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Is Googlecoin Coming?

Sprout Money's picture




 

Google has been manifesting itself in more and more niches of the technology sector. Cryptocurrencies however, remained untouched by the internet giant for now. What if…

Googlecoin

Since the fall of 2012 our advice has been to sell Apple stock. The reasoning behind it was fairly simple. Without the leadership of top exec Steve Jobs, the large corporation would become very hard to manage and steer into the right direction. About a year and a half later, this is exactly the technology company’s problem. Apple does not surprise, innovate, or lead the pack anymore. Apple is lagging and that is deadly in a sector that is extremely competitive like technology. We have been waiting on iTV for years now, but it does not look like it is going to happen. The iWatch has been on our watch list for months, while the competition has been launching one smartwatch after the other. Too late, Apple. The company that once was a technological super power, now is a has-been.

On the other hand, regular readers of Sprout Money know that we love Google. The basic idea behind it is that Apple operates inside a closed environment, while Google has an open ecosystem. Google can power the entire internet to generate revenue, while Apple can only generate revenue from its own users. Meanwhile, Apple is hitting the limits of its business model, while Google’s growth is practically unlimited, only limited by the ever-expanding reach of the internet. The internet is taking a brand new direction too. We are evolving over the next few years into the concept of the ‘Internet of Things’, connecting the worldwide web to everyday objects and services. An example of that would be a ‘smart fridge’, which can deduce from your agenda what’s on tomorrow’s menu, alert you of missing ingredients if there are any, and even order online.

Google is biting down hard to not miss this trend, and potentially even shape it. Not only did the company come out with Google Glass last year, which are high-tech glasses projecting an additional dimension with all the knowledge of Google on the inside of the glasses, but the company also purchased Nest Labs recently, the producer of the smart thermostat. With that, Google can probably collect more data on its users in order to position even more and better ads, which is still the core business of the internet company. But Google also made some purchases in other niches of the technology sector. Recently, the company acquired robotics specialist, Boston Dynamics, and artificial intelligence authority, DeepMind. However, Google’s acquisition fever did not just start a few months ago. Since the beginning of 2013, Google has been extremely active on the acquisition trail as evidenced by the list below (source: Wikipedia).

Google acquisitions

The acquisitions are in different sectors of the technology space, but Google also spread out geographically with its purchases (not only in the US). This will prove to become a true value differentiator for shareholders, because only through innovation can a company remain competitive or, even more, become a market leader. One area in which we have not heard from Google yet is cryptocurrencies. You know, bitcoin et al. It is an interesting evolution in the online payment market.

It is highly likely that Google is in wait-and-see mode for now with regards to cryptocurrencies, but we are sure that this segment has their full attention. We recently read that Google would possibly accept bitcoins in its payment ecosystem Google Wallet, but we suspect that it might be a bit too early for that. Furthermore, Google might be a candidate for launching its own cryptocurrency in our opinion. The Googlecoin or Gcoin. Google has the largest P2P network in the world, which is what powers a cryptocurrency. Sounds crazy? We don’t think so. Don’t forget that Google owns banking licenses for the most important countries in the world. One day, Google could start putting those licenses to work, and what better way to serve the financial side than with its own cryptocurrency. It would be relatively cheap to do so, and the insight and data arising from its usage would be a huge advantage to the company.

While the competition is struggling, Google is innovating non-stop. Organically and through acquisitions, the company is creating additional shareholder value in the technology sector with seemingly relative ease. Not by sitting on its cash, which seems to be Apple’s approach. As a consequence, GOOG remains a favourite technology stock of Sprout Money. It's not only an advertising search gigant, but a robotics, 'internet of things', AI, ... , and maybe also a future cryptocurrency play.

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Sprout Money offers a fresh look at investing. We analyze long lasting cycles, coupled with a collection of strategic investments and concrete tips for different types of assets. The methods and strategies from Sprout Money are transformed into the Gold & Silver Report and the Technology Report.

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Mon, 02/10/2014 - 07:30 | 4419303 smacker
smacker's picture

If Google went into the cryptocurrency sector, they can be 100% sure that I would never have anything whatsoever to do with it. I simply do not trust Google one inch.

