Posted on 01/18/2014 9:17:00 AM PST by Errant
There are many reasons to be excited about bitcoin: it could enable totally new business and technology models; it resembles the Internet in the early ‘90s in the sense that it is a network that no one owns and everyone can contribute to; it could revolutionise legal concepts of ownership; it could disrupt the payments industry; and it could even become a huge tax haven. It could also flop.
(Excerpt) Read more at coindesk.com ...
Actually no it was not him...
It was the Enron goobers who came up with it first.
Anything the big-government/big-corporate crony-fascist complex can’t control is good.
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but isn’t bitcoin controlled by the chinese?
But how can they tax and/or profit from it? And thus, sadly they combined to destroy it. And it was so, and the Darkness prevailed and there was much weeping and gnashing of teeth throughout the land.
Especially when you consider only data from about February of ‘13 to the end of October is shown.
I think I’ll stick with gold and silver. :-)
And diamonds I'd bet! ;)
FYI: Bitcoin hash rate today is almost 5 times what is was just on Oct 31 as shown by the chart above.
When the SHTF diamonds will not be a girls best friend. :-)
WTH is a "hash rate"?
A “hash” is a term used to refer to an encrypted string. A “hash rate” is a term used in Bitcoin vernacular to quantify processing capability. It refers to the number of hashes that can be processed per second. For example, an AMD 7970 GPU (a top-end graphics card) can process about 600 SHA-256 (type of encryption) encrypted Mh/s (Mega hashes per second) while consuming about 0.3 Kwhs of electricy. Then there are ASIC processors which can now process 60 Gh/s (Giga hashes per second) using about the same amount of electricity.
It's not a new language -- it's English.
Occasionally, you might want to learn some new English words, though. Things change. If you don't know the new words and the concepts they represent, you won't be able to make a sound judgement about the changes.
You may well be right about the Principal's new grading scheme; you may well be wrong about BitCoin.
Max Keiser on RT is all over this bitcoin business - he loves it - but today he was talking about some Chromcoin something or other - color-coded coins based on bitcoins - sounds suspiciously like mortgage derivatives to me - pretty soon everything’s so sliced and diced and traunched that people become unsure of what anything’s worth anymore - and we know what happened when that took over with mortgage derivatives......
There is a guy in Utah who also created a metallic coin tied to Bitcoin. He got a nasty letter from one of the government agencies and had to scale back his operation - a lot.
I don’t know about Max Keiser most of the time - but this was the segment I saw - like those Max was talking about, I’m still trying to get my mind around Bitcoins 1.0 - once that happens, I’ll work on understanding the derivatives - thanks for the link.....
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