If you have not been looking, Bitcoin is a purely electronic currency that carries with it an index of where each amount came from and where it resides, and that index is freely available.
The value of a Bitcoin was originally set by the difficulty of "mining" it, that being computationally intensive since Bitcoins are basically a huge complex number (without going into detail).
I have been follwing the whole thing because the money system as it exists now has become a huge mess and yet we all depend on it for everyday life. Locally things look okay at the moment but our currency is linked to all others just as our "economies" are linked so if one falls apart it will affect everyone connected too.
The title of this post comes from a song by Gary Clail many years ago. Here are the lyrics:
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"I’ve done a few dealings in the city
met a number of stockbrokers
and i can tell you in all my life that i’ve never seen
such dishonesty and greed
it’s like a big betting shop a bookies a casino
where the’re all screwing each other and the rest of the world"
met a number of stockbrokers
and i can tell you in all my life that i’ve never seen
such dishonesty and greed
it’s like a big betting shop a bookies a casino
where the’re all screwing each other and the rest of the world"
the devil is here in the city
and the city wakes up with the devil
the devil is here in the city
and the city wakes up with the devil
the devil is here in the city
the poor man comes and can’t get a look in
the poor man comes and he can’t get a shout
the rich man comes in his brand new car
bought on credit from a leasing house
the con men come and try to have us over
selling us shares that we already own
accountants came and juggled with the numbers
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
the poor man comes and he can’t get a shout
the rich man comes in his brand new car
bought on credit from a leasing house
the con men come and try to have us over
selling us shares that we already own
accountants came and juggled with the numbers
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
the devil is here in the city
and the city wakes up with the devil
and the city wakes up with the devil
the poor man comes and can’t get a look in
the poor man comes and he can’t get a shout
the rich man comes in his brand new car
bought on credit from a leasing house
the con men come and try to have us over
selling us shares that we already own
accountants came and juggled with the numbers
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
the poor man comes and he can’t get a shout
the rich man comes in his brand new car
bought on credit from a leasing house
the con men come and try to have us over
selling us shares that we already own
accountants came and juggled with the numbers
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
pack it up?, pack it up, pack it up, pack it in
the devil is here in the city
and the city wakes up with the devil
and the city wakes up with the devil
"when the jews and italian communities went to america right
they landed in a new country that was ripe for organisation and for rackets
now in this country thats not possible
because the real power the real money the real rackets
have been going on over here for hundreds of years
all stitched up and passed on from generation to generation
and the american gangsters right,
theyr’e still struggling to get the respectability that theyr’e after
but we’ve had three centuries headstart on those buggers
and look haven’t we done a beautiful job of it an’ all
i bet you there are millions of people right that think
that the blokes who work here in the city are really good blokes
hard working who have got the economy of this nation deep in their hearts
what a load of cobblers it’s the best confidence trick in history"
they landed in a new country that was ripe for organisation and for rackets
now in this country thats not possible
because the real power the real money the real rackets
have been going on over here for hundreds of years
all stitched up and passed on from generation to generation
and the american gangsters right,
theyr’e still struggling to get the respectability that theyr’e after
but we’ve had three centuries headstart on those buggers
and look haven’t we done a beautiful job of it an’ all
i bet you there are millions of people right that think
that the blokes who work here in the city are really good blokes
hard working who have got the economy of this nation deep in their hearts
what a load of cobblers it’s the best confidence trick in history"
the devil is here in the city
and the city wakes up with the devil
and the city wakes up with the devil
the poor man comes and can’t get a look in
the poor man comes and he can’t get a shout
the rich man comes in his brand new car
bought on credit from a leasing house
the con men come and try to have us over
selling us shares that we already own
accountants came and juggled with the numbers
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
the poor man comes and he can’t get a shout
the rich man comes in his brand new car
bought on credit from a leasing house
the con men come and try to have us over
selling us shares that we already own
accountants came and juggled with the numbers
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
that’s how they became two thieves and a liar
the devil is here in the city
and the city wakes up with the devil
and the city wakes up with the devil
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I
thinnk the song is quite accurate, and lately things have only got
worse: Now governments across the globe are madly printing money trying
to claim that it will all be fine . . . . . . but it cannot possibly
turn out that way.
For a while I thought maybe
something like Bitcoin would replace the funny munny but as soon as it
becomes another speculation item for the stock markets it is doomed.
Market speculation destroys the whole point of actual markets where
money is borrowed to improve productivity or products - and here I mean
actual, physical products only.
Even Rupert Murduch agrees that things have gone badly wrong:
Even Rupert Murduch agrees that things have gone badly wrong:
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