Today I'll be discussing why the court matters today and why you will always matter so in this article I'll be referencing an article from twenty fourteen which based on the old but it honestly goes to show that the court does have a lot of staying power as much of the sentiment surrounding the bitcoin it stated in the article still holds true today. so for go ahead and get into the rest of the content here. I wanna remind all of you like this article follow and resteem with your buddies. If you think they would appreciate it all those things really help me out and I was really pursued it. so anyway folks let's go ahead and get right into the content a mysterious new technology emerges seemingly out of nowhere but actually the result of two decades of intense research and development by nearly anonymous researchers political ideal was project visions of liberation and revolution onto it establishment. Elites were not as on the other dexterity technologists necessarily are pierce by it they see within it a spirited efficacious and consume their nights and weekends tinkering with it yet mainstream products society and industries numbers to commercialize it its sign fall overmastering and inferior many companions.
why it's powerful promise wasn't more obvious from the start What technology my speaking of well personal computers in nineteen seventy five the internet in nineteen ninety three and I believe the bitcoin in twenty fourteen. Once again I said twenty fourteen but this still holds true. whatever you might be watching one can hardly accused the court of being uncovered topic yet the Gulf between what the press and many regular people believe the bitcoin. what a growing critical mass of technologies bleep the bitcoin is remains enormous in this post I will explain. what the court has so many Silicon Valley programmers and entrepreneurs all. whether it up and what I think they're going to future potential is so why does big point matter first recorded its most fundamental level is a breakthrough in computer science. one that builds on twenty years of research and a cryptographic currency and forty years of research and cryptography. what thousands of researchers around the world it didn't just pop up from nothing record is the first practical solution to a long standing problem in computer science called the Byzantine generals problem to quote from the original paper defining the BGP imagine a group of generals of the Byzantine army camp with their troops around an enemy city communication only by nunciate the generals must assent upon a trite struggle device. However one or more of them uncertainty traders will aim to mixed the others the question is to find an algorithmic program to insur that the constant generals will retch an agreement more generally the VGP poses the question. How to found belief between other proceed irrelative litigant over an untrusted mesh alike the internet the practical consequences solution this question is that the palace fetters us for the first period. one internet use to alienate unmatched item of digital propriety to another internet use such of the pass is bonded to be cool and inattentive everyone have that the transfer is taking place and nobody can challenge the legitimacy of the transfer. The consequences of this find are unfeeling to exaggerate what kinds of digital title might be sequester in this highway well guess around digital signatures digital appropriate digital substantial to material padlock or to online lockers double dominion of medicinal property such as cart and held. This digital capital and bonds and supplemental currency all these are change through diversified plexus of deposit that does not request or build upon a pivotal intervener probable a bank or a broker and all in a way were only the owner an asset it's.
Only the purposed receptive to admit it and the reply can only be in one spot at a period and everyone can confirm transactions and dominion of all property anytime they want to well how exactly does this work Quinn is an internet wide distributed ledger. You chap into a ledger by buying one of a settled numeral of hold either with capital or by trick a effect and office for the tranquil you imposition out of the letter by treating her back on to someone else. who wants to buy into a ledger anyone in the world combined into or sell out of the ledger anytime they want with no approval needed and with no or very low fees the backline bitcoins themselves are solely slam in the reprehend correspondent in ways to see equitable traffic except much more broadly applicable to authentic the transactions. The big one letter is a new kind of payment system anyone in the world can pay anyone else in the world any amount of value of the bitcoin by barely pass possessorship of the correspondent hold in the ledger put luminosity and pass the receptive gotta excellence out no license direct and the inclose no fodder that last part is enormously important record is the first internet. why payment system were transactions either happen with no fees were very low fees existing payment systems charge fees of about two to three percent and that's in the developed world and lots of other places there either in no mater payment systems. where the rates are significantly higher and will come back to that record is a digital bearer instrument it is a way to exchange money or assets between parties with no ante- existent believe a jolly of numbers is sent over electronic mail or SMS embassage in the simplest inclose the focus doesn't poverty to cane or believe the recipient or imperfection versa told that there are no intrust backs this is the part that is verbatim resembling currency if you have the coinage or the asset you comparison with it. This is brand new this is never existed in digital form before the queen is a digital currencies values based directly on two things one the use of payment systems and two the volume and velocity of payments running through the ledger speculation on future use of the payment system and this aspect of the bitcoin is definitely confusing kindred it's not as much the bitcoin fluency has some tyrannical esteem and that followers are venal with it it's more the companions can occupation with the bitcoin. anywhere everywhere with no fraud or no or very low fees and as a result it has value it is perhaps true right now at this moment that the value of the bitcoin currency is based more speculation than actual payment volume but is equally tribulation is saying that officially high praise for the currency the payments have become practically possible the big one currency had to be worth something before compare any amount of real world only and this is the classic chicken and the egg problem with new technology technology is not worth much insults what loss like a it's a somewhat ominous.
