Like a lot of people these days, I have a PayPal account I use fairly often. The other night, my boyfriend and I wanted pizza. The problem was, that, while our PayPal balance was high, our checking account balance was not. PayPal funds take three to five days to withdraw and transfer to your bank account. We wanted pizza tonight, not a week from now!
We went into debt though less for projects and more towards entitlements. Our wars were less against countries and more towards combating terrorism though the costs were no less significant. We have certainly had our share of state takeover of private debts. The bailouts of 2008-2009 moved private debt towards the public. More surreptitiously, the unofficial financial arm of the government (the Fed), has undertaken a massive acquisition of public and private debt since 2008 to the tune of trillions. Much of the private debt is in the form of home mortgages. This Fed action does not allow rational pricing in the marketplace and tends to distort markets.
Think about it as work performed by group of people that use complex computer equipment to solve complex mathematical equations. Just understand that for each block mined you get 25 coins or, at current rates, $4,722.25. Currently a single Bitcoin wallet paper is valued at $188, an alarming result that is possibly caused by finance movements related to Cyprus and a general bubble-like excitement over the system in general. In fact, many wager that the DDoS attacks on lots of bitcoin-related services are direct response by hackers to inject vulnerability so as to decrease the value.
There will be a page that shows you how many bitcoins are currently in your wallet. Keep in mind that bitcoins can be broken up into smaller pieces, so you may see a decimal with a lot of zeros after it. (Interesting note, 0.00000001 is one Satoshi, named after the pseudonymous creator of bitcoin).
The human mind is such that it makes even the most acceptable facts seem unacceptable. Brains are only prone to the acceptance of the old. Rare is the intellect that accepts the new and the novel. Coins and Bitcoin Paper Wallet money have been in use almost since, well not since dinosaurs and stone aged men clubbing women stone cold on their heads for wives, but at least since the human race became an intelligent species, so to say the least.
12/4: Rob Wong and Chris Tessaro are joined by World Poker Tour tournament director Matt Savage to recap the WPT Montreal. Greg Raymer, poker pro, also joins The Poker Show to talk about his recent hot run on the Heartland Poker Tour. [Visit Website] [Download MP3].
12/3: Adam and Chris discuss their recent results, Tourney Tracks, Chris Moorman’s recent win, the Reid Kyl bill and more. [Visit Website] [Download MP3].
If you have money in your PayPal account, but no access to a credit or debit card, you can order pizza with PayPal. PayPalPizza and GrubHub offer this service.