Iceland, China, Ten Minutes discussed on On The Media

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Tokens digitally mind fight he prospectors thousands of computers churning in such places as Iceland and China solving puzzles for which successful miners are rewarded with small purses up digital coins every ten minutes the give somebody twenty five bitcoin crypto currency pioneer of an A. Gupta is the CEO of material so there's a job to be done taking all the transactions of John the last ten minutes and making sure that they don't contradict each other and then publish in a block which contains all those transactions to the entire world so everybody can agree what the car bank balances are in the bitcoin system but the job is so profitable that there's very strong competition to get the job on the one who was the fastest computer in about ten minutes block gets the twenty five bit coin on the job over time twenty one million bid Collins will be mind and no more New York times financial reporter Nathaniel Popper author of digital gold bit coin in the inside story of the misfits and millionaires trying to reinvent money says it's part of the you Toby envision to protect the value of the money from incompetent corrupt or simply desperate governments this idea really harks back to the idea of the gold standard which took a lot of power away from governments to issue as much currency is they wanted big coin provided this alternative of an asset that you could hold digitally without having to have it under your mattress and that at least seem to hold the promise that it would keep its value better than the peso or whatever local currency it was that was doing going away it's an ingenious way to limit the money supply but only one approach to digital money at the moment there are well over two thousand crypto currencies from number two theory I'm too golem to zipper too hello Tinker Bell pixie coin each representing a different user need or economic ideology one constitutes about sixty percent of the world's crypto value but there are more than three hundred billion dollars worth of rival denominations nineteen of which are worth at least a billion dollars nay Honda Rula so holders a bit coin often feel like they're buying into this vision of a money that is in controlled by government they can't be inflated away where no one can stop you from making payments and no one can take your wealth away from you there's a crypto currency for pretty much any field or topic you could think of there's dental quien a crypto currency for dentists there's Jesus Klein there's an art project the came from someone who is a former student at MIT Texel coin which is about sort of cleaning your since you purchased this currency in order to absolve yourself of your sins basically we're seeing all these different ways for people to buy into a future that they believe in by becoming a holder of this coin everyone of these currencies is differentiated bites force if you have money Metairie Ms vin a Gupta who previously coordinated the launch of a fear him they take the four also if you have money the implementers code and then they shifted to the world and if people like it they buy it and if they don't they Nora so which believe system choices correct well I don't know which religion is correct yes the technology is mind boggling across the board but once again like Mesopotamian temples or Tinker Bell it comes down to faith there are even schisms like the one that split the Catholic and orthodox churches in the world of bitcoin they're called forks like when one part of the community chose to follow a new set of protocols call bitcoin cash in another state put like why is there is a theory and the theory classic big coin evangelist Andreas Antonopoulos which for me to follow him which is the chain that matters which one will keep its value no one can tell you that because the only one that matters is the one that you choose to validate there is no objective truth there is only an herb Kohl some chapters trunks with apologies to rename a great put that in your this is not a pipe and smoke it what all the sacks all denominations all the expressions of faith have in common is the desire for something utopia inefficient monetary system free of interference middlemen and fraud which forces us to look at the dystopian other side of the bed going for one thing these currencies conceived for stability I.

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