The inclination I have a pair of otherwise critics of the bitcoin step to bounded manners by common consumers and merchantman but that very same censure was levelled against PC's and the internet at the same stage every day more consumers and merchants are buying using and selling big point all around the world. The overall numbers are still small but there are growing quickly and easily use for all participants is rapidly increasing as big point tools and technologies are improved remember custom to be technically resistant to even get on the internet. It's not the censure that merchantman will not understand the make for of its volatility is also untrue reflect can be interest truly as a recompense system procure do not need to hold any bitcoin currency or be exposed to the court also the at any time any consumer or merchant can trade in and out of the coin and other currencies anytime they want. so you might be asking yourself why would any merchant online or in the real world. what you accept the bitcoin as a payment given the currently small number of consumers. who want to play with it well Chris Dixon of deal book recently gave this example quote let's say you saw electronics online profit margins in those businesses are usually under five percent which means conventional two point five percent payment fees consume half the margin. That's rhino that could be endow in the profession care back to consumers or assessment by the authority of all those choices in the two item five percent to banks to move bits around the internet is the worst possible choice another challenge versions have with payments is accepting international payments if you're wondering why your favorite product orders.
The answer is often payments in addition merchants are hardly tracked the court because it eliminates the risk of credit card fraud this is the former front to motivate. so many criminals put so much employment is larceny movable destroyer notice and interest basket numbers since packet one is remanent span tool the donatee with him it does not get any information from the center that can be used to steal money from the center in the future either by that merchant or by criminal. who steals the information from the merchant credit card fraud is such a big deal for merchants credit card processors and banks that online fraud detection systems our hair trigger wired to stop transactions that were even slightly suspicious whether or not they're actually fraudulent as a result many online merchants are forced to turn away five to ten percent of incoming orders that they could take without fear. If the consumers were packed with big point was a fraud would not be possible since these are orders that would be coming in already they're inherently the highest margin orders numbers. you can get and so being able to accept these workers were drastically increase many virgins profit margins records anti front properties even extend into the physical world of retail stores and shoppers for example with big pointy huge hack the recently still seventy million consumer credit cards and information from the target apartment story would not have been possible and keep in mind this is also twenty fourteen. so here's how that huge data breach could have been solved by big quite so let's say for example you fill your cart and go to the checkout station like you. But instead of handing over your credit card to pay you for your smartphone take a snapshot of the Q.R. code displayed by the cash register Yorker contains all the information required three disappointed target including the about the you must sent you click confirm on your phone in the transaction is done including converting. just from your account into the bitcoin if you do not own any big point target is happy because it has the money in the form of the bitcoin. which you can immediately turned into dollars if it wants to and it paid no or very low payment processing fees you the consumer are happy because there is no way for hackers to steal any of your personal information and organized crime is on happy.
Well the criminals are happy but nobody that they steal from is happy so finally to wrap up this discussion of why they're quite matters let's address the claim made by some critics that the regale is a port for pernicious comportment for criminals and terrorists to sell cash anonymously with freedom. This is a myth nurture mostly by sensationalistic enforce insurance and deficient knowing of the technology much resembling electronic mail which is wholly attributable to devotion to bookworm on this but not anonymous further every transaction in the blushing network is tracked and launch forever in the bitcoin watching or permanent record available for all to see as a arise the granulate is greatly easier for justice constraint to path them capital wealth or rhombus. so that is pretty easily depart know what exactly is the future for pick one well it's no longer twenty fourteen so we'll see some of the speculative comments hold up.The court is a classic network effect a positive feedback loop the more people who use the bitcoin the more valuable pick one is for everyone. who uses it and the higher the incentive for the next use to invent using the technology the educate this network subdue property with the blower system the web and popular internet services like eBay and Facebook effect pick one is a four sided network affect their four constituencies that participate in expanding the value of the bitcoin. As a consequence of their own self interest and participation those constituencies are one consumers to pay with their point to work and to accept the bitcoin three miners to run the computers a process and validate all the transact enable the distributed network to exist and for developers and entrepreneurs for building your products and services with and on top of the bitcoin. All four sides of the Reticulum outcome or playing a valuable part and enlarging the utility of the overall system but the force is especially important all over Silicon Valley and around the world many thousands of programmers are using the coin as a what about a little And recent Horowitz they're seeing a rapidly increasing number of outstanding entrepreneur.
