China, Bitcoin, Professor discussed on Mandy Connell

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About as much as all of denmark according to one recent estimate the currency is build so that recording transactions and thereby generating new bitcoin's requires solving complex mathematical problems this keeps bitcoin scarce but it also means that massive server farms are tasked with essentially wasteful calculations when environmentalists begin to understand this there will be a firestorm iii the currency is a vehicle for criminal transactions and for avoiding government restrictions on moving capital this is why bitcoin has been so popular in venezuela and china and why such countries are cracking down fourth and most important bitcoin is on a collision course with sovereign states bitcoin was founded on a libertarian ethos and its proponents zealously resist licensing and regulation taken to its logical conclusion this philosophy would entail the elimination of central banks like our federal reserve so far the volume of actual bitcoin transactions has been miniscule according to the economies of nations in the world western governments are dozing but if bitcoin ever grew two critical mass politicians around the world would wake up king philip the fourth of france once could not repay his debts to his bankers the nights templar so in thirteen oh seven he had their leaders arrested on trumpedup charges and then burned of the stake no modern sovereign will give up the power of the purse without a similar fight if perhaps a less bloody one at the first serious unlikely coordinated move by governments to regulate or a bank the digital currency bitcoin's price will crush zero this according to lawrence baxter a law professor duke university.

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