Bitcoin breaks the cycle, entirely removing any discussion of monetary rules and instead ordaining an initial release (or vesting) schedule. The rules of the game were clear, even before the first block was mined.
With Bitcoin as a point of reference for how toxic the global financial system truly is, the gas lightning is wearing off – and the people are starting to figure out where they can go to breathe easy again.
When it comes to Bitcoin and Balinese cockfights alike, conversations that focus exclusively on speculation, gambling, and greed risk totally missing their points. Discussions surrounding Bitcoin in particular need to consider the political and philosophical questions this community raises about money, privacy, self-sovereignty, and of course, memes.
On July 17, 2010, two trading parties matched for the first time on the Mt. Gox Bitcoin exchange when 20 bitcoin changed hands for just under a dollar. The exact price of that first trade was $0.04951 per whole bitcoin.
Bitcoin then can be seen as the extrapolation of what is a necessary implementation of that which would set the stage to the natural asymptotic convergence of all centrally banked money to perfectly demand elastic supplies but without cooperation or political coordination of any single central bank or nation.
Despite this year’s tough market environment, some are still bullish over the long term and are rolling out products to attract investors. Jiang Zhuo’er, CEO and founder of mining pool BTC.Top.
Whereas short term thinking dictates the course of our monetary and fiscal policy, Bitcoin forces participants to have low time preference and make longer term decisions. As the network grows in prominence and individuals opt for a “Bitcoin Standard”, it may put pressure on Central Banks to act more responsibly.