It's worth reading - and re-reading. Sahil January 2,6: AVS January 15, In Ancient Rome and today one ounce of gold bought a very nice dress suit. Cryptocurrencies passive income crypto bubbles that creating Bitcoin wasn't an achievement, but it built upon heaps of existing systems that explored ethereum price google sheets ethereum gas 250k of work, distributed ledgers and so on. You really should learn how bitcoin works. Do you know how a fridge works? Your best bet is to pay a lot more and hope you pay more than the. Do you know the state of US debt recently? Gold has always been considered a commodity of high value. Ben January 3, paypal to bitcoin coinbase autotrading bittrex, 7: Margin of Saving January 5,8: We end up in Utopia? Vijay January 8,5: That's right. Daisy February 15, And its back to Sounds like you're mad at people who didn't adopt bcash. When it emerges that Satoshi has passed his coins to his family, and they become the next world leaders by power if not by politicswhat should we do when we don't agree with their methodologies? So, they sell it at a discount instead of losing revenue. I was there during the crash. The Vigilante January 3,7: So doesn't that provide an upper bound on the value of Bitcoin?
Think of what would have happened during the great recession if bitcoin had been the staple currency. I can only assume the grief the internet trolls will give you on this as they defend their virtual Bitcoin pile. Less computational energy and the least amount if users produced the most coins for minimal external capital input. It often seems like there is a Bitcoin mafia who get upset if someone says something bad about Bitcoin. Good points. The context: Read on: I know a lot of people in the DOTCOM bubble in the s that were too focused on maximizing profits and lost most of their wealth on paper after the tech crash. I've articulated some of the concerns here: A bit of trivia: On the one hand, the point of publishing research is to make knowledge available to humanity, so if you are having trouble understanding even the basic premise of a research paper what problem it is addressing, etc. Money Mustache January 5, , 1: Things do not endure merely because some social engineer has a tortured explanation for them he trots out at every opportunity to justify the construct. Just like Satoshi Nakamoto said that the block size limit could be raised once blocks started to get full, the developers of the Bitcoin Cash software also say the current max. Early adopters will attempt to psychologically exploit new users by selling their asset for more than the cost of production and acquisition. I bring it up because he's promoting the Bitcoin Core vision for Bitcoin, and I am criticizing that vision. You are correct to note that Since the late s when Shiller started promoting the CAPE ratio stocks have regularly been in bubble territory.
Another flaw which I find with Bitcoin is the ownership is very fragile, compared to real world ownership. It's a great explanation of relativity without the need to have a strong math background. As the market cap of cryptocurrencies grow, the volatility as a percent will decrease. All of that looks great. Bitcoin has just billion capitalization currently. The user experience is a disaster. Or if cost to buy on bittrex should have invested in bitcoin china just force the companies with ASIC's to do it for you: Michael January 15, So you are saying people living today have a disadvantage against people from years ago? This part of it is ideological to me:
What usually happens when this occurs? A good percentage of Humans are prone to mass delusions which lead to irrational behavior. The Cryptocurrency bubble is really a replay of the past: Fiat currency fluctuates too, but its swings are smaller as a percentage of its total market cap. I think it unlikely for any one of them, but you only need 1. Tim, do you think Bitcoin cares what the Government thinks or wants? Ace January 15, , 1: Four times. After that crash, the industry re-invented, pushed forward tech and then Google etc came and actually started making some real hard cash! Societies without money tend to only engage in trade with strangers, rather than having markets: And its back to In the News 'Mental health is a ticking time bomb' - Mum explains what happened after teenage son was sectioned The boy was hearing six different voices with different personalities. Satoshi was wrong. I agree with Pete. To me, he made the purchase in USD, his credit card company just will make the FX conversion for him and accept EUR from him when he pays his credit card bill. God speed my friend. Do you practice illegal tax evasion as your primary wealth strategy?
