it happened, the term double-spend became one of the most searched on Google. Investors were frantically trying to figure out what it meant. It turned out to be a false alarm, but nonetheless, it raised the issue of whether or not the technology can be hacked. (And this also highlighted the reality that few fully understand the currency they’ve invested in.) The hacking threat is a tough hurdle for an investor to get over. How do you have faith in a product that was created by someone, or some people, that we do not even know? How do we know that the product isn’t vulnerable to hacking by the person who created it? How do we know how much bitcoin is really even out there? In fact, a little like (but obviously not like) gold, bitcoin is also “mined.” But these aren’t mines in the ground – but rather mines on the Internet. Bitcoin can be mined, and therefore, accumulated by computers that complete challenging mathematical equations. Bitcoin’s supply is said to be limited and the more bitcoin that’s in circulation, the more challenging the mathematical equations become... thereby further limiting the supply of the currency. While this may sound almost absurd... bitcoin believers point out something very interesting and perhaps quite true – why should we trust our central bank any more than these sophisticated algorithms?
BITCOIN IS THE ULTIMATEWORK- AROUND Meanwhile, many investors point not to the currency itself but the technology behind bitcoin. It’s impressive, massive, and a real game changer. It scares the heck out of government. Think about it... The ability to transact easily, efficiently, and quickly with a new money online that doesn’t need to go through a credit-card payment system? The trades settle immediately, and it’s done via a peer-to peer system... something that is becoming increasingly relevant in the age of “cancel culture.”
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Consider what recently happened to Parler. The popular social media app was just about to give Twitter a run for its money, when suddenly, and with barely any warning at all, it was taken off of Apple and Google... And then, Amazon put the nail in its coffin by pulling the plug on its server with barely any warning. If Big Tech can do that to a company... if Big Tech can silence a sitting United States presidents’ social media accounts... then what could Big Tech do to the bank accounts of anyone it deems problematic?
American Consequences
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