Bitcoin rewards binge
The recent meteoric rise in the value of the cryptocurrency Bitcoin has fuelled an avalanche of mainstream press coverage in recent weeks. At least on paper, unless they jumped off, pocketed the handsome reward and watched the rocket continue its for now race to the stars, the cavalier speculators and miners aboard, grinning like Cheshire cats.
What do I mean by this? Users of other currencies find utility in a stable value. But not here in Bitcoin world. The reality of Bitcoin is that users are also players.
And the objective of this game is the highest possible score. The path to wealth for Bitcoin users is to drive the value higher, and higher, and higher. This dynamic and bitcoin rewards binge freedoms make Bitcoin a likely future home bitcoin rewards binge the largest speculative bubble in recorded history. And the lack of law enforcement also make Bitcoin a potential future home of the largest theft ever. We have been warned! One wonders where the money is coming from?
A cryptocurrency favoured by the darker sides of the human race but having unique potential bitcoin rewards binge deliver returns bigger than fantastical payday lending returns. And anyone in bitcoin rewards binge World can participate. In their millions they clearly are, fuelling a demand over supply juggernaut.
The tea leaves are difficult to read. Bitcoin futures trading on the Chicago exchanges is imminent and with it, the potential for systemic risks flowing through to those very same institutions that were crippled by the GFC. The margin that backstops bitcoin rewards binge contract is placed in a clearing house — i. Bitcoin rewards binge a market cap today that is bigger than Bank of America, the largest banking stock listed on the Dow, such a fall would surely hurt any financial institutions caught in the crossfire.
But doomed Bitcoin almost certainly is. Unlike fiat currency, Bitcoin is inherently finite. Being hard-wire limited to 21 million Bitcoins is one reason for its inevitable failure. Think of all the coins we lose down the back of the sofa. No printing press here.
In NovemberThe Telegraph reported a hard drive containing 7, Bitcoins lost in a Newport dump. Silly mistakes by individuals.
But consider the recent schoolboy error by the innocent deletion of code rendering digital multi signature wallets inaccessible — potentially forever. The Internet is literally littered with such tales of woe. Bitcoins never to be replaced and simply irreplaceable. Over a long enough time horizon, bitcoin rewards binge the logic goes, all of the pennies will be lost at the back of the sofa. Another issue inherent in the Bitcoin architecture bitcoin rewards binge far from lost on Interpol is the bitcoin rewards binge to track the history of Bitcoins.
The ledger is transparent for all to see and data mine, including the Authorities. Consider a situation bitcoin rewards binge a regulated entity is receiving Bitcoins which later turn out to have been, at some point in the past, used for terrorist, drug or human trafficking activities. Might they be seized as linked to criminal activity? Might these too be lost or impounded? And what of the immediate pre-seizure transaction? To mine Bitcoin requires intense computing power, consuming huge amounts of energy globally.
Bitcoin rewards binge present it stands at The fact that today it even registers as a percentage at 1 decimal place when it delivers bitcoin rewards binge of intrinsic value is incredible. Power consumption is similarly projected to be meteoric but thankfully reducing when the reward for mining halves in years to come, as Bitcoin is intrinsically designed to do. Now extrapolate that globally and you can see the inevitable problem of priorities. Bringing significant generation capacity online takes years, even decades and costs billions.
Power for hospitals, transport and schools anyone? Frankly Bitcoin has an image problem. Filthy speculated wealth is hardly likely to enhance it in the eyes of many, prejudicing its adoption and ultimately halting interest in the currency itself. Investors are basically passing the bomb. So, to the bitcoin rewards binge of this post. Whatever the fate of Bitcoin, its value in delivering global awareness of the potential of blockchain is undeniable.
And here is where the real human utility in Bitcoin lies. This I hope is not lost before blockchain can really deliver. The world needs to clearly understand the difference between Bitcoin and blockchain and the two are often conflated. Bitcoin may die, long live blockchain.