One of the beautiful aspects of Bitcoin is that the creator is still unknown.
Bitcoin and Blockchain
What this is about is what is called provenance, which is the definitive establishment and documentation of who has owned what and where it has been. This is the foundation contribution of blockchain, to prove provenance better than any other technology in history.
Disruptive technologies are rarely superior to incumbents in every single product or service the latter provides. And incumbents are rarely passive enough not to adapt and adopt in response to technological change.
"While we sit around wondering why blockchain and other technologies aren’t turning the world upside down before our very eyes, it’s instructive to remember that epoch-defining inventions of the past that we now reduce to a sentence or two actually took ages to unfold." ~ Max Gulker
A number one fallacy in the history of economics is the labor theory of value. The idea here is that things and actions are made valuable by how much work we put into making them. Sounds intuitively right. It’s completely wrong. Things have value because you and I value them, regardless of labor inputs.
This isn’t a ponzi scheme, conspiratorial black box, or “animal spirits” run amok. This, my friends, in all its messy and occasionally terrifying glory, is a market.
A fixed money supply is not a good monetary rule. Efforts to move toward more elastic supplies should be welcomed.
Bitcoin and crypto in general are especially susceptible to shady operations. People assume two things about this sector: 1) it is too hard for normal people to understand, and 2) if you are not in, you are missing out. This is a perfect opportunity for the con man.
Blockchain is going mainstream, and that's a good thing.
How is it possible in a free market to use “too much” electricity to mine Bitcoin? The problem lies in the pricing in our electricity markets, and it isn’t going away anytime soon.
A new cryptocurrency, "basis," seeks to eliminate price volatility by setting up an “algorithmic central bank,” that is, a set of rules that adjust the money supply without human intervention.