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Bitcoin: Unlicensed Gambling
Paperback
Series: Bitcoin Exposed, Book 2
Investing & FinanceGeneral Computers
Publisher: Independently Published
Published: Jul 5 2021
Pages: 190
Weight: 0.50
Height: 0.40 Width: 5.50 Depth: 8.50
Language: English
- Prof. Steve H. Hanke, co-director of the Johns Hopkins Institute for Applied Economics and the director of the Troubled Currencies Project at the Cato Institute.
- Prof. George Athanassakos, Founder & Managing Director of the Ben Graham Centre for Value Investing at the Ivey Business School at Western University
It is useful that people are taking a critical look at crypto and I think that Bob has certainly done that in his book. I may not agree with the regulatory assessment that he has made, but I think that it is important, with anything that a lot of people are paying attention to, that there are critical voices asking us to take a step back.- SEC Commissioner Hester Peirce, October 2021
Promoters claim that bitcoin is a new type of money, reduces transactions costs by abandoning intermediaries and will become a safe asset that they call digital gold. In this book, we dissect these claims and explain what bitcoin really is. Economic theory states that money should reduce transaction costs for payments, loans, and relative valuations, which requires a stable value. We show that the extreme price volatility and the high transaction costs make bitcoin almost useless as money. Bitcoin increases, instead of reduces, transactions costs. Furthermore, an intermediary exists - the miner - who charges a transaction fee.
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