Mon, 02/10/2014 - 09:07 | 4419411 tip e. canoe
tip e. canoe's picture

now you know the reason why it will be (is being?) marketed as a "zero-trust" currency.

when you own the search engines & servers, it's not too difficult to get a bead on the zeitgeist.

Mon, 02/10/2014 - 06:58 | 4419280 dildo o flaherty
dildo o flaherty's picture

Buttcoin getting  butt fucked today as we talk

Mon, 02/10/2014 - 06:30 | 4419261 Zerohedge fan
Zerohedge fan's picture

link

http://www.bloomberg.com/news/2014-02-07/bitcoin-price-falls-as-mt-gox-exchange-halts-activity.html

 

comment:

Yep. Most of the id!ots here, save for yourself, dont understand a thing about this total superficial distraction and hoax, as if its some economic savior. Value and wealth come from manufacturing, producing (and better things than you did before, which is called progress) and a strong force of labor (ya know, like Alexander Hamilton, Washington and Franklin created with the best economic American system ever known). Without going through all the macro/microeconomic sides to it, that there is your basis, which is what gives value to a currency. All currency is intrinsically worthless, hence Sh!tcoin which is just a mirror, a digital one, to the dollar.

Sh!tcoin was never supposed to become what it did. It was created by, though he wont ever admit it, Max Kesier, who has taken everyone for the proverbial ride, hence his endless pumping and hyping of it nearly every other show he does. He said himself he was a 'sh!tcoin millionaire', boasting about it and duping many blind followers to help boost his own profit out of it.

First of all, sh!tcoin gets its value from nothing, and im sure some tard here will try to come up with some collegiate retort to refute that, but sorry, it does not get its value from anything real, tangible, physical or something being produced that its value is tied to intrinsically. All it is, is some ridiculous speculative bubble and acting as a commodity, with derivative-like usage being piled on top of it. Thats all it is. And any idiot or smart investor, like Jim Rogers, Gerald Celente, etc, know this, and want nothing to do with it. And if you think the mega-banking elite cant manipulate the cr@p out of it, youre dead wrong. This whole 'its decentralized' and the 'gov cant touch it' is ludicrous and utter cognitive dissonance at its worst. For starters, the CIA and its investment branch was involved in this cr@p going back to 2012, admitted outright by a Sh!tcoin developer. You can find the vid on YT, just search 'CIA Bitcoin'. They said they 'contacted him because they were interested in digital money.' Uh huh....i bet they were lmao.

Did you know too, that 927 people own 53% of Bitcoin's value now, of like 2million people? Lol, i mean, my goodness, this garbage reflects the exact same hijacked and fascistic control of the global economy and the whole 1% vs 99%, and the way things have been rigged, centralized and monopolized, with big government backing it all. Then you have the Silk Road situation with idiots abusing it, along with another exchange they were tied to that got busted by the Feds. And now guess what. Take a guess who is the 2nd largest Sh!tcoin stakeholder out there? Thats right, the FBI LMAO!! They siezed over 100mn worth of it, and still working accounts they havent decrypted yet...key word..YET. They already got to some, so this whole 'it cant be decrypted' cr@p, is just that....cr@p.

Lets not talk about its endless volatility too, i mean, up, down, up, down, up, down, up down. Its a joke. The thing is more unstable than nitro glycerin, ffs.

Minsky hit the nail on the head about how people just cant let go of an investment, even when its doomed, due to feeling like they are 'part of the club' and take on this psychosis that they were impervious to a disasters when its staring them in the face.

Also, this is also nothing but a lead in to the digital beast currency that will be coming some time in the future when the antichrist decides to reveal himself. If anyone wants to slap their knees and laugh it up, go ahead. But this is the system all the psychos and the anti-human sh!tstains who rule over us, will be moving toward to control world finance, and JP Morgan just revived two, decade old patents on....yep, you guessed it, digital currency. You see, Max Keiser, too dumb to realize the power of the banking elite and their 'genius', screwed his own little invention of it, not realizing though, it was never his invention in the first place. Thats how true con artists work, hence the bankers: they let you create something, thinking its your own idea, when its been theirs all along. They are going to wreck his, then roll their own out, and be like: 'See? We central bankers love you all, we are hip, cool, and trendy too and like digital money, so come use ours! We all love you and want to take good care of you.'