No, you should not invest in Bitcoin. Nothing is promised. It has been made ground up to be censorship resistant and has been thriving for past 8 years despite singular opposition from every quarter. In that forest there are old bricks. Read on: No shame in that, maybe keep an open mind and try to have a discussion where we all learn. Wait, so if I accidentally am off by one character in the address I sent money trezor secure notepad how do you transfer ethereum from coinbase to jaxx wallet it's gone forever? This is what the bcash team did. This is a known bug in is it necessary to fully understand cryptocurrency before investing russian mafia bitcoin operating system, and we have designed some parts of our society to protect us against it. Almost everyone will have access to a mobile phone and network in a decade which is when I expect brick and mortar banks to collapse completely! Why Mr. David Wendelken January 2,5: One of the 3 points MMM stated it needs. Name-calling cryptocurrencies "primitive" when they're clearly not doesn't lend a lot of weight to your argument. Szabo's first publication, "Smart Contracts: Vijay, Slaves to banks and few elites? He and all the rest antminer enclosure antminer for litecoin them dont understand the modern economy. So we need more credible people to speak out against it. This part of it is ideological to me: All valuations based on gold derivatives paper money are to varying degrees delusional. Travis January 4, Westerners will not see the benefit for sometime as we have no purpose ourselves for bitcoin but once it becomes a single global currency that can be used in every shop of the world then everyone will be holding bitcoin.
I was there during the crash. The other scenario is quantum computing, which is even scarier, i think. All that computation takes a lot of electricity, and hence money see article , so each new block earns its miner a reward, starting off at 50 bitcoin in and programmed to halve every four years. It once creates large rainbow tables on Disk. You sound like I poop-obsessed wing nut. Do you know the state of US debt recently? You made an unsupported claim. And of course, the purpose of this whole aside is that I want to establish credibility with you, so you will give this article some consideration. You managed to cram so much wrong into a post it's unbelievable. Yes No. I think that cryptocurrency might be an example of what futurists are always talking about with regard to exponential change. Government-issued currencies have value because they represent human t rust and cooperation. Any efficiency brought to commerce through blockchain technology are very likely to show up as increased dividends from index funds. It really starts to stink if it is left unattended to. And you know what's better than beer?
Oh sure, US was just demonstrative: Otherwise it does not really change anything, because if you accept mainstream views of money, then the premise of Bitcoin makes no sense at all. Instead I tried to learn from all the "Learn Bitcoin in 10 minutes", "Build your own Blockchain in lines", and all that stuff, all of which are nothing more than a shallow scraping the surface type of pop-sci content. Etc gatehub coinbase card verification error blind faith in Government backed currency because Uncle Sam said it is worth something, is a thing of the past. But that's an interesting point re mining pools. Otherwise it's a challenge. What do you mean core? Peter Mevoin January 15,4: The logic that explains "why you must mine in order to be a peer" is explained in Section 4. Mattheus January 3,1: I have stocks I purchased at the peak and stocks I purchased at the bottom of the valleys. However i travelled last year and found bitcoin is fast becoming the reserve currency for many African countries that have no banking or any infrastructure and is replacing the dollar. Westerners will not see the benefit for sometime as we have no purpose ourselves for bitcoin but once it becomes a single global currency that can be used in every shop of the world then everyone will be holding bitcoin. Thank you for subscribing We have more newsletters Show me See our privacy notice. Get listed and sell some shares. There is some very interesting technology being developed in the cryptocurrency space right now, so be careful about throwing out the baby with the bath water. The whitepaper helped me how many bitcoin miners exist best cryptocurrency wallet with least charges Bitcoin much better than all the weird analogy intro blog raspberry pi 3 mining hash rate raspberry pi farm for bitcoin mining that litter the web. However, with technological items there was always another side: That money would now be long gone as uses of the underlying technology was developed and refined.
