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Everything you wanted to know about cryptocurrencies from an MMT perspective.Modern Money MattersCrypto-Shilling Neil WilsonSee also Bitcoin transactions use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to a paper from Dutch bank ING. Bitcoin trades use a lot of electricity as a means to make verifying trades expensive, therefore making fraudulent transactions costly and deterring those who would seek to misuse the currency.… Also this week, a team of analysts led by Gautam Chhugani and Gaurav Jangale from the research house Bernstein said that bitcoin was still just a "censorship-resistant asset class," out of the reach of state control and yet to form a part of the system of settlement and credit that defines
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Mike Norman considers the following as important: Bitcoin, cryptocurrencies, MMT
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Everything you wanted to know about cryptocurrencies from an MMT perspective.Modern Money MattersCrypto-Shilling Neil WilsonSee also Bitcoin transactions use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to a paper from Dutch bank ING. Bitcoin trades use a lot of electricity as a means to make verifying trades expensive, therefore making fraudulent transactions costly and deterring those who would seek to misuse the currency.… Also this week, a team of analysts led by Gautam Chhugani and Gaurav Jangale from the research house Bernstein said that bitcoin was still just a "censorship-resistant asset class," out of the reach of state control and yet to form a part of the system of settlement and credit that defines
Topics:
Mike Norman considers the following as important: Bitcoin, cryptocurrencies, MMT
This could be interesting, too:
Mike Norman writes Jared Bernstein, total idiot. You have to see this to believe it.
Steve Roth writes MMT and the Wealth of Nations, Revisited
Matias Vernengo writes On central bank independence, and Brazilian monetary policy
Michael Hudson writes International Trade and MMT with Keen, Hudson
Everything you wanted to know about cryptocurrencies from an MMT perspective.
Modern Money Matters
Crypto-Shilling
Neil Wilson
See also
Bitcoin transactions use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to a paper from Dutch bank ING.
Bitcoin trades use a lot of electricity as a means to make verifying trades expensive, therefore making fraudulent transactions costly and deterring those who would seek to misuse the currency.…
Also this week, a team of analysts led by Gautam Chhugani and Gaurav Jangale from the research house Bernstein said that bitcoin was still just a "censorship-resistant asset class," out of the reach of state control and yet to form a part of the system of settlement and credit that defines money.
"Fiat money is still the final form of settlement — governments still collect taxes in fiat money and salaries are still paid in fiat money," the team said in a note to clients on Wednesday.Business Insider
The electricity required for a single bitcoin trade could power a house for a whole month
Will Martin
'We are about to see massive disruptions': IMF's Lagarde says it's time to get serious about digital currency
Also
It's time for the world's central banks and regulators to get serious about digital currencies, according to the head of the International Monetary Fund.
Global financial institutions are taking risks by not watching and understanding emerging financial tech products that are already starting to shake up the financial services and global payments system, according to IMF Managing Director Christine Lagarde....CNBC
'We are about to see massive disruptions': IMF's Lagarde says it's time to get serious about digital currency
Elizabeth Schulze
President Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals - a change of tone from a month-old promise to legalize the market....Reuters
Russia turns cold on crypto-currencies
Denis Pinchuk, Elena Fabrichnaya
According to data from virtual currency software platform Blockchain.info, China accounts for about 70 per cent of the world’s bitcoin mining power – computer server farms that tap into cheap electricity to solve the complex mathematical problems that underpin bitcoin.
Garrick Hileman, a research fellow from the Cambridge Centre for Alternative Finance in Britain, said the authorities were careful not to kill off mining, the “goose that lays the golden egg”....
South China Morning Post
How one big bang sent China to the fringes of the bitcoin universe
Sidney Lang
How one big bang sent China to the fringes of the bitcoin universe
Sidney Lang
Medium
Are you in the Bitcoin 1% ? A New Model of the Distribution of Bitcoin Wealth