Browsing Category Bitcoin, Crypto and Cashless

Venezuela. Cryptocurrency and backed by oil. Bullshit

the petro has intrinsic value because it’s backed by oil, ok, but what does backed by oil actually mean?
The only way any currency, fiat or crypto, is “backed” by any real-world commodity is if the currency is convertible into the commodity on demand, that is, the currency can be exchanged for the commodity at a transparent published conversion rate.

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Bitcoin ain’t bling. “If you flashin it, you must not want it” – DMX

When my sister asks me if she should buy bitcoin, I ask me if I should sell.
She just got her first ‘smart phone’ she got it on sale, its about 3/4 the size of the iPhone4, the internet is slow like a dial-up modem and the apps take so long to open that when they finally do, you forgot why you needed it. She called me last year and told me about this wonderful site that has lots of useful information, it’s called Wikipedia.

There are two reasons to value something:

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Governments are loving Bitcoin

Government do what benefits those who control the levers of power #dealwithit Does bitcoin benefit those lever’ers of power? Yes. Expect…

Since the wealthy already pay the lion’s share of federal income taxes (payroll taxes are of course paid by employees and employers), their over-riding interests are wealth preservation and capital appreciation, with lowering their tax burdens playing third fiddle in the grand scheme of maintaining their wealth and power.

Indeed, paying taxes inoculates them to some degree from social disorder and political revolt.

Xapo was founded by Argentinian entrepreneur and current CEO Wences Casares, whom Quartz describes as “patient zero” of bitcoin among Silicon Valley’s elite. Cesares reportedly gave Bill Gates and Reed Hoffman their first bitcoins.

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Bitcoin and Blockchain. The explainer…

Bitcoin is a protocol. It is a set of rules

As in other sources, I refer to the protocol as Bitcoin (with a capital B) and the units of currency as bitcoins (lowercase).
The Bitcoin protocol consists of two main components:

Just like in describing baseball much will also not be described. It isn’t essential to include a ‘how to’ of a curveball, so there are also many things I won’t include here, there are too many ‘how to’s’

There is also a philosophy within baseball, Yogi Berra spent a lifetime completing a small piece of that and Derek Jeter spent his career practicing that philosophy. we would get lost including a philosophy here, but, there is one.

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The Cryptocurrency Boom (and its Volatility)

How can non-experts sort out what sizzle will fizzle and what sizzle will become dominant?  The short answer is: we can’t. An experienced programmer who has actually worked on the bitcoin blockchain, Ethereum and Dash (to name three leading cryptocurrencies) would be well-placed to explain the trade-offs in each (and yes, there are always trade-offs), but precious few such qualified folks are available for unbiased commentary as tribalism has snared many developers into biases that are not always advertised upfront.

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