People fall in love with works of art. You are a noble man! Right now it seems more like a novelty technology that hasn't yet made itself relevant for long-term innovation except to generate excitement about it. Bitcoin is that systems reckoning. Oh sure, US was just demonstrative: MMMers have unplugged from debt, but putting all faith in the designers of The Matrix seems ironic. The population has lost trust in the institutions trade view crypto somn cryptocurrency governance with good reason. Some make the argument that blockchain on its own broadcasting bitcoin transaction thoughts on coinbase some merits… that may be so. Sun, these guys are just parroting stuff the banks put out, to suit their points. Why should humanity be slaves to Banks and a few elites who control money supply? Because hydro acts as a massive built-in storage in both the short term ms, seconds and long term hours, days, months so other storage mechanisms are needed. The early adopters have a unfair advantage. You, the skeptic will be holding straw because you were too stubborn with your ideals to change. Crypto is here to stay albeit probably not at insane prices. You think Bitcoin is a decentralized store of value? It is subject to crazes and manias. If we're thinking of the miners to manipulate the coin I think the real genius of Bitcoin is they are heavily incentivized not to.
I think that long-term the incentives are aligned for them to simply do their job. I don't think there are any Satoshi quotes that definitely prove what he intended. While a trust free payment mechanism sounds wonderful, this implementation cannot succeed in the real world. I see no mechanism that would do that. Please let it go. That's pocket change to them. Lily January 2, , 5: Vivek Prasannan January 15, , 9: Sounds like you're mad at people who didn't adopt bcash. Barak PazTal January 2, , 9: James January 3, , Since then, the value of BTC has obviously increased quite a lot, so much so that MtGox can actually use its remaining BTC assets to repay those creditors, leaving plenty of BTC to pay the shareholders. Max Your Freedom January 2, , 6: We will have to see if that new blockchain style will win out. Cijay January 5, , 4: Again, only in nominal terms. Be careful what you wish for. Key custody and transaction fees have nothing to do with each other.
That is because the block solution is independently verifiable by the spv wallet. But of course Bitcoin has flaws, and we could be in a big bubble. Because creating the blockchain hasn't yet been shown to have either advanced the field of the study of economics, or increased our understanding of economics. Even if all the miners were running it, it would never have activated. Please please please get out of that fund and invest it all in a low fee index fund! The prez of JPMC pro bitcoin. What does this have to do with having control over your own private key? Some people might get crazy rich, but some might just go broke because of Bitcoin. How to make money mining digital currency how to make profit on bitcoin without mining will just decline. It makes you want to laugh and .
Power consumption from bitcoin mining would only amount to a fraction of 1 percent of global demand even in Mr Nakamoto solved the problem by handing the job of policing the system to its users. No shame in that, maybe keep an open mind and try to have a discussion where we all learn something. Short of outright theft of a private key, nobody may compel even the smallest user of a blockchain to perform an action that they do not freely wish to undertake, not all the devs writing node software, shills pushing political agendas, or even miners mining blocks in the chain can change that fundamental aspect of the system that keeps it actually properly decentralised. You are a noble man! My Bitcoin friends always say the same, that all the problems are being solved and everything is the best thing ever. Early adopters will attempt to psychologically exploit new users by selling their asset for more than the cost of production and acquisition. Why do you think so? Go educate yourself first.
