Eps 1150: Bitcoin Madness
— The too lazy to register an account podcast
| Host image: | StyleGAN neural net |
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| Content creation: | GPT-3.5, |
Host
Melanie Wagner
Podcast Content
While the unfettered nature of Bitcoin has been a factor in its rapid growth, it has also led to more than $470 million worth of Bitcoins being stolen. One of the biggest bitcoin security breaches in history occurred when the Japanese exchange Mt Gox lost 850,000 BTC and had to be closed. Where this modern madness ends, anyone aiming to reach the $1 trillion mark can only guess.
The zombie apocalypse is approaching and there is one thing that can save Bitcoin, says Patrick Byrne, but the crypto bubble of 2017 is doomed to failure, according to a new report.
With a limited number of mineable tokens, Bitcoin will avoid the deflationary aspects that plague the fiat currencies. Every euro a buyer spends increases the intrinsic value of Bitcoin, but it does not flow into Bitcoin. In short, Bitcoin is a currency for those who choose to buy, sell and accept it because it is not BlackNet or Galt Gulch or cyberspace. It is worth about the same as a single euro or even less.
If you are in the US and just trying to take advantage of this new trend, Bitcoin is a great option for you. You can now buy Bitcoins using the same method as sending money, such as bank details, and then spend them with any merchant who accepts them, and the number is growing daily. Coinbase is the most popular and user-friendly option if you want to buy counterfeit coins quickly.
The smartest way to do this would be to buy into the fringe companies that benefit from Bitcoin's enthusiasm. After Bitcoin recently soared to the skies, NVIDIA could be able to generate crypto - mining as a major source of revenue for the company in the future. For starters, Bitcoin is a computer-generated chattel that lives in a world of competing bandits who have no real understanding of what it actually does. I think this digital Ponzi scheme is invented and doesn't do much else, but it's fun to think about.
Bitcoin has become an investment bubble, exacerbated by its high price-to-earnings ratio, high volatility, and lack of regulation.
The reliability of Bitcoin is based on iron, secure and encrypted software that distributes and tracks all Bitcoin transactions. Blockchain technology, which drives Bitcoin, ensures that every single computer running the Bitcoin software has a register that records a single Bitcoin transaction. With Bitcoin, cryptocurrency miners use powerful computers to solve mathematical equations that correlate blocks . As a result, the use and theft of bitcoin is, ironically, far more prevalent than any other digital currency in the world today.
In the background, Bitcoin is an unregulated cryptocurrency that trades using peer-to-peer technology. Bitcoin has become such a big thing because of the underlying technology, the blockchain. Blockchain is a new software that is freely available to everyone, so it is necessary to have what separates the two: Blockchain and Bitcoin. This YouTube video is the best shortcut I've found to explain how blockchain & bitcoin work. Bitcoins are simply a well-known method of blockchain use, and they are simply the most popular type of trading.
Bitcoin is not only the first cryptocurrency, but also the most popular of the other cryptocurrencies - coins that have surfaced since their official launch in 2009. Dogecoin was never intended as a genuine competitor to Bitcoin or other cryptocurrencies, its creators called it a joke cryptocurrency. Bitcoin is the largest coin by market capitalisation and the first coin to be created since its inception.
Bitcoin maximalists often use the term "shitcoin" to refer to cryptocurrency projects that are emerging when the world really only needs one currency.
Like Rochard, they believe that governments should try to ban Bitcoin, because it is intended to replace the fiat money that, among other things, will eliminate the need to print money to finance the welfare and war state. Although I personally do not shed a tear at the idea of banning Bitcoin or other cryptocurrencies as an idea, it does not seem practicable to me. I believe in Bitcoin as much as I believe in the fiat currency, although Bitcoin is not the technology, currency or commodity I believe in. Using the legal books could curb bitcoin's abuse and perhaps even stifle its expansion into legitimate business circles.
According to many leading economists, Bitcoin is a fatal misjudgment, shaped by people who do not really understand how money works. The price of Bitcoins is rising because people are buying goods and businesses with it, and the only factor driving the price is speculators. It is impossible to know whether Bitcoin and other cryptocurrencies are in any way in a bubble, because it makes no sense that they cannot generate any cash flow, making the term "market cap" absurd.