Kissinger was right, people really are dumb animals. At least most of them.

Mon, 02/10/2014 - 03:20 | 4419154 The Heart
The Heart's picture

Maybe if it will fit with this.

http://www.youtube.com/watch?v=R3nXvScRazg

 

 

Mon, 02/10/2014 - 01:50 | 4419053 Joe A
Joe A's picture

Sooner or later an empire wants its own currency and rather soon after that wants to impose it on the rest of the world.

Mon, 02/10/2014 - 00:14 | 4418919 semperfi
semperfi's picture

all yer bitcoin - it now belongs to us - thanks!

Sincerely,

                     NSA, FBI, CIA

Sun, 02/09/2014 - 23:26 | 4418816 zerohedgeJUNKIE
zerohedgeJUNKIE's picture

After GCoin in a not so distant future, how about GCB, and let's bring it to extreme and make them GOOGLE CENTRAL BANK.

Sun, 02/09/2014 - 23:54 | 4418877 DeadFred
DeadFred's picture

Why not? The Google Central Bank would be backed by the full faith and credit of the NSA. No need to worry about your cryptocurrency being used by criminals when they know every transaction and can reach in and delete your money if you turn out to be a dissident terrorist. With all accounts in one central location they may be able to retire some of the NSA's supercomputers that are keeping track of you and thus save money while being green.

Sun, 02/09/2014 - 21:30 | 4418554 Gaurden
Gaurden's picture

anyone who believes any of these cryptocurrencies are anything but a scam is in for a rude awakening.

The fact that they are allowed to exist at all in this world is a sign of their corruption on the most fundimental levels.

 

Sun, 02/09/2014 - 21:34 | 4418559 TheHound73
TheHound73's picture

I know right!  Numbers should not be allowed to be passed between people or recorded in a ledger!  Ban numbers!  Our leaders are corrupt!

Sun, 02/09/2014 - 21:28 | 4418542 paint it red ca...
paint it red call it hell's picture

Yeah, that really sounds like an appealing world where everything you buy, or sell, or save, or gift is valued in Googles. Get taxed on your Googles spent or made at the yard sale. Banks become obsolete because Googles are housed and tracked at Google and all internet searches are charged in Googles deducted from your Google account on your transparent Google Dashboard which offers so much control (as advertised by Google).

Instead of a Secretary of Treasury we will have a Secretary to Google and monetary manipulations oversight will be by The GOOG instead of The FED.

Oh, what a bright future we face with cryptocurrency. And the corporate silo keeps rising to the stars byte by byte.

Those thousand points of light......

Sun, 02/09/2014 - 21:03 | 4418489 Goldilocks
Goldilocks's picture

The Beatles - Ticket To Ride
http://www.youtube.com/watch?v=VMxyK9azXR4 (3:12)

Sun, 02/09/2014 - 18:39 | 4418079 Manipuflation
Manipuflation's picture

Since I can not avoid it, I propose a gaymaleolympicfigureskaterthatwehavetowatchbecauseourwivesthinkfigureskatingisimportant-coin. 

Mon, 02/10/2014 - 00:14 | 4418924 semperfi
semperfi's picture

fuck figureskating - I watched my Big4 blu-ray today

Mon, 02/10/2014 - 02:24 | 4419087 Manipuflation
Manipuflation's picture

yep

Sun, 02/09/2014 - 17:05 | 4417836 Rising Sun
Rising Sun's picture

Google really has no online advertising threat and controls search.

 

It's the googlenet, not the internet.  All Google employees could go on a six month vacation and Google would still be operating well.

 

Google has been a bank for a while - it's just a question of when they want to push it. 

 

Googlecoin??  stupid idea.

 

 

Sun, 02/09/2014 - 15:12 | 4417539 bugs_
bugs_'s picture

donoevilcoin

Sun, 02/09/2014 - 15:11 | 4417527 TPTB_r_TBTF
TPTB_r_TBTF's picture

google is too late.

klickex has approval from the UN and various reserve banks.

https://www.klickex.com/welcome/

Slogan: "Payments without borders"

(but with the approval of our masters.)

