Topic: Bitcoin (Read 127 times)
I agree to some of your points.But I don't think government is now against the cryptocurrency market. As the days are passing, people are agreeing more to the fact that cryptocurrency is the future of the financial system.
If you are lucky enough to buy Bitcoin from the moment it is only a few dozen hundred dollars a coin, it is almost certain that now you can rest and live a comfortable life.No other type of investment has had such a bold promotion as Bitcoin in the past few years, and those who actively take over it have become millionaires.
Bitcoin is the most famous digital crypto currency in the world. People are investing on bitcoin and earn lots of money from it and its price also increasing.
I do not call Bitcoin virtual currency, virtual money is a number in your bank account, is the amount in your Mobifone account or the amount in your game account. Bitcoin is an electronic money, derived from complex algorithms that is not simply a "remodel" of your balance, and is especially recognized worldwide. 
He Bitcoin network is not controlled by any state agency, and is completely free. All Bitcoin diggers and processors are part of the network and they work together on this network.A central authority will be able to use its power to intervene in monetary policy to take away your existing assets as the European Central Bank made in Cyprus in early 2013. Bitcoin is different, Since it is not owned by anyone, no one can take away your Bitcoin including the government.And if part of the Bitcoin network is ""broken"" for some reason, the cash flow will continue to flow. 
Satoshi Nakamoto, a nickname of a person or a team of programmers is the father of Bitcoin. Satoshi Nakamoto created the algorithm-based e-payment system. The idea is to create a currency that is free from any intermediaries, which can be traded over the internet at a very low cost. It can be said, he is the father of Bitcoin.
Bitcoin can be used to buy things through the internet.However, the most striking feature of Bitcoin is decentralization. No organization controls the Bitcoin network. This makes it easy for everyone because no big bank can control their money.. In this way, Bitcoin is somewhat like the Dollar, Euro, Japanese Yen when traded digitally.However, the most striking feature of Bitcoin is decentralization. No organization controls the Bitcoin network. This makes it easy for everyone because no big bank can control their money.
Bitcoin is an electronic form of money that is not controlled by any organization or individual. Bitcoin does not exist in the form of banknotes like the Dollar or Euro that it displays on computer systems around the world, using software that can process algorithms and is increasingly used in business. business.Bitcoin can be used to buy things through the internet. In this way, Bitcoin is somewhat like the Dollar, Euro, Japanese Yen when traded digitally.However, the most striking feature of Bitcoin is decentralization. No organization controls the Bitcoin network. This makes it easy for everyone because no big bank can control their money.However, the most striking feature of Bitcoin is decentralization. No organization controls the Bitcoin network. This makes it easy for everyone because no big bank can control their money. 
"It fulfills the needs of complex system" you just spoke my mind and a very useful post indeed! There are people who will get more encouragement from this post and specially the newbies will get to know about different things about bitcoin.
Pretty good and nice explanation. I agree with your all the points that are stated here. I also think that bitcoin is getting popular just because of its decentralization. I hope it will long last at be the medium of all kind of payment in future.
Bitcoin is one of the most essential part of crypto world. It is helping many people financially. Its true that some times the price of the market gets down but it is quite natural as every market has to face this type of uncertain things. But at the end it is a life changing thing for many people.
It may fail but we now know how to do it
Foreword to the book by Saifedean Ammous
Let us follow the logic of things from the beginning. Or, rather, from the end: modern times. We are, as I am writing these lines, witnessing a complete riot against some class of experts, in domains that are too difficult for us to understand, such as macroeconomic reality, and in which not only the expert is not an expert, but he doesn’t know it. That previous Federal Reserve bosses, Greenspan and Bernanke, had little grasp of empirical reality is something we only discovered a bit too late: one can macroBS longer than microBS, which is why we need to be careful on who to endow with centralized macro decisions.
What makes it worse is that all central banks operated under the same model, making it a perfect monoculture.
In the complex domain, expertise doesn’t concentrate: under organic reality, things work in a distributed way, as Hayek has convincingly demonstrated. But Hayek used the notion of distributed knowledge. Well, it looks like we do not even need that thing called knowledge for things to work well. Nor do we need individual rationality. All we need is structure.
It doesn’t mean all participants have a democratic sharing of decisions. One motivated participant can disproportionately move the needle (what I have studied as the asymmetry of the minority rule). But every participant has the option to be that player.
