Technology is likely to become the basis of our philosophy, religion and politics in the near future. When it does it will mark a paradigm shift as great; and perhaps as bloody, as the rise of Islam or the Protestant Reformation. Whether we are ready for that revolution is anybody’s guess.Read more
Venezuela is now facing one of the weirdest effects of hyperinflation – a serious shortage of cash.Read more
The PBOC is in a rush to develop a digital currency because of China’s experience with bitcoin. China is the world’s largest market for bitcoin because the cryptocurrency allows the country’s residents to easily bypass its’ rigid currency controls.
The central bankers apparently hope that issuing their own cryptocurrency will give them some control over the situation. Some control is better than no control which is what they have right now.Read more
Durden noted that demand for bitcoin has been increasing as the Chinese government has stepped up efforts to halt the flow of currency out of the country. Back in September; when a bitcoin was fetching $230 in the open market, the People’s Republic started trying to enforce a prohibition on moving more than $3,300 (20,000 Yuan) out of the country in a day.Read more
It looks as if bitcoin could have a future in the real world, and that could be the most disruptive development yet. We may need to completely rethink our concept of money and our ideas of economics because of it.Read more