Bitcoins a threat in drug war unique case in city
Your wallet has a number, which identifies your coins in the public ledger. Their use other than a medium of exchange was Think about Australian paper currency. Actually its partially correct. Professor, Whilst your lack of tangible and comprehensive research is clear, your point is not.
Bitcoin is a solution looking for a problem that doesn't exist. Once the space has been exhausted, you might expect their value to increase, as with the most basic economic law of supply and demand. While there is some overhead to bit coin transactions, it is such a minor part of the existing economy, the extra load on the electricity network is invisible compared to the load caused by domestic IT equipment, TVs or domestic air-conditioners.
Most articles I've read, growing acceptance of Bitcoin at various stock exchanges and the beginnings of banks to recognise bitcoin services seem to suggest the exact opposite of this. Happy to write a follow-up if you are interested in why exactly this requires mining in the form that bitcoin has. It can operate concurrently with existing fiat money, real currency gold and silver or other crypto-currencies such as Litecoin.
Switching even a small part of a typical household's financial transactions to Bitcoins must therefore entail a massive increase in electricity use. I've seen hydro powered bitcoin operations. In the meantime no harm in having a few Bitcoins as a hedge.
Most shops don't accept bitcoin payments yet - they're mainly useful for online purchases. So here are some back of the envelope calcs to check the author's numbers. The number will halve next year and continue to halve every fourth year. What stops the government simply taxing you in a regular currency, forcing you to sell your bitcoin to pay it?
It's a shame that there are so many jokers out there who would prefer to increase their own material wealth by burning precious energy, wasting huge quantities of semi-conducting devices that cold be used for serious computing i. Yes it can be expensive to mine, so you don't, but regardless it's a tiny fraction of the energy used to manage even our currency let alone every currency in the world. Bitcoins will work fine as long as people retain their trust in the system, and the system is not broken.
As miners drop off the network, maybe because they are inefficient or have higher energy costs then the difficulty is reduced. It may go, it may stay. The amount of effort put into mining is determined by the rewards, if bitcoin went mainstream then the rewards would be enormous and so would the number of kW spent on mining. I'm confused as to why coins already mined would get a zero pricing.
In a word tulips? How much electricity does the current system consume? If they think that bitcoin won't go the way of other pseudo currencies they deserve to lose their money or bitcoins. When you work for your money, you should have the choice that your money goes directly to you, not a third party. Then there are the electronic cash registers in the shops and ATMs.
How do you think transactions will be processed once all the coins are mined. When you work for your money, you should have the choice that your money goes directly to you, not a third party. I can't speak for others, but I never disputed your core claim. In the meantime no harm in having a few Bitcoins as a hedge.
It can also be hacked and stolen as has been shown many times already. I wonder how the weighted average carbon footprint of all of Australia's paper and metal currency compares on a carbon-per-dollar basis to that of bitcoins, especially considering that notes and coins get retired from circulation and replaced periodically. Creation of the bitcoins associated with a block requires only a tiny amount of energy, a fraction of a joule. From a functional point of view, the world has a massive oversupply of gold, and what we do use is spent on trivial vanity applications. I'm not exactly sure how much of a science background you bitcoins a threat in drug war unique case in city, Gary, but gold is far from useless.