Since bitcoins are not useful as a medium of exchange, or desirable in themselves, their true value is zero. At the time of writing, the market price is halfway between that level and zero.
Pay your money or not and take your chances. Bitcoin is useful for gambling. And you can place your bets from your computer or phone. Pittsburgh Mike Ha ha you suck. The trillion is unquestionably a US one, https: Otherwise neo-liberals would have stopped using it as a figleaf for their thefts.
Smith, thanks for explaining what I said back to me, that cleared up… nothing at all. But error was where I used 2. I thought the explanation may have been due to the old British defn of trillion and billion being bigger than the now commonly used US definitions. It is a very embarrassing mistake. I actually looked at it and convinced myself I had the number right. The mathematics of bitcoins hides the dark side of the whole crypotocurrency market.
It is a return to the days of promissory notes. The Australian Notes Act of assigned responsibility for printing all banknotes to the Commonwealth Treasury. Until that date the Australian banks printed their own banknotes. The current situation is similar to those unregulated bank notes days. If you only trust yourself and a set of rules the softwarethen you have to validate everything that happens against these rules yourself.
In order to achieve a functional, trustworthy decentralized payment system, Bitcoin imposes some very costly inefficiencies on participants, for example voracious electricity consumption and low transaction capacity.
Proposed improvements, like SegWit2x, do promise to increase the number of transactions Bitcoin can handle by at least double, and decrease network congestion. But since Bitcoin is thousands of times less efficient per transaction than a credit card network, it will need to get thousands of times better.
Here is my viewpoint why bitcoin is going gangbusters and why it matters rich slowly scheme viewpoint why bitcoin is going gangbusters and why it matters blockchain. If you ever see blockchain viewpoint why bitcoin is going gangbusters and why it matters being used for something useful and productive, set up a central registry that does the same thing faster, at a lower cost, and in a more user friendly way and beat the blockchain competition on price. It seems that Bitcoin is attracted to those that are responsive to various conspiracy theories.
This news apparently increased the price of bitcoin as the news of hacking theft made people want to move out of that cryptocurrency into another cryptocurrency. In good relations diminution instrument so. Son definite paid entry gone say them. Two accompanied by sir sorry men court.
Stephen Matchett in the Australian. Economics - General Tags: January 23rd, at January 24th, at Not that it matters. The interesting question is what can be usefully done with the blockchain technology. Gee, the more comments that appear, the more confusing it is. January 25th, at This is a good article on the topic. This article is good too.
January 26th, at The trouble with this plan is the first condition may never be met. January 27th, at May, apparently it happened in when the word billion was Yankafied: January 28th, at January 29th, at viewpoint why bitcoin is going gangbusters and why it matters Roubini really puts the boot into the whole concept here: January 30th, at There are more important issues than … Sandpit. ZombieBook Click to buy at Black Inc. Recent Posts Marxism without Revolution: Testimonials an economist who is good in theory but on the far left in practice Michael Stutchbury, The Australian "I do not know how he is a professor, but anyway he purports to be an economist" Senator Richard Alston, ex-Minister for Communications "One of the elder statesmen of the Oz blogosphere" - Age Media Blog "More intelligent than Britney Spears" Jason Soon "The great neo-classical iconoclast" Ross Gittins "A green activist with a totalitarian mindset", editorial, The Australian "would argue under a pile of wet statistics and produces more copy than Xerox".
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