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The Forum > Article Comments > Hopes and nightmares over crypto currencies > Comments

Hopes and nightmares over crypto currencies : Comments

By Binoy Kampmark, published 6/12/2017

'If things were still the way they were at the beginning of the year, over 80 percent of the world's bitcoin trading and ICO financing would take place in China...'

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Wadda mean nothing of tangible or inherent worth? Or money plucked from thin air?

And able to be sent there by the same magic that made it appear, in the first place. Appearing with the obligatory,abracadabra drum rolls and a cloud of smoke, as the most gorgeous, sensational, salubrious, whizz, bang suits of bejewelled gold encrusted, Emperor's new clothes?

An old adage that might have saved a few of those who lost their shirts buying vastly more valuable derivatives?

If you don't understand it, don't buy it! Alan B.
Posted by Alan B., Wednesday, 6 December 2017 10:09:23 AM
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The crazy price of bitcoin which is not subject to the controls of the bank to me show that the gold price is massively manipulated.

Bitcoin does not gain any interest the same as gold does not. So why the huge price rise?

You can hold gold in your hand can't do that with bitcoin.

The problem has been created by greedy crooked bankers, people can own paper gold which in reality means they should be able to exchange that for real gold BUT there is so much paper gold there is no way everyone who has paper gold promissory note etc could exchange it for real gold.

If you can't hold your gold in your hand you have nothing.
Posted by Philip S, Wednesday, 6 December 2017 9:27:57 PM
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An article written about Bitcoin which doesn't mention blockchain technology!! I suspect an author who is only passingly familiar with the new concepts, does a bit of a google search on bitcoin problems and (hey presto)...an article.

Bitcoin is an existential threat to state control of the economy and as such the state will retaliate. China is already doing so. Which will win is unknowable at this point just as we can't know if the various governments around the world will succeed in taming the internet. Again China is at the forefront of that battle, once abetted by the US under Obama but no longer so.

If cryptocurrency succeeds (be it Bitcoin or some successor or both) the world will be changed in ways unseen since Gutenberg.

But the real game is blockchain. The model T Ford changed America but the real game was internal combustion engine which enabled the Model T. Blockchain enables Bitcoin.

A ubiquitous blockchain capability could (should?) render the regulatory state obsolete.

Bitcoin is mere window-dressing on the blockchain revolution.
Posted by mhaze, Thursday, 7 December 2017 11:12:44 AM
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I also believe America has rules that if you go through customs border control you have to declare any bitcoins you have.
Posted by Philip S, Thursday, 7 December 2017 11:26:27 AM
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The success of crypocurrencies is Dependant on blockchain techniques.
It is the highlevel encryption that supports Bitcoin.
However in the longer term that is at very great risk.
The new technology of Quantum computer hardware which is very close
to realisation will mean the end of passwords and encryption methods.
The power of these computers is such that the brute force solution of
the best encryption will take minutes instead of weeks or months or years.

Already the computer security industry is worried about its future.
What no one asks is there a country which is ahead of IBM and already
has such a machine operational ?
It would indeed be a new ULTRA secret !
Posted by Bazz, Thursday, 7 December 2017 10:22:03 PM
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More importantly, I was just reading and article about the electricity
consumption used by the bitcoin network.

http://tinyurl.com/y7fcbqam

The generation of new bitcoins is called mining and is done by running
a computer program for a long time. The result is large computer farms
are devoted to just that project.

Quote;Already, the aggregate computing power of the bitcoin network is
nearly 100,000 times larger than the world’s 500 fastest supercomputers combined.

Worse; By July 2019, the bitcoin network will require more electricity
than the entire United States currently uses.
By February 2020, it will use as much electricity as the entire world does today.

Anyone can run their computer to mine for bitcoin. It is just that
your typical desktop may take years to produce one bitcoin.
I do not know if the program can handle a power failure.
Posted by Bazz, Friday, 8 December 2017 10:12:21 AM
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