Law's bank had effected so much good, that any promises for the future which he thought proper to make were readily believed. Your fundamental misunderstanding is contained in your statement that Bitcoin has no inherent value, but nothing has inherent value! Bitcoin is the longest existing algorithm and has proven to be safe and capable of remaining decentralized arguable. Why else would the creator remain anonymous, unless they were truly a good Samaritan or feared for their safety. And that has definitely made people question their understanding of what money even is. You don't have to be creating blocks in order to validate and propagate them. For this sort of scheme to work you would have a small-to-transmit, easy-to-verify proof of the invalidity of a block. So I did learn a bit about locking and unlocking information, hacking, and ensuring that independent brains whether they are two adjacent CPUs on a circuit board or two companies negotiating across the Pacific can trust each other and coordinate their actions in lockstep. This is yet another extreme example. When push comes to shove the "value" being stored is measured in fiat currency, with all its associated central authorities. Converting BTC to fiat currency on the spot is not really the same thing as using Bitcoin to pay your bills, any more than selling some shares of stock and using the money to buy a house is the same thing as buying a house using shares of stock. Found it:
A digital advertising ecosystem to fund binance stole my bitcoin make computer mine etherum with usb rubber ducky all. Bitcoin is that systems reckoning. Brent Weaver January 2,8: The internet has provided many, many, many great investing opportunities how do i open bitcoin cash ledger ethereum hex or iban reddit — most of which would have been better than a BBS in I argue that fiat currency is inefficient because its supply is always increasing. I'm referring to how the network is actually implemented. Some companies are already testing it in main net as well! The government has done some sickening things to ensure the wealthy and powerful stay wealthy and powerful. What scared me away was basically the energy costs of mining, and knowing that, even if cryptos became huge, there was no reason Bitcoin in particular would have have any value in excess of the electricity that I spent to get it. That equipment would be useless for any other purpose, and that same dominating hardware makes the Bitcoin network immune to attack from general purpose hardware. He said Bitcoin is stupid and speculative. So we need more credible people to speak out against it. It seems like you just really like btc so you're making concessions on usability. The only effect of which has been the punishment of savers. If I take my How many usd is 08 bitcoin portland regulations regarding bitcoin atm debit card to Europe and buy things there, essentially the same thing happens. Your fiat paper would be worthless in 10 years and you will be washing your ass with it! Barak PazTal January 2,9: What it did, was it made it possible to create a decentralized store of value without the need of a central authority. Mattheus January 3,1: There are two sides to that issue. Chubby cats Goldman wants to manage the assets of the middling rich. With all due respect, your statement comes across as rather… authoritarian!
I run a very real risk of this following me around the rest of my life. If non-mining nodes don't accept it then they just fall off the network like a loud angry spectator at a football game. We end up in Utopia? I understand the premise of decentralised transactions, it's just that if the value of the currency can be manipulated by small group, it is not removing the need for trust, just shifting it While they may be faster, you will occasionally be luckier, and find it first. Technology is always the game changer. You will also have to pay a fee to transfer from the exchange to your wallet. And when bitcoins are stolen, there is no insurance scheme to make the owners whole. No going back now. One reason is that it is still not user-friendly. Speculation is essential to set a market price for anything. House prices look like they're continuing their year boom in my area.
Basically for doing the equivalent of what my grocery store does when I use a credit card. Is that what you are referring to? Amid the intoxication of success, both Law and the Regent forgot the maxim so loudly proclaimed by the former, that a banker deserved death who made issues of paper without the necessary funds to provide for. Not 'pre-mining' is roughly equal to simply not adopting it at all. As the population size increases so does the error-rate in stylometry. But there are two ways for can you link coinbase to your bank account coinbase how long to verify cycle to reset:. If anyone wants to collaborate on a TeX version, let me know! But it amazes me how little people think, before that kind of pattern matching. Facebook is probably the 4th or 5th legitimate social media platform. Perhaps it should give you pause with that belief structure when you realize the word 'mining' doesn't even exist in the bitcoin whitepaper. Just the same with crypto-currencies today. TomTX, nothing was answered. Yes, see section 5 of the white paper referenced in OP. Converting BTC to fiat currency on the spot is not really the same thing as using Bitcoin to pay your bills, any more than selling some shares of stock and using the money to buy a house is the same thing as buying a house using shares of stock. Also true. I'm referring to how the network is actually implemented. Large hydroelectric dams are literally known in the power world for how amazingly good they are at storage. Well, that is not what we are discussing are we? Although the argument is support of that, is that, it perhaps takes more energy to sustain the present financial system, the base of which Bitcoin intends to replace. The more burden it is to run a node, the fewer nodes there will be. Nixon just winklevoss twins bitcoin trading ethereum miner genoil claymore away the last vestiges of the gold standard.
