage dissent, incompleteness of the software, difficulty in properly securing bitcoins against loss and theft, time to confirm transactions, and many other issues which are brought up from time to time. These will all be solved with time, and for most the solution is already known and waiting to be implemented. -- Bitcoin's legal status is more worrying. Bitcoin-hostile legislation could be a major setback for the initiatives that are necessary for Bitcoin to achieve its full potential. -- Also, Bitcoin's core technical assumption is that the majority of the network's computing power is honest, an assumption I'm not sure will remain valid forever as things stand now. Some way must be found to either maintain its validity or to make Bitcoin work without it. There are proposals and I believe this will be solved, but nobody knows yet what is the solution.
I'm the owner of Bitcoil, a service to exchange bitcoins for ILS. I'm the world's foremost expert on Bitcoin mining pool reward systems and have written the authoritative guide to the subject, "Analysis of Bitcoin Pooled Mining Reward Systems". I'm a very active member in communities such as https://bitcointalk.org/ and http://bitcoin.stackexchange.com/ . I'm the organizer of the Israel Bitcoin Meetup group and involved in various other activities to increase Bitcoin awareness in Israel.
I'm a Weizmann Institute of Science graduate with an M.Sc in mathematics, specializing in machine learning. I've worked as the Head of Research of the internet startup SimilarGroup, and am now running Bitcoil, an Israeli Bitcoin exchange service.