Sun, 02/09/2014 - 15:57 | 4417660 Zero-risk bias
Zero-risk bias's picture

So, we just get raped again.

 

pay no fees /.. (but feel the wrath of the tax overlords)

Sun, 02/09/2014 - 16:10 | 4417705 TPTB_r_TBTF
Sun, 02/09/2014 - 14:39 | 4417442 dark pools of soros
dark pools of soros's picture

that scanner fridge/trashbin idea goes back to 1999 and was tossed out even with all the other crazy ideas getting green lit during that time

 

it's an unworkable nightmare in real life but all you have to do is sell it to the manufactures and they just add it in as some forced value addition (don't make newer models without it) so you have to pay anyway

 

 

 

 

 

 

Sun, 02/09/2014 - 13:38 | 4417325 teslaberry
teslaberry's picture

i have been a big fan of google for MANY years.

it's funny, but the recent spate of buyouts in the last year are actually the first time I 'lost faith' in google.

google is doing what microsoft has always done. it is trying to 'buy' into competition.

my take is this
1) perhaps google in fact offers a new synergy that previous mega-tech companies did not when buying things. did microsoft do anything new with skype after it bought skype? no. will google use its amazing search capacities to provide a new and useful synergy between the 5 robotics companies it just purchased? time will tell. my belief is NO>

2) buying companies at a premium price and slapping a brand name on them is not sufficient to make those companies better than they would have previously been without the buyout money.

3) throwing money at companies by 'buying' into them does not mean they won't waste the money .

4) google's major asset-----it's insider relationship with high government officials in dc------may or may not be sufficient to ensure the government winds up throwing massive amounts of free money into these potentially doomed ventures.

5) the future of robotics is hard to predict, but many luminaries out there believe that until functional neuro-morphic chips are produced, that current robotic pursuits are most just on a level which is static and trash. the 'aritifical intelligence' we see in the movies simply cannot happen, until advancements of hardware are achieved that allow robots to learn autonmously using very low watt per processing power unit.

the 'brains in silicon' project at standford and other similar 'neuromorphic' hardware projects funded by darpa and others---continue to pursue the end goal of creating chips using about the same amount of power as the brain to process information streams. current chips simply consume orders of magnitutde more power per informatino process than the brain. heat dissipation and other power consumption realities mean that current chips either must process LESS information than the brain , or they must NOT be on mobile platforms (we call robots ) but must be in a stationary place.

THUS there is a possibility that the current set of companies google has recently purchased in the robotics arena are TOTALLY useless with regards to future promises. if they dont' have present customers for applications that are currently economically producive using robots, than they might be a total bust. they need government money for crappy robots everyone knows will never amoutn to shit. they might not get the money.

6) google's biggest possible growth area is competing in the area of providing telecommunications connections. if they can create their own telcomm channels , they can provide data in any manner they want unconstrained by att sprint and verizon. of course, competing in telecom is not only financially expensive but politically expensive.

google fibre seems to be a first explaraotry shot in this direction. i believe that they are not putting enough money or effort into the fibre project. i am perhaps wrong. the future lessons of austin, kansas city, and provo will be a guide to any massive future rollouts. however---I think this is the primary functino outside of googles current core search service. this is the obvious primary synergistic business google needs to be pursuing.

if you look at the list above, and you are willing ot entertain for a moment that it's a nice list and coudl be a good sign. take a pause and look at 'makani power'. i've researched that company, it's history with google, and it's history generally. you should learn about it. once you do, it's presence in the list will give you pause to think about the leadership at google, and the people making the decisions above to acquire robotics and non-search based computing companies. you will then ask weather or not robotics is as equally unrelated to search as is kite-based wind power (makani) and you wiill probably answer NO.

[ disclosure I like wind power and I am a huge fan of the current project that the head of makani windpower is working on , which is autonomous kite based sailing boats ----I think kite-based windpower is useless for anything but remote niche power applications--requiring mobile platforms or otherwise which cannot accomodate traditional windmills.]

