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Sunday, 12 June 2016 07:06

As the World Wakes Up To The Obvious, Bitcoin Values Spike 42%+ and Banks Ponder Folly of Ignoring Network Effects Featured

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Bitcoin is up 40% over the last two weeks. Whoa! 

Zerohedge reports Bitcoin Spikes Above $600 - 2 Year Highs - On Sudden Massive Chinese Buying. Focusing on Chinese buying tends to conceal a very, very important point - the network effect. Alas, I'm getting ahead of myself...

The public Bitcoin network has been growing steadily since its inception 7 years ago - without much of a hiccup. That should tell you something. 

 

Bitcoins in circulation 6-12-2016Bitcoins mining revenue 6-12-2016Bitcoins transaction volume 6-12-2016

Bitcoins Hash rate 6-12-2016

As excerpted from Muneeb's Blog:

The “Bitcoin is bigger than Google” analogy that Balaji is using is technically accurate [1] and extremely interesting if you look at it as Google attempting to do the work that Bitcoin is doing (calculating SHA256) instead of thinking of the Bitcoin network as a general-purpose supercomputer.

And Balaji nails it in this tweet:

It’s not that Google cannot take over Bitcoin. They have more than $60B in cash. But they cannot do it without making huge new investments. Google’s current infrastructure doesn’t give them enough hashing power.

This is a slide that I love to use in my cloud computing lecture at Princeton:

 

Now imagine these football field size datacenters that Google owns. If they shutdown all other operations and point all this compute power to Bitcoin, they still won’t be able to take down Bitcoin.

That is a powerful visualization.

This is why Veritaseum's value trading platform is build upon the public Bitcoin blockchain. It's the network effect, silly!

If you want to learn more about the only capital markets system with over 45,000 tradable tickers built directly upon the backbone of the 2nd largest network in the world (the Internet is the first, for now), download the "Pathogenic Finance" report.

Or if you're lazy, just watch the video....

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