Somehow, under scale transformation, emerges a miraculous effect: rational markets do not require any individual trader to be rational. In fact they work well under zero-intelligence –a zero intelligence crowd, under the right design, works better than a Soviet-style management composed to maximally intelligent humans.
Which is why Bitcoin is an excellent idea. It fulfills the needs of the complex system, not because it is a cryptocurrency, but precisely because it has no owner, no authority that can decide on its fate. It is owned by the crowd, its users. And it has now a track record of several years, enough for it to be an animal in its own right.
For other cryptocurrencies to compete, they need to have such a Hayekian property.
Bitcoin is a currency without a government. But, one may ask, didn’t we have gold, silver and other metals, another class of currencies without a government? Not quite. When you trade gold, you trade “loco” Hong Kong and end up receiving a claim on a stock there, which you might need to move to New Jersey. Banks control the custodian game and governments control banks (or, rather, bankers and government officials are, to be polite, tight together). So Bitcoin has a huge advantage over gold in transactions: clearance does not require a specific custodian. No government can control what code you have in your head.
Finally, Bitcoin will go through hick-ups (hiccups). It may fail; but then it will be easily reinvented as we now know how it works. In its present state, it may not be convenient for transactions, not good enough to buy your decaffeinated expresso macchiato at your local virtue-signaling coffee chain. It may be too volatile to be a currency, for now. But it is the first organic currency.
But its mere existence is an insurance policy that will remind governments that the last object establishment could control, namely, the currency, is no longer their monopoly. This gives us, the crowd, an insurance policy against an Orwellian future.
Foreword to the book by Saifedean Ammous
Let us follow the logic of things from the beginning. Or, rather, from the end: modern times. We are, as I am writing these lines, witnessing a complete riot against some class of experts, in domains that are too difficult for us to understand, such as macroeconomic reality, and in which not only the expert is not an expert, but he doesn’t know it. That previous Federal Reserve bosses, Greenspan and Bernanke, had little grasp of empirical reality is something we only discovered a bit too late: one can macroBS longer than microBS, which is why we need to be careful on who to endow with centralized macro decisions.
What makes it worse is that all central banks operated under the same model, making it a perfect monoculture.
In the complex domain, expertise doesn’t concentrate: under organic reality, things work in a distributed way, as Hayek has convincingly demonstrated. But Hayek used the notion of distributed knowledge. Well, it looks like we do not even need that thing called knowledge for things to work well. Nor do we need individual rationality. All we need is structure.
It doesn’t mean all participants have a democratic sharing of decisions. One motivated participant can disproportionately move the needle (what I have studied as the asymmetry of the minority rule). But every participant has the option to be that player.
Somehow, under scale transformation, emerges a miraculous effect: rational markets do not require any individual trader to be rational. In fact they work well under zero-intelligence –a zero intelligence crowd, under the right design, works better than a Soviet-style management composed to maximally intelligent humans.
Which is why Bitcoin is an excellent idea. It fulfills the needs of the complex system, not because it is a cryptocurrency, but precisely because it has no owner, no authority that can decide on its fate. It is owned by the crowd, its users. And it has now a track record of several years, enough for it to be an animal in its own right.
For other cryptocurrencies to compete, they need to have such a Hayekian property.
Bitcoin is a currency without a government. But, one may ask, didn’t we have gold, silver and other metals, another class of currencies without a government? Not quite. When you trade gold, you trade “loco” Hong Kong and end up receiving a claim on a stock there, which you might need to move to New Jersey. Banks control the custodian game and governments control banks (or, rather, bankers and government officials are, to be polite, tight together). So Bitcoin has a huge advantage over gold in transactions: clearance does not require a specific custodian. No government can control what code you have in your head.
Finally, Bitcoin will go through hick-ups (hiccups). It may fail; but then it will be easily reinvented as we now know how it works. In its present state, it may not be convenient for transactions, not good enough to buy your decaffeinated expresso macchiato at your local virtue-signaling coffee chain. It may be too volatile to be a currency, for now. But it is the first organic currency.
But its mere existence is an insurance policy that will remind governments that the last object establishment could control, namely, the currency, is no longer their monopoly. This gives us, the crowd, an insurance policy against an Orwellian future.
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