Sun, 02/09/2014 - 16:48 | 4417648 Zero-risk bias
Zero-risk bias's picture

Made my way through most of your post, perhaps towards the end, losing your point, simply, I have not done that much research, and not aware of some of these technologies and complanies. But what you said for the most part seems to be true. I think some of these tech companies are overstretched, and are trying to sell innovation as inventions. (Be it Google, Apple or any other market leader).

I guess that the cryptographic space is the area to watch, and will be decisive.

Although Google is considered the global leader in the tech space, I think a large part of the market has been lost. Consider China for example, (which Google lost out on). Considering that nearly everyone has a mobile/cpu in China, and that constitutes 1/6th of the world population, I'd expect that other leading developers, and hopefully more open-source developers will capture some of the market, in China and elsewhere. Being that many crypto-currencies are open source, it seems that the ideal partnership would be to allow open-software platform development to facilitate the platform development for devices. From a user standpoint, with Google, I don't feel that the environment is any more open, than that of Apple's. Equally, similar problems seem to exist for the crypto-space. Although they are open-source by nature, it doesn't seem to add much anonymity that was originally hoped for (due to the usual need to transact through exchanges).

Apple for example, still allows users a certain amount of control, depending on individual needs and ability to do control. Proprietary software will have drawbacks in that they will continually try to keep you locked into their business model, but this can be an option, whether to continue to pay for upgrades and enhancements, or not.

 

Sun, 02/09/2014 - 13:07 | 4417268 Pickleton
Pickleton's picture

Google is Skynet!

Sun, 02/09/2014 - 15:15 | 4417548 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

stopped reading when the guy said "Google has the biggest P2P network in the world"

Um, no.

Mon, 02/10/2014 - 00:26 | 4418949 ForTheWorld
ForTheWorld's picture

P2P in the traditional use of the term - no, they don't.

The number of datacentres Google has, combined with the number of Android OS devices worldwide - quite possibly. There's absolutely no reason to think that there couldn't be some sort of code injection into the kernel to run whatever process Google likes, all the while being hidden from the rest of the OS (yes, it IS possible - it's commonly known as a virus).

It all sounds a little science fiction-y to a lot of people who don't spend time working at a lower level of computing than most are used to (building an app using the framework of the month doesn't quite count), but it's all possible.

Sun, 02/09/2014 - 13:02 | 4417259 Mad Muppet
Mad Muppet's picture

What a hippy-hoppy-bunnyrabbit happy horseshit fluff piece. And nonsense too, while I'm at it.  Can I have that three minutes of my life back, please?

Sun, 02/09/2014 - 13:01 | 4417255 FinalEvent
FinalEvent's picture

Don't be evil, just implement bitcoin please.

Sun, 02/09/2014 - 13:00 | 4417252 RaceToTheBottom
RaceToTheBottom's picture

Plus a free integration between Google Wallet and NSA Wallet.

Sun, 02/09/2014 - 14:29 | 4417422 One World Mafia
One World Mafia's picture

You don't even have to wonder.  You know it's there.

Sun, 02/09/2014 - 12:56 | 4417249 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

It is already here, it is called ripple.

Sun, 02/09/2014 - 18:14 | 4418016 Non Passaran
Non Passaran's picture

Ripple is crap, as the other guy said it volume less and too complicated.
Did Google invest in the company behind it? Yes, but they're throwing a bit of money on different things hedging their bets.
Call me when they start buying gold and silver miners...

Sun, 02/09/2014 - 13:01 | 4417257 FinalEvent
FinalEvent's picture

True, but ripple failed, it has virtually no trading volume compared to the top 5 crypto coins.
Once they admint ripple failed, they will roll out plan B(TC)

Sun, 02/09/2014 - 12:53 | 4417243 logicalman
logicalman's picture

Trust Google??

You'd have to be nuts.

Sun, 02/09/2014 - 12:40 | 4417213 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

On the other hand, regular readers of Sprout Money know that we love Google.

That's a good toady, Nico. Do you fellate Google as well?

Google has an open ecosystem.

So does a black hole, open to all who enter.

Google’s growth is practically unlimited, only limited by the ever-expanding reach of the internet.

Google's intrusiveness is practically unlimited, only limited by the number of human beings it can betray to the highest bidders.

