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RE: The People vs. Paris
There is no "drop in Blockchain". The only drop is in the crypto currency fraud that happens to use blockchain technology.
Crypto is just another tulip mania. As the number of crypto miners decreases, the number of ledger copies decreases and when the last miner calls it quits because it's uneconomic, the ledger disappears into the ether along with any phony value people thought they had. The Central Bankers are wondering why they never thought of inventing another form of out of thin air "money" which crypto is.
All forms of money are created out of thin air for the simple reason that nothing has objective value. Even something like gold is simply one of several rare metals which happened to be used for minting coins historically.
What ultimately gives actual value to a currency is the belief that that currency can be exchanged for actual goods/services.
Hello roatanbill,
I agree with you that fiat money is created from thin air, but...
Did you know that you have to spend about 20,000kWh of electricty to create one bitcoin? That is not thin air.
The total bicoin creation will reach 21 million in year 2140, that has nothing to do with the exponential growth of some tulip bulbs, in fact it is the opposite: the bitcoin creation rate has been set to exponentially decrease to zero. It has already been divided by a 4 factor since jan 3rd 2009.
The real problem for bankers and central bankers is that cryptos are doing their job, bringing trust between a two parties transaction without the ability of fraud.
I gave a conference two weeks ago in a business school with a HSBC guy, he told me that in his bank every one is aware of the coming crypto transition, they think that it will change our society far more than did the web.