Bitcoin tumbles after Turkey bans crypto payments citing risks - Reuters

What if bitcoin went to zero? - The Economist

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We can do deals and satisfy each other's economic requirements without understanding who the other party is and independent from main authorities. These blockchains all have a digital currency of some kind related to them, which is why everybody speaks about Bitcoin in the same breath as the blockchain, since the Bitcoin blockchain is the most significant.

Beyond the buzz: Blockchains in capital markets The way it works is, if I owe you $20, we do the deal. There's a substantial neighborhood called miners, and they have an effective computing resource. Some people have actually estimated that the entire computing power of Google would be 5 percent of this blockchain-computing power, for the Bitcoin blockchain.

If I send you an MP3 file and I send it to somebody else, it's an issue for the record industry, but it's not an enormous issue. If I send you $20, and I send out the exact same file to someone else, that's a big problem. It's called fraud, and the economy stops if you have a monetary system based upon that.

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Each miner is motivated to be the very first one to find the reality, and once you find the truth, it's proof to everyone else. When you find the fact and you resolve an intricate mathematical problem, you get paid some money, some Bitcoin. For me to hack that and try and send the very same cash to somebody else, or for me to come in and attempt and take your $20 worth of Bitcoins, is not practically possible because I 'd need to hack that ten-minute block.

Bitcoin Is Pointless as a Currency, But It Could Change the World Anyway - WIRED

This blockchain is encountering numerous numbers of computers. I would need to devote fraud in the light of the most powerful computing resource in the world, not simply for that ten-minute block however for the whole history of commerce, on a dispersed platform. This is not practically feasible. So, sure, there have actually been great deals of problems with Bitcoin.

Gox fail. You had the Silk Roadway, where Bitcoin was the payment system for all sort of horrific, prohibited activity. But do not be confused by that. Lots of individuals make the mistake of thinking, "Bitcoin? Well, that's a possession. Should I invest? Is it going to increase or down?" Well, that's not of interest to me, similar to speculating in gold is not of interest to me.