As an engineer and engineer, he Conducted a successful family business in Canada for decades, in its peak using over 100 workers, until economic upheaval destroyed the sustainability of North American production. Driven out of business, he chose to study economics… to detect the origin of the unhappy circumstance.
The halving takes effect when the Number of ‘Bitcoins’ awarded to miners following their successful creation of this new block is cut in half. Therefore, this phenomenon will cut the awarded ‘Bitcoins’ out of 25 coins to 12.5. It’s not a new thing, however , it does have an enduring effect and it is not yet known whether it is good or bad for ‘Bitcoin’.
Alright so, let’s say that the authorities, FBI, or another branch of government interferes and files charges – if they record criminal charges that someone defrauded someone else then just how much defrauding was involved? If the government law and justice department place a dollar sum number to this, they are inadvertently agreeing that the electronic currency is real, and it’s a value, consequently, acknowledging it. If they don’t get involved, then any fraud which might or might not have occurred sets the entire concept back a ways, and the media will continue to push down the confidence of all digital or crypto-currencies.
So, it is a catch-22 for the government, authorities, and enforcement people, and they cannot look another way or deny this trend no more. Is it time for regulations. Well, I personally hate regulation, but is not this how it usually begins. Once it’s controlled credibility is given to the concept, but his digital currency theory could also undermine the whole One World Currency plan or perhaps the US Dollar (Petro-Dollar) paradigm, and there could be hell to pay for that as well. Can the global market handle that degree of disruption? Stay tuned, I guess we will see.
In the meantime, what happens next will either break or make this new shift in how we view monetary price, wealth, online transactions and the way the actual world will mind-meld into our future blurred reality. I just don’t see a lot of folks thinking here, but everyone should, one misstep and we could all be in a world of hurt – all of humanity that is. Please consider all of this and think on it. Has what you have discovered added to your prior knowledge? crypto genius australia is a huge area with many more sub-topics you can read about. Yes, it is correct that so many find this and other similar subjects to be of great value.
You won’t ever really know about any one element because there are a lot of diverse situations. So what we suggest is to really try to discover what you need, and that will usually be determined by your circumstances. The rest of our talk will add to what we have mentioned so far.
Bitcoin is farther away from being The numeraire; not only is it simply a few, much as Fiat… but its worth is quantified in Fiat! Even if Bitcoin becomes internationally accepted as a medium of trade, and even if it manages to replace the Dollar as the approved ‘numeraire’, it can not possess an intrinsic measure like Gold has. Gold is exceptional in being measured by a true, unchanging physical quantity. Gold is exceptional in preserving worth for centuries. Nothing else in touch of humankind has this exceptional blend of attributes.
In Summary, while Bitcoin has Some advantages over Fiat, specifically anonymity and decentralization, it fails in its own claim to being cash. Its advantages will also be questionable; the aim is to restrict the ‘mining’ of Bitcoins to 26,000,000 units; that is , the ‘mining’ algorithm gets harder and harder to fix, then impossible following the 26 million Bitcoins are mined. Unfortunately, this statement might well be the death knell of Bitcoin; currently, a few central banks have announced that Bitcoins might become a ‘reservable’ currency.
Wow, sounds like a major measure for Bitcoin, does it not? After all, the ‘big banks’ seem to be accepting the legitimate value of this Bitcoin, no? This really means is banks recognize that they could exchange Fiat to get Bitcoins… and also to really buy up the 26 million Bitcoins planned would cost a meagre 26 Billion Fiat Dollars. Twenty six billion Dollars is not even small change to the Fiat printers; it’s roughly a week’s worth of printing by the US Fed alone. And, once the Bitcoins purchased and locked up at the Fed’s ‘wallet’… what useful purpose would they serve?
There would be no Bitcoins left in Circulation; an ideal corner. If there are no Bitcoins in flow, how on Earth can they be applied as a medium of trade? And, what would the issuers of Bitcoin potentially do to defend against such a fate? Change the algorithm and increase the 26 million into… 52 million? To 104 million? Combine the Fiat printing parade? But , by the quantity theory of money, Bitcoin would begin to eliminate value, as Fiat supposedly loses value through ‘over-printing’…
We come to the main dilemma; why hunt To get a ‘new money’ if we already have the very best cash, Gold? Fear of Gold confiscation? Deficiency of anonymity in the intrusive government? Brutal taxation? Fiat money legal tender legislation? Each of the above. The answer is not in a new sort of cash, but in a new social structure, one without Fiat, without Government spying, without drones and swat teams… with no IRS, border guards, TSA thugs… on and on. A huge liberty not tyranny. Once this is achieved, Gold will restart its early and critical role as fair money… and not a moment before.
Rudy J. Fritsch was created in Hungary In 1947, also fled Socialist tyranny throughout the Hungarian Revolution of 1956. His family had lived through WWII and the resultant Hungarian hyperinflation, thus he’s intimate experience with financial devastation.