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The Blockchain And The Bitcoin

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Opinion | Transaction Costs and Tethers: Why I'm a Crypto Skeptic - The New York Times https://t.co/QJr4cFmOfm via @GoogleNews— Paramendra Kumar Bhagat (@paramendra) August 5, 2018

Transaction Costs and Tethers: Why I’m a Crypto Skeptic by Paul Krugman
comes down to two things: transaction costs and the absence of tethering ...... the enthusiasm for cryptocurrencies seems very odd, because it goes exactly in the opposite of the long-run trend. Instead of near-frictionless transactions, we have high costs of doing business, because transferring a Bitcoin or other cryptocurrency unit requires providing a complete history of past transactions. Instead of money created by the click of a mouse, we have money that must be mined — created through resource-intensive computations. ........ you need the digital equivalent of biting a gold coin to be sure it’s the real deal, and the costs of producing something that satisfies that test have to be high enough to discourage fraud. ........ cr…