We are evolving over the next few years into the concept of the ‘Internet of Things’, connecting the worldwide web to everyday objects and services. An example of that would be a ‘smart fridge’, which can deduce from your agenda what’s on tomorrow’s menu, alert you of missing ingredients if there are any, and even order online.

Well golly, that's just groovy. The idiocy wrought by 'smart phones' isn't enough? Let's make everyone so dependent upon their 'smart products' that they're as confused and helpless as a newborn without them - that's progress.

Not only did the company come out with Google Glass last year, which are high-tech glasses projecting an additional dimension with all the knowledge of Google on the inside of the glasses,

Not only did the company come out with Google Glasshole last year, which are high-tech surveillance cameras masquerading as glasses, recording and analyzing every dimension of everything around you and adding it to the knowledge of Google for later sale to the highest bidders,

but the company also purchased Nest Labs recently, the producer of the smart thermostat. With that, Google can probably collect more data on its users in order to position even more and better ads, which is still the core business of the internet company.

...because studies have shown that people aren't getting nearly enough adverstising. Be watching for the next product, Google Ass, their new anal probe that monitors your temperature and diet and automatically forwards the data to healthcare.gov. Now that's innovation.

Google might be a candidate for launching its own cryptocurrency in our opinion.

Hey, might as well be a microchip permanently implanted in your skull. You could set it and forget it. How's that for convenience?

It would be relatively cheap to do so, and the insight and data arising from its usage would be a huge advantage to the company.

...because robbing people of their humanity is a huge profit center.

And because Nico doesn't give a rat's ass about privacy:

Domain Name: sproutmoney.com
Registrant Name: Nico Pantelis
Registrant Organization: Evia Group
Registrant Street: Leustraat 18
Registrant City: Maaseik
Registrant State/Province: BE
Registrant Postal Code: 3680
Registrant Country: BE
Registrant Phone: +32.0488823392
Registrant Email: nico.pantelis@gmail.com

Sun, 02/09/2014 - 12:47 | 4417232 foodisgood
foodisgood's picture

I need quick angel investor seed money to be the first to implement the inevitable:

http://www.youtube.com/watch?v=r5_hFHHJhd4&sns=em

Sun, 02/09/2014 - 12:27 | 4417193 Sufiy
Sufiy's picture


Bubble Chronicles: Why Mt. Gox, the World’s First Bitcoin Exchange, is Dying

Joon Wong has published very good report on the Mt. Gox unfolding situation. You can find more videos related to the mounting problems at that exchange on the link below. Russia has made it illegal now even to own the Bitcoin wallet for its citizens. With other Central Banks mounting its attacks, is it the beginning of the terminal decline of the vapour currency?

 

http://sufiy.blogspot.co.uk/2014/02/bubble-chronicles-why-mt-gox-worlds....

Sun, 02/09/2014 - 12:42 | 4417220 foodisgood
foodisgood's picture

Us naggers who follow Tyler should know better.

BitCon is the same as Google in regards to gathering info. Difference is if you have a wallet you have the data of every transaction.

Fonestar and his ilk are owned by their reciepts. Just like all of US who have a gmail account should know all your communications via email are the last thing you could call private.

Wake up. Cash is King. Spoken word is sacred.

All us Characters here are just an agenda to be owned in virtual perpetuity.

Sun, 02/09/2014 - 14:41 | 4417449 11b40
11b40's picture

I don't understand the 'mining' process that creates bitcoins.  What I have read, however, tells me it takes a lot of computing power and a long time to run the complicated algorythms.

I don't understand quantum computing, either, but from what I read, the computing power will orders of magnitude greater than what we have today.

So, what happens when mining a crypto-currency becomes fast & easy?

Sun, 02/09/2014 - 17:50 | 4417947 The Wedge
The Wedge's picture

I don't fully understand the concept behind mining either. I understood the basic idea to be as the block chain gets bigger, it takes more time to crunch therefore controlling the supply of bitcoins. And of course it takes more energy to crunch. I do believe the law of entropy would come in to play despite quantum computing. I would assume, at my own peril, that someone has taken the time to calculate this.