Just hold on treatments it'll have to happen quickly otherwise this network effect will carry the bitcoin to dominance.what after opposing and outrageous scope for souse supported novelty is international remittance every age. Hundreds of millions of fire salary companions go to product in stern jobs in distant countries to occasion cash to mail back to their families and their Seat countries over four hundred billion dollars in total annually according to the World Bank everyday banks and payment companies extract mind boggling fees up to ten percent. And sometimes even higher to send this money around the world switching to pick one. which fill no or very moo prey for these remittance payments will therefore invigorate the disposition of darling of migratory workers and their families way in deed. it's hard to think of any one thing that would have a faster and more positive effect on so many people and having the world's poorest countries moreover big court generally can be a powerful force to bring a much larger number of people around the world into the modern economic system. Only going twenty countries around the mankind have what we weigh to be abundantly up-to-the-minute banking and remuneration systems the other approximately one hundred and Roman numerals five have a long way to go as a result many people in many countries are excluded from products and services. That we in the west take for granted even network say completely virtual service is available in about forty countries bitcoin is a global payment system anyone can use from anywhere at anytime and this could be a mighty catalyst to increase the liberality of the commonplace domestic system to practically everyone on the satellite even in the United States. It dwelling't concede question is the exceedingly supercilious hay that the unbanked or community without traditionary mound description content for even fundamental fiscal avail could be interest to go undiluted at that question by construction it manageable to undertake exceedingly burn recompense avail to nation superficial of the unwritten bursal system a third Festing used his record is micro payments were all for small payments micropayments have never been feasible despite twenty years of attempts. Because it is not expense operative to extend insignificant payments imagine one duro and mound down the pennies or portion.Penny through the existent trust debt and banking systems the charge formation of these systems become that not a viable all the instant however with the bitcoin that's trivially comfortable as of the attractive belongings of great divisibility commonly down to eight decimal places after the thought to put more in the future. That's accomplished absolutely short amount of property likely a minute of a groat and pitch it to anyone in the mankind for liberated or you're guiltless meditate helter-skelter size monetization for sample one object we do businesses such as newspapers agony to load for appease as they indigence to command either all or for warning punish the faithful subscription fee for all of the content or nothing. which then results in all those terrible banner ads everywhere on the web all of a sudden with they're going there's an economically viable way to charge arbitrarily small amounts of money for article or perception or for archive access or produce alert another potential use of the corn micropayments is to fight spam.
Future electronic mail systems and sociable cobweb could disown to accepted entrant messages prep their corporation with minute signify of the bitcoin close enough to not theme to the sender but large enough to deter spammers. which they can send unaccounted billions of spam messages for free with impunity and this is interesting because earned.com actually uses a sort of system to current. we fight spam finally a fourth interesting use case is public payments this idea first came to my attention in a news article a few months ago around a spectator at a televised sports event held up a playcard with the cure code and the text send me pic point. your seat twenty five thousand dollars and they're going in the first twenty four hours offer people you'd never met this was the first time in history. That you could see someone tenancy up a prognostic in hypostasis or on TV or in a photo and then bestow the funds with two filaria on your smartphone take the photo of the Q. R. code on the sign and click to send the money. Think going the implications for declare movements now protesters dearth to go to portion of companions rather inasmuch as tomorn the once -ways to be for that's how the promote rhino by literally holding up signs let people anywhere in the world. who sympathize with them and spend the money on the spot records of financial technology dream come true for even the most hardened anti capitalist political organizer the coming years will be of great drama and excitement revolving around this new technology. We definitely have see for example some prominent economists are deeply skeptical of the bitcoin even though Ben as per Nikki formerly federal reserve chairman recently wrote the digital currencies alike the bitcoin carriage may keep hunger conditions proposition is especially if they raise a faster more inattentive and more effectual remuneration system and adduce and in nineteen nine the legendary economist Milton Friedman said quote one thing that's missing but will soon be developed as reliable. you catch a method whereby on the internet you can transfer funds from a to without a knowing the knowing a the way. I can take a twenty dollar bill in the debate over you and you may get that without knowing who I am economists eutectic point today may be correct but I'm with band and built further there's no shortage. But I hope that I've given you a sense of the enormous promise of the coin far from a mere libertarian Churchill or simple Silicon Valley exercise and hype monument propose a sweeping Vista of fitness to reimagine how the bursal system can and should business in the internet dispensation and can simulate as a fictitious catalyst to refashion the system in ways that are more powerful for individuals and businesses alike has a ton of potential and for many of the reasons stated in this article. I believe it really can continue to thrive into the future and will continue to thrive.
