As an engineer and entrepreneur, he Conducted a thriving family business in Canada for years, in its peak employing over 100 workers, until economic upheaval destroyed the profitability of North American production. Driven from business, he chose to study economics… to discover the origin of the unhappy circumstance.
The halving takes effect when the Number of ‘Bitcoins’ given to miners after their successful creation of this new block is cut in half. Thus, this phenomenon will reduce the awarded ‘Bitcoins’ from 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 to ‘Bitcoin’.
Okay so, let us say that the regulators, FBI, or another branch of government interferes and documents charges – should they record criminal charges that somebody defrauded someone else then how much defrauding was demanded? In the event the government law and justice department put a dollar amount number to that, they’re inadvertently agreeing that the electronic currency is real, and it has a value, thus, acknowledging it. If they don’t get involved, then some fraud which may or may not have occurred sets the whole notion back a ways, and the press will continue to push down the trust of all digital or crypto-currencies.
So, it is a catch-22 for the authorities, regulators, and enforcement folks, and they cannot look the other way or deny this trend no more. Is it time for regulations. Well, I personally hate regulation, but is not this how it usually starts. Once it’s regulated credibility is given to the notion, but his electronic money concept could also undermine the entire One World Currency strategy or even the US Dollar (Petro-Dollar) paradigm, and there could be hell to pay for this as well. Can the international economy manage that level of disturbance? Stay tuned, I guess we will see.
In the meantime, what happens next will either make or break this new change in how we see monetary value, wealth, online transactions and the way the actual world will mind-meld to our prospective blurred reality. I just don’t see a lot of folks believing here, but everyone needs to, 1 misstep and we can all be in a world of hurt – all of humankind that is. Please think about all of this and consider it. All right, we have reviewed the first couple of points concerning crypto genius australia, of course you realize they play an important role. They are by no means all there is to know as you will easily discover. Nonetheless, you will discover them to be of great utility in your search for information. Getting a high altitude snapshot will be of immense benefit to you. But we have kept the best for last, and you will know what we mean as soon as you have read through.
Bitcoin is further away from being The numeraire; not only can it be a number, much as Fiat… but its worth is quantified in Fiat! Even if Bitcoin becomes internationally recognized as a medium of exchange, and even though it succeeds to replace the Dollar as the accepted ‘numeraire’, it can never possess an intrinsic measure like Gold has. Gold is exceptional in being quantified by a true, unchanging physical quantity. Gold is exceptional in storing value for centuries. Nothing else in touch of humankind has this exceptional combination of attributes.
In Summary, while Bitcoin has Some advantages over Fiat, specifically anonymity and decentralization, it fails in its own promise to being cash. Its advantages are also questionable; the aim is to limit the ‘mining’ of Bitcoins to 26,000,000 units; this is , the ‘mining’ algorithm makes harder and harder to solve, then hopeless following the 26 million Bitcoins are mined. Unfortunately, this announcement might well be the death knell of Bitcoin; currently, some central banks have declared that Bitcoins may become a ‘reservable’ currency.
Wow, sounds like a major step for Bitcoin, does it not? After all, the ‘big banks’ seem to be accepting the legitimate worth of the Bitcoin, no? This actually means is banks realize that they could trade Fiat to get Bitcoins… and 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 is roughly a week’s worth of printing by the US Fed alone. And, once the Bitcoins purchased and locked up in the Fed’s ‘wallet’… what practical purpose could they serve?
There would be no Bitcoins left in Flow; a perfect corner. If there are no Bitcoins in circulation, how on Earth could they be applied as a medium of trade? And, what could the issuers of Bitcoin potentially do to defend against such a fate? Change the algorithm and boost the 26 million into… 52 million? To 104 million? Join the Fiat printing parade? But then, by the quantity theory of money, Bitcoin would begin to lose value, just as Fiat supposedly loses value through ‘over-printing’…
We come into the key issue; why hunt To get a ‘new money’ when we have the best cash, Gold? Fear of Gold confiscation? Lack of anonymity from an intrusive government? Brutal taxation? Fiat money legal tender legislation? Each the above. The answer is not in a new form of money, but at 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 world of independence not tyranny. Once this is accomplished, Gold will restart its early and vital role as honest money… and not a moment before.
Rudy J. Fritsch was born in Hungary In 1947, and fled Socialist tyranny throughout the Hungarian Revolution of 1956. His family had lived through WWII and the resultant Hungarian hyperinflation, so he has intimate experience with financial devastation.