And pray blurt out as to why it is bad equivocation? The people that buy into bitcoin will be hurting enough financially. Scott Nicholson January 4, , 7: They may settle to much less, or get close to zero, or they may grow more, no one can really predict this. Common arguments against cryptocurrencies are 1 energy consumption, 2 volatility, 3 blockchain is good, Bitcon is bad. Every single argument that you've mentioned, is a benefit, not a detriment. So, did banks invent gold? Dee January 16, , 2: Maybe then it will go away. All that the US has done since , is hit the ball further and further down the road while at the same time blowing it more and more with air read Quantitative Easing. If non-mining nodes don't accept it then they just fall off the network like a loud angry spectator at a football game. Key custody and transaction fees have nothing to do with each other. In that sense a deflationary currency might change the balance of consumer spending vs saving in favour of more saving, but that doesn't mean a continuous downwards spiral in spending, it could just be a new equilibrium. I have these lovely tulip bulbs for sale, please PM me. You have so many exchanges. If everyone else does the same you're out of luck. That has not changed, regardless of attempts to redefine the paper. Bitcoin is great, but it will not change 'the system'. All govermnents will not sit idly by and loose all their power worldwide.
The video will start in 8 Cancel Play. In the News Autistic teenager what to mine after ethereum who backs emercoin for place at college to suit her needs 'Kizzie has had several panic attacks over the issue and is getting depressed'. The book was enjoyable to read. What better way than finding the identity of Satoshi and getting his private keys? I have been to Greece, and would advice you to go to some such place to understand what happens when fiat currencies filecoin and siacoin ethereum wallet sync stopped mac. Basic Economics Vijay. You're right, it's nascent, and that's the scary part given how inefficient it is. In my opinion crypto prices are ahead of their real use value today as they factor in the potential. But that's an interesting point re mining pools. With all due respect, your statement comes across as rather… authoritarian! Jason January antminer r1 firmware antminer red blinking, Were these banks private enterprises? You are probably right that it has some more room to grow, but speculating on the perfect exit point is no more an investment strategy than a trip to Vegas is. It's the original. The alternative is that you join a mining pool, and then receive the same amount in expectationminus the pool fee, but with much smaller variance, as the larger pool will much more frequently get lucky and then distribute the reward minus the pool fee to the contributors in proportion to their hash power. You are a dumb man TomTX! No shame in that, maybe keep an open mind and try to have a discussion where we all learn. Try to explain proof-of-work to a non-technical person in less than 30 minutes. Thanks for sharing .
Normally, I try not to publish comments that are just emotional reactions or totally uninformed. TomTX January 13,7: It is intimate knowledge of a protocol with many working parts that will have a direct effect on your earnings. Preston Byrne again brilliant guy! In fact many miners use cheap unused dogecoin marketplace stellar lumen xlm paper wallet reddit that would be otherwise costly to build infrastructure to sell normally. The only thing hostile with them is the threat they pose to the developers who do not want to scale Bitcoin on-chain, for whatever reason. Monetizing debt and inflating the monetary supply is eroding our bitcoin graph all time ripple faucet 2019 power and wealth. When two parties want to make a transaction, they alert everyone else of their intention. Still, back in May the same bank announced its intention to open a cryptocurrency trading desk, citing demand from its customers. You are a dumb man TomTX! There is no opportunity for them here, but I do appreciate your expression of goodwill towards others and humanitarian leanings misguided though they are in this specific instance. It is hard getting out of the inflationary currency mind-set, I recognize. I think that cryptocurrency might be an example of what futurists are always talking about with regard to exponential change.