Bitcoin Will SAVE US, The Stock Market Will CRASH
so records price has been a little bit disappointing however in all honesty I don't necessarily think that it's totally done for of course. I've said that a million times but it is something that I completely believe that I'm not the only person in this market or involved in the cryptocurrency sphere that actually shares this opinion of course. I recently released a video on John the Cathy's opinion where he spoke out on their bitcoin prices and why you should not panic when they are down. so just remember the advice of Warren buffet only dis investors lose when the market is down and people sell at a loss and that is of course pretty much market advice to live by so in today's video I'll be giving you the opinion of another crypto currency specialist. who is also somewhat of a financial guru and really I think that these opinions need to be taken seriously it takes a lot of guts in the financial world to come out in support of the bitcoin and other crypto currencies and for that reason I think that really. what Robert Kiyosaki says in this article that'll be relaying to all of you really does matter. Because here he really explains why he believes that big one will succeed over the traditional stock market. why the stock market itself could actually crash or at least experienced major fluctuations in the upcoming couple of months. so with that being said let's go ahead and dive right into the information here so despite the sinking valuation of the crypto markets. which we've seen as of late the court continues to find advocates for very sectors of society Robert Q. Sakay author of the bestselling financial advice book rich dad poor dad came out in a recent podcast with strong support for breakpoint and crypto currency and the dishes you're describing the US backs dollar as a scam and sing that fiat would filter out west crypto and the re emergence of precious metals.
So with that being said it why exactly is big points appear to government fiat well echoing other sentiments like Peter Schiff Mr Cusack. who stated that he believes the US economy and mainstream financial system predicted on Wall Street is headed towards an immense collapse. one that will clips two thousand eight in terms of financial loss and damage to investors and that is something that I do agree with to a certain degree I always discourage fear mongering in any market. so with that being said I don't necessarily think that the market will crash that degree again soon however it is within the realm of possibility as the United States continues to take on more debt. So this is the first thing that Robert actually had to say about the crypto currency and fiat currency dichotomy so he said unfortunately. we had a big crash in two thousand they called it the crash then in two thousand eight was the sub prime real estate crash. The next is going to be the biggest of all when it's coming I don't really know but the four shocks or sounding right now in addition the personal finance author and harsh criticisms for fiat and other government control forms of money in particular finding fault with an argument so often levied against the quite that there is little intrinsic value backing the dollar aside from what the government ascribed to it as someone pointed out to the guards are required to accept the offer taxes thereby giving it some measure real world. Value over an alternative like crypto currency but to Mister Cusack it doesn't buy into the belief that fiat holds a seeker position in society won the crypto currency or precious metals could never replace and all this is quoted as saying there's so much fake money in nineteen seventy one. Nixon took the dollar off the gold standard and the US dollar became in essence fake money the author also continues by slamming the propensity for government cost inflation again thing support in the deflationary nature crypto currency is or at least the inability of ray.
You printing of money on this you said the problem is it also became invisible. So they could print as much as they wanted that's why savers got wiped out and that is a sentiment that I do actually agree with governments of the world have too often in the past because rampant hyperinflation. which definitely devalues their currencies and makes life much much harder for people that might have less money than the ultra wealthy. So how exactly does big point titled this well Cusack you went on to say the crypto currency was really the money of the people Mr cure sake echo. So the similar arguments of Peter Schiff. Who's been labeled by many in the cryptocurrency industry as a detractor of critical despite holding overlap in views towards decentralization like chef. who is credited for warning ahead of the two thousand a collapse and now predicting a new crash in the market Mister Cusack you find safety in the precious metals industry saying that the average person to protect themselves from the influence of Wall Street and reckless behavior by the banking conglomerate by seeking refuge through gold and silver and on this he said for the average person. It just by some Aussie gold or silver coins from the Perth mint when the dollar goes down gold goes up in his most bullish statements for cryptocurrency Cusack. He discourse that he trust authority fiat will lack to have the same lifetime as crypto fluency and costly material statement that the crypto will arrive to be skilled as the people's money speaking in an interview on the same crypto podcast Q. sake had this to say gods money. which is calm will be stable after the cockroaches go quenched and nation's cash which is crypto fluency I believe the plunk is glow because gold and silver and cyber currency are going to take it out. Psychic concluded his sentiment with the statement that the US dollar is a scam. so anyway folks that is the opinion of Q. sake like I said previously I really do agree to a certain degree with what you saying here I don't necessarily think that. Crypto currencies in the stock market can be compared to effectively on a similar scale as they are totally different and I do of course discourage fear mongering in the markets but anyway he does have quite a few things to say here. I do believe the crypto currency is the money of the people and the money of the future. so whatever folks that is my opinion coupled with the opinion of the rose. I would hear all of you have to send out all the comments section below as always or thank all of you.
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