Rantings and tirades of a frustrated economist.
A podcast I suggest you listen to: Barnhardt Podcast #019: Let’s Talk About Bitcoin: Direct link to the mp3 file.The first 5 minutes are just irrelevant chit-chat, so skip ahead. It explains in plain English, what it is, how it works, and is not done from a fanboy perspective. It gives the straight dope on the pros and cons of crypto''currencies'' - NO HYPE. It'll probably answer some questions you have of it, including: Is it a currency? No, not really, it takes an hour or more to clear a transaction. No biggie if you're selling a book to someone hundreds or thousands away, but who wants to wait that long to see ''approved - begin fueling'' at the gas station? Of course, the other reason it can't be a currency is because of it's huge fluctuations.How do power/internet connectivity issues affect it? No different than any other electronic financial transaction.Is it a Ponzi scheme? No, not really but it's understandable why someone would see it that way.
Excellent choice of Lewis movie. Of all his work Nutty Professor was the only one I enjoyed being a kid at the time. Lewis was probably the last of the Vaudevillians of show biz. A serious loss for humanity.
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