...the rest of the world is not that far behind. They are going to be watching the PBOC's grand experiment very carefully to see how the population goes along with it, or what kind of resistance is offered.
Bitcoin exchanges will continue under increasingly burdensome regulatory restrictions, but setting up accounts and transacting with others via exchanges will eventually be more time-consuming and annoying than setting up a bank account.
So is bitcoin really now more valuable than gold now? You might need to ask a philosopher. All I know is that people sure seem to be willing to pay a lot for it at the moment.
...the blockchain can be used to create digital currencies that represent the very vision of a totalitarian tyrant’s wildest wet dream.
What matters is that the world has transitioned from a pre-World Wide Web economy to a World Wide Web economy, and we are still dealing with the ramifications of that.
Our good friends at the CIA wrote a lengthy defense of the PAM project and prediction markets in general in 2007, so you can bet that it went ahead under a blanket of classification secrecy at some point.
The topic I would rather talk about is the situation that’s taking place in Georgia with the Senate race, and then of course whatever madness is going to happen on Wednesday. But, since we don’t know the outcome to either, I’d like to just take a minute and chat about Bitcoin for a minute.
Gold vs. Bitcoin. Who’s going to win? Right now, gold is taking an absolute pounding, and Bitcoin continues to hold ground or gain. Who’s the ultimate winner here?
I’m going to hop around a bit here today, so try and follow the plot I’m laying out. First off, if you follow markets, you know that this week the PPI and CPI both came in blazing hot.
This week Bitcoin was in for a rocky ride. The Chinese came out and talked about how it’s banned in China, and wouldn’t be allowed to be used for any transactions. That knocked bitcoin down for a 30% plunge in one day. Why would they do that? Because China has slowly launched its digital Yuan, and it’s not going well. The people are not adopting it and using it as they hoped. So, they did what any communist dictatorship would do. They banned the competition, then they simply repeated the ban to the masses again.