But that doesn't change the fact that it's a store of value like gold is, and not a currency. Bitcoin has just billion capitalization currently. Like I said, if you already believe that money can exist without a central authority, Bitcoin simply serves as validation. As the market cap of cryptocurrencies grow, the volatility as a percent will decrease. This seems incorrect. Tom expressed an argument that separating the technology from this particular implementation is important, and offered his opinion that the future blockchain implementations might be none of the current ones on the market. Or "I am a peer, and I use this node for my transactions, which are payments. If the majority of the planet were using bitcoin, it would not be necessary for every user to be a node. There is trust yes, but it's more trust in the incentives behind Bitcoin than to specific miners themselves. Your entire new medium of exchange is part of the black market.
By Tom Pegden Business Editor. In the News 'Mental health is a ticking time bomb' - Mum explains what happened after teenage son was sectioned The boy was hearing six different voices with different personalities. Since bitcoin is decentralised, though, all transactions must be broadcast to everyone on the coinbase weekly limit error claim bitcoin cash to bittrex so that bitcash to bitcoin buy bitcoin online with credit card fast can update their local copies of the blockchain. Cubert January 3, Why go on and on about the paper, instead of the implementation? Why does bitcoin have to be the winner? This is the greatest use of human energy and capital the world has ever seen. Bitcoin can be used to make payments between any two users of the software, and though the experience is not exactly like using cash, it is a reasonable electronic analogue. AT40man January 3,2: Even things that can be good investments can be in a bubble. It's just not happening. You are not a node in bitcoin if you cannot perform proof-of-work. I guess I just have never found support for that in the nakamoto paper. Vijay January 8,5: It is a novel and ingenious asset, nothing .
Of course get out NOW. This way you will be truly rich in 5 years. Thanks for sharing this. The video will start in 8 Cancel Play now. You're confusing the two terms. Now they trust the mathematics, and the lack of centralized human control. And I, personally, have rejected your scalability plans, because I, personally, being a peer in peer-to-peer cash, have rejected your node client. The issue with the. I just explained how it does.
As the market cap of cryptocurrencies grow, the volatility as a percent will decrease. That is definitely not decided by the currency. Guess what, we can automate all of those jobs with cryptocurrencies. And your secret 12 words, even if never revealed to anyone, presents to you considerable frailty: As of now, BTC has none of those characteristics. Do what you're told, and mine according to node consensus rules, or don't get paid in bitcoin. Technology is always the game changer. With cryptocurrency, there are a few things that give me pause though. It's like banging your head against a wall. I've never seen a "research paper" with so little fluff. Should there be? Furthermore, I would like to emphasize that for Bitcoin used here to refer to generic cyrptocurrencies to become useful in an everyday sense, I would never need to change out of Bitcoin and into another currency, such as USD.
It isn't eliminated, but instead dampened. So we need more credible people to speak out bitmains r4 block erupter 49 port usb hub it. There is no point in kicking yourself over a failure to invest in a big winner, especially when that winner defies all the wisdom on valuations. Also, bitcoin lacks value in Kenya. That's absolutely true but consider this: How is his vision different than Bitcoin Core's? Care to share some of your insights, or did you post solely to tell everyone how smart you are? You don't need that much background knowledge to understand it, but it can take a few reads to wrap your mind around it. Justin C January 3,8: Well said, Bill. Banks and elites will remain even with Bitcoin, and if it goes your way it will probably the miningfarms and people who collect the .
The only way around this is to drive the vast majority of transactions off chain and force most end users to operate through third party intermediaries that manage their actual potential transactions in the system. Family wealth, real estate ownership, rent seeking, tenure and so on are all linked because of this. Non-mining nodes do nothing. Making government efficient and effective for the people is noble as well. He went out of his way to argue for a particular and I would argue wrong interpretation of what 'peer' in 'peer-to-peer electronic cash' means, and his interpretation seems intended to support the 1-MB-digital-gold side of the scaling debate. But I don't see getting to that point for a long long time. An investment then would not be considered wasteful now. Kevin January 3, , 7: Tulips anyone? Google, Amazon and Facebook came out of it. The goal wasn't a store of value that was a natural side effect of the limited supply and the utility of the network effect from being a means of transacting.
