The European Securities and Markets Authority has issued a “call for evidence” on virtual currency and distributed ledger technology. For the uninitiated, that means they want to know what stakeholders think about bitcoins, other cryptocurrencies, and the use of block chains.
Brief Value History
Some of our readers may be wondering what has been happening to bitcoins of late. They were all the rage at the end of 2013 and the start of 2014. Has the whole industry gone radio silent?
No. As a matter of value, there was o course a great falling-off after the peak of November ’13. A bitcoin reached a value close to $980 before the fever broke. By May 2014 its value was down to $442. But in this year, 2015, the signature asset of the “virtual currency” a/k/a cryptocurrency world seems to have reached a (boring) equilibrium. Its price charts present a mostly horizontal line, waving between $220 and $240. It is worthwhile observing the pile of stones portrayed here. They are in equilibrium too, at the moment, but it seems a fragile one. Things could get volatile with nothing more than a decent wind.
In the paradigmatic bitcoin system, every proposed