Since the Bitcoin exchange rate on Mt.Gox fell rapidly during the last days, one could observe a certain satisfaction among analysts. ‘Schadenfreude’ you would call it in German. This impression implies a relief of those observers who were as insecure about the currencies’ functionalities in detail as they were sceptical towards its future success. Particularly the technical side of Bitcoin turns out to be a challenge for thoroughly understanding its mode of operation ‒ at least it has been staged as such in several media. The wild fluctuations in its exchange rate have been argumentatively used as a confirmation that the concept of a digital currency, independent from intermediaries, is far too risky and dysfunctional. However, this assessment appears to me mainly undergirded by a discontent in digital culture ‒ which is also indicated by a recent ‘mystification’ of the virtual currency. Continue reading →