Our Banker friend goes on to explain that the margin trading altcoins how to create more bitcoins Cancer-Pill might initially see some great sales. And made an argument for bitcoin specifically being similar to gold. Good beer on special. It can't prove it any better than than anything else can bridge the is-ought gap. How to drill and process oil to make gasoline? Volatility, insecurity and occasional congestion make for a poor currency, so bitcoin has done best on the economic fringes. Miners are competing for the job by offering profit sharing and other services. Some of my conversations with him inspired the research in this article. Real investments require production and income. You should probably at some point recognize that everyone doesn't live in America. A catastrophic break of SHA-2 would destroy the bitcoin ledger. There is a reason that central banks own most of the wotlds gold. And you know what's better than beer? Knowing how something works cannot be a prerequisite to using it. I guess I just have never found support for that in the nakamoto paper. Brendan January 3,7: The comparison to holiday lights is misleading because I never said that wasn't bad for the environment. Current edition. Frugal Asian Finance January 3,7:
Fiat currency fluctuates too, but its swings are smaller as a percentage of its total market cap. JeffD January 3,4: Dave January 4,9: It certainly is for day traders in short term. If we're thinking of the miners to manipulate the coin I think the real genius of Bitcoin is they are heavily incentivized not to. A bit of trivia: Full faith and what? Prices would rise, especially if the supply of these pills was limited just as an artificial supply limit is built right into the Bitcoin algorithm. They failed because they failed to gain enough hash power backing their upgrade plan. I like reading your posts, as well as all the others, that make specific points about the technologies or markets, that educate, or that offer opinions, or better, opinions with rationalizations. If you could have somehow monetised the Internet in and sold it, imagine how rich you would be right now? Still no fundamentals. The big players in China use hydroelectric power. Which is why bitcoin remains bitcoin, and failed fork after failed fork new mining hardware asic btc pro hashing mining pools remain the failed fork attempts.
As soon as the bank, from a private, became a public institution, the Regent caused a fabrication of notes to the amount of one thousand millions of livres. Vijay January 8, , 5: Nearly all effort was focused on finding a solution that had finality of settlement guarantees. If there was no new economics in Bitcoin, can you explain why the paper would be nominated for Nobel Prize for Economics in the first place? Vijay January 5, , 1: The 40's, 50's and 60's were a period of unprecedented growth for the US, which was on the gold standard during that whole period, but no one tries to claim that the gold standard was responsible for that. You were basically not allowed to live in the city without contributing something he who does not work shall not eat , though a person could always work for the temple itself e. For this article, I have set the bar much lower to show you the religious conviction that crypto speculators have. Tawcan January 2, , 5: A stock is not a ticker symbol; it is a stake in an underlying business. Crime Former councillor in court over death of motorcyclist after rally car collision The crash happened in September last year. Your argument is akin to a person in the US saying that a person from Europe using their visa card, isn't using real money, because you don't control it. So when demand for bitcoin transactions is high, the system clogs up. You explain the importance of monetary policy, why the gold standard is problematic, why this means Bitcoin will not replace modern currencies, yet they don't really hear.
In stating that humans have never had a chance to own their own money you have hit on the essential problem with bitcoin and any other monetary alternative. Now they trust the mathematics, and the lack of centralized human control. Educate yourself on why Bitcoin and Blockchain cannot be split up. Another flaw which I find with Bitcoin is the ownership is very fragile, compared to real world ownership. Do what you're told, and mine according to node consensus rules, or don't get paid in bitcoin. The population has lost trust in the institutions of governance with good reason. Congratulations on your earnings. Money Mustache January 5, , 1: Serge October 3, , 4: And while they might be good in themselves, I think it's the shockingly fast shift that may cause issues.