Sun, 02/09/2014 - 14:56 | 4417492 TPTB_r_TBTF
TPTB_r_TBTF's picture

The task of mining becomes increasingly difficult.

It's built in, to become more difficult.

Sun, 02/09/2014 - 16:11 | 4417708 11b40
11b40's picture

Orders of magnitude more difficult?

Sun, 02/09/2014 - 16:54 | 4417801 TPTB_r_TBTF
TPTB_r_TBTF's picture

that's a good question.

 

it's automagic:

... the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes.

 

FAQ

It being automagic...  I would assume it can adjust to more powerful computers.  It already has.  A current mining rig is certainly more powerful compared to the everyday computers used back in 2009.

Sun, 02/09/2014 - 19:59 | 4418335 TheHound73
TheHound73's picture

The current difficulty is 2,621,404,453 or about 2^41.  The maximum difficulty provided for in the software is 2^224 -- more energy than exists in our galaxy.

Sun, 02/09/2014 - 12:59 | 4417158 Prisoners_dilemna
Prisoners_dilemna's picture

The author gave numerous examples of google buying up companies. Bitcoin isn't a company that can be bought out. Furthermore as innovative as google may be, I seriously doubt they have the expertise to re-invent crypto currencies.

The only option I see is for google to use bitcoin or get left behind. Any "coin" they create will be no better than maxcojn, reggiecoin, goldcoin etc. Google may be huge today... But our markets are warped and malinvestment is rampant. Bitcoin will help us rebuild an organic free market and google wont be regarded as the giant innovator its seen as today.

No googlecoin is not on the horizon. Google is smart enough to realize it cant and wont own bitcoin. They also know they can't improve on the protocol in any meaningful way. They may try to create a hardware bitcoin wallet though. That they CAN do.

 

*edit*   Furthermore Google and its android platform may be looking to capitalize on Apples decision to completely reject bitcoin apps. Watch for movement in this space.   This will make google some money, not trying to re-invent something it can't possibly re-invent.

Sun, 02/09/2014 - 18:43 | 4418097 Non Passaran
Non Passaran's picture

Bitcoin is open source and can be studied by anyone. All it takes is build your own is to hire 10 good people and make a better proprietary coin.
Let's not forget - Google doesn't need a better bitcoin, they just need their own coin.
Buttcoin is going down to 5xx this week.

Sun, 02/09/2014 - 20:02 | 4418300 TheHound73
TheHound73's picture

 "make a better proprietary coin."

Proprietary and decentralized don't mix.  If they make a proprietary coin it will be an in-house pre-mined closed-ledger centralized chit system with direct feeds into the NSA and the power to stop any and all transactions.  The opposite of what bitcoin represents.  If such a GoogleCoin actually puts the kibosh on bitcoin then bitcoin rightly deserves to die.

Google is invested in RippleLabs.  It is not yet clear if Ripple and Bitcoin compete or complement each other.  They solve different problems...


 "Buttcoin(sic) is going down to 5xx this week."

Not like anybody who's been around bitcoin for any amount of time can't handle it.  Take precautions and be sure to not buy the dip, suckaz.

Mon, 02/10/2014 - 06:45 | 4419270 TheHound73
TheHound73's picture

Muahahaha, looks like your $500 prediction may be on target.  Mt.Gox put out another press release highlighting their BTC issue is system-wide.  The issue is resembles a man-in-the-middle attack where a transaction is intercepted, the "wrapper" taken off and a replaced with a new one.  The coins are actually transfered but your initial transaction can be discarded while the doppleganger takes its place.  This gives the appearance of a double spend or a failed transaction and causes havoc in some existing software.

More info here: https://en.bitcoin.it/wiki/Transaction_Malleability

Hopefully the whole Bitcoin community can come together and fix this in the protocol, making Bitcoin stronger than ever.  At any rate, the press will have a field day with this tomorrow.

Sun, 02/09/2014 - 18:42 | 4418090 Non Passaran
Non Passaran's picture

Bitcoin is open source and can be studied by anyone. All it takes is to fork it and hire 5-10 good people to make a better proprietary coin.
Google doesn't need a better bitcoin, they just need their own coin.
Buttcoin is going down to 5xx this week.

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