Bitcoin bonker
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And most DeFi applications rely on the specific quirks of Ethereum and its copycats. Ethereum blends the value exchange mechanisms of cryptocurrencies decentralized ledgers, transactions, community-based security, etc. Eventually, I realized that smart-contracts with embedded value and computational power solve a ton of problems.
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Most importantly, they eliminate clearing and settlement in any traditional sense. Projects like Uniswap or FTX, which is relatively locked down for Americans are already replacing traditional exchange mechanisms for trading between crypto-assets.
See every new Bitcoin transaction, the moment it hits the blockchain in this intereactive, 3D experience unlike anywhere else on the web! Bitcoin – bonkers or brilliant? Is it the future of investment, or just risky speculation? A twenty-five bitcoin is.
Smarter people are writing more exhaustive guides. But what I want to do is go back to something I mentioned two weeks ago in the chaos of the GameStop thing. In a capitalist society, value is created or destroyed primarily in the national economy. They can disappear instantly should for some exogenous reason the very next price assigned to your stock be zero.
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All it does is store capital in the crypto-notional economy. Ethereum and its kin is different. Uniswap, for example, needs Ethereum to work. It needs the actual tokens — the ETH itself — to do anything.
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So if I create a Uniswap token that allowed me to purely hypothetically, of course trade World of Warcraft in-game currency for airline flight miles, I need Ethereum but have no use for the U. These things still have utility — the game currency allows me to participate in an activity I enjoy, the flight miles let me go on vacation. They still have notional value. They can swing wildly in relationship to each other based on supply and demand.
Share this Comment: Post to Twitter. Technicals Technical Chart. Or we can just wait for the Ontario Securities Commission to figure it out for us. The phenomenon is actually unrelated to Bitcoin. Enough to go past Delhivery? Folks like Uniswap and FTX have answers like liquidity backstops and clever pooling mechanisms.
This is good. This is exciting. This solves real problems. But there are real issues under the hood of how you make large-scale transactions work in this kind of environment. Folks like Uniswap and FTX have answers like liquidity backstops and clever pooling mechanisms. But the missing link is out of their control.
Which brings us to…. As it stands, all of the intermediation between where the interesting stuff is happening crypto and the rest of the economy has to go through hard currency of some sort. What is important is having a hand on the tiller for how capitalism itself evolves.
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What the SEC has is an opportunity to help drive the future of markets. Why does crossing this notional boundary help? Once that number is reached there can be no more. Quite why the number 21 million is so significant is unknown although as the dollar price rises the Bitcoins can be split into fractions of Bitcoin so the 21 million total is largely irrelevant, albeit puzzling.
They are mined by people with immense computer power and when they are discovered the miners get rewarded in Bitcoins. Pictures exist on Wikipedia of banks of computers all looking for Bitcoins and chewing up far more electrical power than South Africa has to spare. For those of us without the knowledge or wherewithal to mine our own Bitcoins there exists a market in Bitcoin which enables us to buy and sell this purely imaginary currency which is, in effect, a line of computer code.
I mention that fiat currency is equally imaginary but it has been around for a while and has gained credibility. So when I hand over a R note to a shop-owner both the shop-owner and I have a pretty good idea of the purchasing power of that R and feel a degree of confidence that it will still have the purchasing power of R the next day. Fiat currency is so much easier than barter exchange but the system only works if there is a commonly held confidence in the currency. A quick glance at our friends up north in Zimbabwe shows what can happen when that confidence evaporates and the currency becomes worthless.
Bitcoin as a means of exchange, on the other hand, is a disaster.
The volatility in the Bitcoin market means that you can either make or lose a fortune very quickly. When you can pay your rates or buy a car with Bitcoin then you can have some confidence in its fungibility. Neither has it anything to do with the lack of suitability of so many complete incompetents appointed to well remunerated positions in state owned enterprises.
No, what worries me most is whether our elected leaders are mentally stable enough to run a government.
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