I am surprised that this author wrote this. The coding of a blockchain allows a computer to hold a record of valid tokens. The tokens give bearer ownership. It is a number that can be copied but the first to present it is taken as the owner and when it is verified it is replaced by a new number. If you own the token you have to keep the number secret. A blockchain could be kept on a single computer but for security reasons is generally held in a community of computers. You have to trust that community to not turn their computers off or change the rules. To buy or sell your token you have to trust someone to handle the change to or from fiat money and to give you a valid token. If there is no regulation you place that trust at your peril. If the attraction is that there is no record of who owns the token there are plenty of alternatives – bearer bonds, diamonds, gold.
Agree – Governments should either create a universal credit linked to key currencies in terms of value like the IMF SDRs which is centrally controlled and trackable or just forget it as a from of currency
As blockchain software it is useful for tracking ticket sales and ensuring no fraud
….no no no !! Central control by unaccountable international institutions!! Are you mad?
Jim R
1 year ago
Even if I agree with many of the justifications for cryptocurrencies – and I do – we still have the fundamental problem of ‘what’s a unit worth?’ As long as the value of a bitcoin goes up and down wildly with the subjective sentiments of markets (i.e. greed and fear) and has no firm linkage back to reality, its never going to be an ‘investment’ as opposed to gambling. I suspect many crypto ‘investors’ resist attempts to create more meaningful valuation metrics because that would effectively end the Ponzi scheme that might make them rich. Once crypto becomes stable and boring, then it will become really useful.
N T
1 year ago
How does the sentiment go? You need a wipeout to cull the herd before you can advance, again?
The insane bubble from the last two years had to go so support could get it’s breath.
You’re absolutely right, I think. The power of crypto is that it is going to disrupt currency exchange. It is far more efficient, and cheaper, and ultimately the US is going to be the party that causes it to come to power, by overplaying its welding of the USD as a weapon.
David U
1 year ago
Crypto doesn’t have any purpose beyond money laundering and speculation. It’s kept alive by the poor souls who have bought the narrative. Like any Ponzi scheme at some point it will run out of steam and collapse.
Rob Greene
1 year ago
Crypto-coin is a lovely, but fictitious idea. We still live in world and will live in a world for generations subservient to bulletcoin.
Slopmop McTeash
1 year ago
Blockchain is one of the most important and revolutionary technologies in recent decades and has almost limitless applications. I think Etherium is definitely the place to invest. Although, I do also own some Bitcoin. I own it as a curiosity more than an investment-as I understand and sympathize with so many of the arguments against it.
I am surprised that this author wrote this. The coding of a blockchain allows a computer to hold a record of valid tokens. The tokens give bearer ownership. It is a number that can be copied but the first to present it is taken as the owner and when it is verified it is replaced by a new number. If you own the token you have to keep the number secret. A blockchain could be kept on a single computer but for security reasons is generally held in a community of computers. You have to trust that community to not turn their computers off or change the rules. To buy or sell your token you have to trust someone to handle the change to or from fiat money and to give you a valid token. If there is no regulation you place that trust at your peril. If the attraction is that there is no record of who owns the token there are plenty of alternatives – bearer bonds, diamonds, gold.
Agree – Governments should either create a universal credit linked to key currencies in terms of value like the IMF SDRs which is centrally controlled and trackable or just forget it as a from of currency
As blockchain software it is useful for tracking ticket sales and ensuring no fraud
….no no no !! Central control by unaccountable international institutions!! Are you mad?
Even if I agree with many of the justifications for cryptocurrencies – and I do – we still have the fundamental problem of ‘what’s a unit worth?’ As long as the value of a bitcoin goes up and down wildly with the subjective sentiments of markets (i.e. greed and fear) and has no firm linkage back to reality, its never going to be an ‘investment’ as opposed to gambling. I suspect many crypto ‘investors’ resist attempts to create more meaningful valuation metrics because that would effectively end the Ponzi scheme that might make them rich. Once crypto becomes stable and boring, then it will become really useful.
How does the sentiment go? You need a wipeout to cull the herd before you can advance, again?
The insane bubble from the last two years had to go so support could get it’s breath.
You’re absolutely right, I think. The power of crypto is that it is going to disrupt currency exchange. It is far more efficient, and cheaper, and ultimately the US is going to be the party that causes it to come to power, by overplaying its welding of the USD as a weapon.
Crypto doesn’t have any purpose beyond money laundering and speculation. It’s kept alive by the poor souls who have bought the narrative. Like any Ponzi scheme at some point it will run out of steam and collapse.
Crypto-coin is a lovely, but fictitious idea. We still live in world and will live in a world for generations subservient to bulletcoin.
Blockchain is one of the most important and revolutionary technologies in recent decades and has almost limitless applications. I think Etherium is definitely the place to invest. Although, I do also own some Bitcoin. I own it as a curiosity more than an investment-as I understand and sympathize with so many of the arguments against it.
Bitcoin (only) for me….Be very careful of Ethereum…Here’s a channel worth following https://www.youtube.com/watch?v=YDmwyyhpqTE