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The Secret of the Meteoric Success of Virtual Currency
Could This Be It?
The Secret of the Meteoric Success of Virtual Currency
Could This Be It?
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PURPOSE
The purpose of this very brief document is to expose what may be behind the apparently
unexplainable meteoric success of virtual currency like Bitcoins, and others.
BACKGROUND
Straight from The Washington Post:
Digital currencies have been front-page news as the value of Bitcoin, the most popular of the
cryptocurrencies, continues to surge, albeit with wild fluctuations. Bitcoin backers argue that
once digital currencies become widely used, governments will be unable to destroy them - users
simply will not allow it. (1)
INTRODUCTION
How are Bitcoins produced:
Since the computers need a source of power to function we decided to look into that angle as a possible reason for a media fanned Bitcoin craze and this is what we found: Bitcoin's Energy Cost Is Huge and Growing (3)
A common analogy for Bitcoins is gold. Like gold, they have value only because people want them,
the supply is limited, more Bitcoins are created only by ‘mining’ for them and
the difficulty in mining grows as they are
mined.
The actual mining, that is, the search of a particular data sequence, is through a purely mathematical process. The difficulty of the search increases so that it becomes computationally more difficult to find the needed particular data sequence.
The "search" - the massive number of calculations - is done with computers, and computers, even the most efficient ones, consume energy. (2)
The actual mining, that is, the search of a particular data sequence, is through a purely mathematical process. The difficulty of the search increases so that it becomes computationally more difficult to find the needed particular data sequence.
The "search" - the massive number of calculations - is done with computers, and computers, even the most efficient ones, consume energy. (2)
Since the computers need a source of power to function we decided to look into that angle as a possible reason for a media fanned Bitcoin craze and this is what we found: Bitcoin's Energy Cost Is Huge and Growing (3)
DETAILS
According to an analysis by Digiconomist, the amount of electricity consumed to run Bitcoin mining operations is only slightly less than the amount of electricity required to power the country of Denmark.
As Bitcoin becomes harder to mine (a product of its design), the amount of electricity used will only increase. If past trends continue, by 2019 Bitcoin will require as much electricity as the entire United States.
The currently large amount of electricity devoted to the cryptocurrencies has to come from somewhere. Chances are, for the foreseeable future, Bitcoin mining rigs will be powered by electricity from fossil fuels.
According to an analysis by Digiconomist, the amount of electricity consumed to run Bitcoin mining operations is only slightly less than the amount of electricity required to power the country of Denmark.
As Bitcoin becomes harder to mine (a product of its design), the amount of electricity used will only increase. If past trends continue, by 2019 Bitcoin will require as much electricity as the entire United States.
The currently large amount of electricity devoted to the cryptocurrencies has to come from somewhere. Chances are, for the foreseeable future, Bitcoin mining rigs will be powered by electricity from fossil fuels.
CONCLUSION
There you have it!
Who are the ones who will profit, on a very large scale, from the criptocurrencies craze? The energy industry: coal, oil, nuclear, solar and wind power industries.
The proverbial man on the street has been snared again and satan keeps gaining ground.... while the world political and religious leaders are still trying to figure out how to tie their own shoes and blow their noses.
______________________
(1) Source
(2) Source
(3) Source
Published on January 11, 2018
© Copyright 2018 by The M+G+R Foundation. All rights reserved. However, you may freely reproduce and distribute this document as long as: (1) Appropriate credit is given as to its source; (2) No changes are made in the text without prior written consent; and (3) No charge is made for it.
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There you have it!
Who are the ones who will profit, on a very large scale, from the criptocurrencies craze? The energy industry: coal, oil, nuclear, solar and wind power industries.
The proverbial man on the street has been snared again and satan keeps gaining ground.... while the world political and religious leaders are still trying to figure out how to tie their own shoes and blow their noses.
______________________
(1) Source
(2) Source
(3) Source
Published on January 11, 2018
© Copyright 2018 by The M+G+R Foundation. All rights reserved. However, you may freely reproduce and distribute this document as long as: (1) Appropriate credit is given as to its source; (2) No changes are made in the text without prior written consent; and (3) No charge is made for it.
The M+G+R Foundation
About Us and Frequently Asked Questions
PAGE of INTRODUCTION to DOMAIN
HOME PAGE
HOME PAGE - Español
HOME PAGE - Portugues
Back Up HOME PAGE
Our Research Department
Please Note: If the above dated image does not appear on this document, it means that you are not viewing the original document from our servers. Should you have reason to doubt the authenticity of the document, we recommend that you access our server again and click on the "Refresh" or "Reload" button of your Browser to view the original document.
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