The Right Coast

Editor: Thomas A. Smith
University of San Diego
School of Law

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Thursday, December 7, 2017

Will Bitcoin Destroy the World? | Power Line

I have to admit that I don’t understand bitcoin. Go ahead: read the Wikipedia entry for how bitcoins are “mined” and see if you can understand it. The price of it is soaring again on the market today, to over $15,000 now $18,000 now $19,000 (this movement happening as I write this item!) in what looks like a classic bubble. I think I’ll stick with my hypothesis that bitcoin, and its correlative phenomenon, blockchain, are really an advanced Bond villain plot to crash the world’s markets somehow, sort of a clever remake of Goldfinger.


Bitcoin isn't that hard to understand. There are scores of youtube videos explaining it for newbies. You don't have to understand it all the way to the ground. I don't understand exactly what the math problems are that have to be solved to mine bitcoin, for example. I just know that they are deliberately costly operations designed to make it hard enough to create new bitcoins so that you don't get inflation. Bitcoin is in fact very interesting and may even be revolutionary. If you want to get your feet wet trading (or really just buying) bitcoin, try coinbase.

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"you don't get inflation": but governments need to create inflation.

Posted by: dearieme | Dec 7, 2017 3:57:21 PM