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U.S. Department of the Treasury
UCLA's John Villasenor takes you inside the world of cryptocurrencies (think bitcoin)
UCLA's John Villasenor takes you inside the world of cryptocurrencies (think bitcoin)

You can donate to a PAC, buy a Tesla or order a Domino's pizza using bitcoin. California just repealed a ban on such cryptocurrencies, so the question is not only "Now what?" but "What?," period. Any currency that's not tied to something like gold is essentially faith-based, but faith may be harder to come by for something like bitcoin, which took a PR hit in the Mt. Gox failure in February and has no physical existence anyway. You may want to try it out just because it's neat, says John Villasenor, a UCLA professor of electrical engineering and public policy and a Brookings Institution fellow, but it's the "decentralized trust" that underpins bitcoin transactions that is the real...

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