综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Opinion / Op-Ed Contributors

Beware of the baneful Bitcoin bug

By John Coulter (China Daily) Updated: 2013-11-29 07:02

Some people have been bitten by the Bitcoin bug, bidding up its value to above $1,000 for just one invisible "coin". Others have been bitten by scams, losing real money they paid only to be "hacked".

The digital currency seems mysterious to a newcomer and yet most impressive when a serious business dinner ends with payment to the waiter with a casual brush of a smart phone. The former tradition of a comical pretense of who pays the bill, with grabbing of wrists and fumbling for cash or card, has given way to an aura of awe as a new avant-garde era makes being generous look cool.

Beware of the baneful Bitcoin bug

China now transacts half of the global Bitcoin volume and is a leader in pushing up the exchange rate. A schoolteacher cum computer geek named Li Xiao who signed up at the outset five years ago now has Bitcoins worth millions of US dollars. It's time for those not in the know to understand this new phenomenon.

Barter trading began with cavemen. "Money" allows flexibility, tokens, metals and paper. The global financial crisis of 2008 is said to have been "resolved" not with the physical printing of more currency notes, as depicted in news stories, but simply through computer clicks, now ratcheting up $85 billion a month out of the US Federal Reserve.

It is no coincidence that small groups of computer geeks found 2008 the right time to introduce a virtual currency. Bitcoins are not backed by any asset and exist only in the networks of computers. They are dependent on "believers" prepared to pay conventional currency so that they can transact across borders and without any government regulation.

Like the rise of the stock market in Europe centuries ago, the first traders knew and respected each other. The camaraderie was not, as in Britain, from an "Old Boy" network of elite schools, but through exchange and development of cipher-technology, evolving into software language that was meant to guarantee security.

Ironically, but perhaps not surprisingly, though, individuals were proud of their independence and freedom. "Cyphering" was standardized through involvement and imprimatur of the US National Security Agency. The concept of secure exchange had been around for 20 years but the global financial crisis and the exposure of the weakness and further weakening of the dollar encouraged the launch of Bitcoin among cypher experts. Like the British Old Boys of the past, "shares" were traded only among those known, trusted and respected. Despite being strung around the world and possibly never meeting, their interaction on their core interests verified commitment.

Previous Page 1 2 Next Page

New type of urbanization is in the details
...
四川省| 广河县| 克山县| 郑州市| 灯塔市| 广东省| 东城区| 海兴县| 乐都县| 隆回县| 云和县| 丰顺县| 北宁市| 太白县| 杭锦旗| 莱阳市| 阳东县| 阿巴嘎旗| 竹北市| 阳城县| 印江| 绿春县| 芮城县| 双江| 什邡市| 湖口县| 长顺县| 福州市| 千阳县| 遵化市| 龙里县| 寻甸| 乳源| 永清县| 江源县| 高碑店市| 施秉县| 昌邑市| 万山特区| 安顺市| 龙井市|