The Age of Cryptocurrency

GPU, was actually eight hundred times speedier than his computer’s central processing unit for mining bitcoins.

In a practical sense, its value depends entirely upon everyone else consensually recognizing that your dollar can be redeemed for an agreed-upon measure of goods and services.

“smart property”—

flows through it.

Dogecoin was going to be philanthropic.

dollar-based assets, turn altcoins into a proxy for the dollar and an instrument with which people can cheaply send money to each other without incurring bitcoin’s exchanges’ risks.

He addressed this by fiddling with the time schedule for the future release of coins. In the first four years, the protocol would set a fixed amount of fifty coins to be released

with debt and subject to central-bank interventions, overstretched asset prices, and market interconnections whose fault lines were revealed six years ago but never fixed, many analysts assume another is inevitable. There’s also a payments-technology precedent: M-Pesa in Kenya, which you will recall got its big break during that country’s 2007 poli

By this measure, a dollar’s value does not reside in the fact that a bank acknowledges a liability to you or that the bank registers a claim on it with the Fed; rather, it hinges on society’s willingness to accept it in settlement of a debt.