RE: vod /bitcoin?12 Dec 2017 00:11
http://bit.ly/2Bbnv3H
With Blockchain it’s simple: you take line one, write the information, the owner, title, date, and transfer, and share it with a group. They confirm it and add record #2, then #3 and so on. It’s a public ledger like the old day courthouse, where the system pays the fees. It also can’t be tampered with, as everyone has a copy and there is no central place to bribe, steal, and subvert as happened in 2006 with US mortgage market and subprime but also in history like in the 1930s or the railroad and mining boom of the 1800s. If there are questions, you refer to the consensus if it’s transferred, it is transferred on the ledger. If it isn’t on the ledger, it isn’t transferred, same as the courthouse. Essentially, that’s what “ownership” is: the consensus that you own something. Therefore you do not have assets disappearing or owned by 4 different owners clamouring to get paid or take possession of the same asset.
Most folk don’t have a clue what Bitcoin is and what the associated Blockchain ledger might be, but everyone knows what the price action has been recently and Bitcoin has become the ultimate Klondyke. Bitcoin is private money and in a world where public paper money is being debased and printed at record amounts by Governments who have lost control of their economies confidence in the old way is waning as a growing number realise that we are in a Central Bank bubble of all bubbles. Private money using crypto technology is in its infancy and should be a clear warning to the world’s central banks that a growing number of citizens believe their command economy policies are doomed, just like the Soviet Union was.
The US, along with the rest of the world, has entered full Ponzi, where credit has to continue to rise at unprecedented rates to keep the system from imploding. But the more credit we take on, the more fragile the system becomes. A sudden decline in equities or bonds, geopolitical tensions escalating, cryptocurrencies threatening fiat currencies, you name it, it can crack the façade of normality that rising asset prices create. Gold like Bitcoin is poised to tell the world what it knows and that is the current money system has been over gamed by those making the most out of it. Gold has yet to awaken, but when it does it will roar.