Mustache bitcoin

As a real-world comparison for blockchain and bitcoin , take this example from the blogger The Unassuming Banker :. Imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it online, freely available for anyone to use. Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.


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I think we can all agree a cure for cancer is immensely valuable to society blockchain may or may not be, we still have to see , however, how much is a Cancer-Pill worth? Our banker goes on to explain that the first Cancer-Pill bitcoin might initially see some great sales. Prices would rise, especially if supply was limited just as an artificial supply limit is built into the bitcoin algorithm.

But since the formula is open and free, other companies quickly come out with their own cancer pills. Anybody can make a pill, and it costs only a few cents per dose. This screenshot from coinmarketcap. Bitcoin AKA Cancer-Pills has become an investment bubble, with the complementary forces of human herd behavior, greed, fear of missing out, and a lack of understanding of past financial bubbles amplifying it. To better understand this mania, we need to look at why bitcoin was invented in the first place. As the legend goes, in an anonymous developer published a white paper under the fake name Satoshi Nakamoto.

The author was evidently a software and math person. But the paper also has some in-built ideology: the assumption that giving national governments the ability to monitor flows of money in the financial system and use it as a form of law enforcement is wrong. This financial libertarian streak is at the core of bitcoin.

Government-issued currencies have value because they represent human trust and cooperation. Brand: Wooden Accessories Co. Not Returnable.

Bitcoin as Crystallised Trust

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Please try your search again later. See questions and answers. CryptoStache went on to explain how he initially got put on to the cryptocurrency scene.

So you're thinking about investing in bitcoin? Don't | Bitcoin | The Guardian

And I saw a link where someone was talking about magic internet money. Magic bitcoin money? Hey, buy Bitcoin!

497: Why Bitcoin is Stupid - 2 by Mr. Money Mustache

Summer is gonna be wild y'all! Tyler then asks if CryptoStache considered himself a techie at that point in his life. I started building computers when I was like 14 years old.