Bitcoin – what is it? Think of it as a video game. It has rules but, unlike video games, Bitcoin is “distributed”. This means that the rules cannot be changed without every participant of Bitcoin agreeing. This means that the rules won’t change – ever. If there are better rules then a new Bitcoin will develop.
The rules say that Bitcoins can be exchanged, can be created and have a limit – they cannot exceed 21 million. They can be created by “hard work”, called “mining”. Basically anyone who has the funds can invest in computer hardware to create Bitcoins. The more that are created, the more difficult it is to create new Bitcoins. The return on investment, i.e. the return on investing time and money in “mining” Bitcoins, is high at the beginning and lower towards the end (on the basis of today’s technology).
What is great about Bitcoins is that they can be exchanged without banks, Governments and regulators. It is akin to barter and brings power to the people not to the institutions.
Note that should you buy Bitcoins then changing them back to “country currencies” is under attack by Governments. This is Bitcoins vulnerability but also it’s strength – if Bitcoin takes off, why would you ever want to exchange it for another currency!
See this video – he is getting on a bit and sadly there are very few to come after him.
The Greek Olympics was an event for individuals. It died out and was reinvented over 2000 years later as a fiercely national event at a time when nationalism was riding high across the world.
Greece is tiny country on a European and world scale. Why is it in the news so much? This is certainly a reasonable question.
Continue reading “Why is everyone so worried about Greece?”
This morning on BBC Radio 4 we were treated to the roving reporter (I can’t call him a journalist – sorry), John Humpreys was interviewing some Greek youth. One mentioned that Greece has the largest army in Europe and this warranted no comment from Mr Humphreys. What is true is that Greece has consistently pent almost double the EU average on defence in the last 20 years. Continue reading “Where have all the “questioning” journalists gone?”
Greece has spent 3% of gdp more than they should have done on defence for the last 24 years at least. In that period, since 1988, Greek GDP has grown from $80bn to $300bn and still spending has kept pace!
See here Greek spending as a % of GDP since 1988 –graph
See here Greek GDP growth since 1988 – graph
If Greek spending on defence had been 3% lower then well over 50% of Greek debt would not exist.
Who benefited? Continue reading “Over half Greek debt due to large arms deals!”
I would be delighted to hear from any Arabs who believe that the Arab League is truly representative of the Arab world! Run by a New York educated lawyer and its membership stuffed with US puppet regimes (including Qatar of course – the regime behind Al Jazeera).
It is no surprise that Lebanon and Yemen voted against the recent vote to exclude Syria.
If I have one call it is for the Arab world to work together and stop the infighting that has been and continues to be encouraged by the Judeo-Christian developed world!