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Old September 20, 2019, 12:18   #1
C2A1
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Bitcoin

Interesting take.
My son got interested back in 2014 after an Army STEM tour in HS. He spent all his money buying little high speed processors. His desk was covered by them ( I guess dad was subing the electricity.) He invested $1.00. He asked me to join him ( dad is too old fashioned). Anyway he sold out 18 months later and bought himself a high end computer system ($1200.00). I guess it worked as the Navy is paying for him to get cyber and economics degrees.
https://getpocket.com/explore/item/h...=pocket-newtab
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Old September 20, 2019, 16:36   #2
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Yes, an interesting take, and largely true if one ignores a few obvious things such as the statement '... the money is worthless' when referring to what the central banks issue. In point of fact all money is worthless in and of itself, that is the very nature of money. But regardless of details such as this, removing the ability of anyone to generate money at will on command is certainly a step in the right direction.

The crux of the issue to me is captured in the statement 'What is the incentive for people to spend millions of dollars on computers and power once there’s no more kickback of coin? ' halfway through the article. And that's a damn good question because bitcoin cannot function without continuous blockchain validation, something currently done in concert with the 'mining' activities going on currently.

What will be the incentive indeed?
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Old September 26, 2019, 21:27   #3
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