What’s the point of a digital crypto-currency if you can’t use it to shake down a presidential candidate?
Politico reports that Michael Mancil Brown, a 34-year-old Tennessee man, stands accused of attempting to extort money out of Mitt Romney and PricewaterhouseCoopers in the run-up to the election.
Fred Wilson, internet-famous VC and principal of the well-regarded Union Square Ventures, is long Bitcoin. The investor read the article in December’s issue of Wired (basically, Is Bitcoin Over?) and concluded that Bitcoin hasn’t peaked, despite a streak of bad news and a depressed value–it’s merely moving along the Gartner hype cycle, moving from the “trough of disillusionment” into the “slope of enlightenment.” In other words: a spike of overinflated interest is followed by a drop in traction which is followed by steady, healthy growth. “The hype cycle model rings so true to me because it maps out what has happened with the commercial Internet over the past fifteen years,” Mr. Wilson blogged. “In 2002/2003, so many people thought the Internet was “over” as an investment opportunity. And they were wrong.”