Wednesday, December 6, 2017

The Interesting Thing For Me Concerning Blockchain Currency Is That It Is, At Its Base, Just Another Example Of Number Crunching...

...simply to get more numbers; which of course is how a lot money is being created now without regard either to its efficacy as an investment approach (and why shouldn't we hold money to the same performance standard we used to hold labor productivity to), or to its environmental inefficiencies.

The other interesting thing of course is the mere fact of how easily we accept the imaginary aspect of money creation in the first place; allowing ourselves to put belief in assumed "stored value" even when we put the creation process into the ether of electrons and their wild flights through now barely conceivable circuit paths.

Since we really don't need money any more in the first place (because it's just another form of information), it's amazing to me the lengths people seem ready to go to keep this fantasy alive. Not to say, though, that there may well not be other, very useful things we might want to do with Blockchain technology. For instance, maybe blockchain is the way we should treat all posts to the internet. And then all subsequent comments on the originating posts, as transactions to them, just like they were going to do with the information in its guise as money. Perhaps that might be a way to thwart all of this bogus interaction with anything of an ideology, political, or religious nature. Just a thought.

THAT'S A LOT OF ELECTRICITY



Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the US for one day. And miners are constantly installing more and faster computers.

See Also:


YUP, TOTALLY DIFFERENT THAN WALL STREET


Just four hours after finally supporting Bitcoin Cash, Coinbase has suspended trading of the digital currency.


MINE SHAFTED



The reality of bitcoin, exposed by its remarkable run-up in value over the last three months, is that the science may not hold together.