What's in common?

Monday 11th December 2017
What do Donald Trump and Bitcoin have in common?

“New Atlas” author Loz Blain reveals that Bitcoin uses more power than Serbia, so are both environmentally ravagers. The Bitcoin wave has surged so high in the last few months that prices have leapt from a crazy US$30 per coin back in 2013 to heights few would have imagined – to almost grazing $20,000 in the last couple of weeks, settling back around US$15,100 at the time of writing. Well, at the time of writing this paragraph Blain checks in again to see where it is when I'm finishing up.

 

 

The Bitcoin wave has surged so high in the last few months that prices have jumped from a crazy US$30 per coin, back in 2013 to heights few would have imagined –  and almost reaching $20,000 in the last couple of weeks, settling back to some  US$15,100 at the time of writing. Well, at the time of writing this paragraph; I'll check in again to see where it is when I'm finishing up.

Although the price can soar and dip this year it started at some US$1,000 a coin. But the rate of gain has jumped up, month by month and more speculators have joined in. This new money has roughly doubled the coin value in a month. Each time it hits a new ridiculously high milestone, people further from the technology hear about it and add fresh cash to the pile. And each time the value drops  and it does semi-regularly, losing some  40% of its value – new money is frightened out while established old money buys back in with a laugh.

For what is dubbed either the biggest financial bubble in human history, or the gold replacement for wealth storage and reserve currencies of the future. As a transactional currency it is weak.  It needs anywhere from 10 minutes to occasionally over 17 hours to confirm coin transition and each transaction requires  enormously large computational effort with Bitcoin “mining operations”  among some of the most powerful supercomputing farms in existence.  The current rate of transactions is some 350,000/day emitting some 117kg/259lbs carbon dioxide.  That’s not taking into account other crypto parties ( as Dash, Ripple, Litecoin that have  also emerged.)

Loz Blain did check Bitcoin's price again and at US$15,940, or about a 5.6 percent jump since he wrote his   first paragraph. "These are crazy times" concludes Blain.

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