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So what is not covered is how this cost of bitcoin compares to the cost of the present central-bank full-fiat system. Take into account the London whale, the li
by retrogradeorbit 11y ago
So what is not covered is how this cost of bitcoin compares to the cost of the present central-bank full-fiat system. Take into account the London whale, the libor scandal, forex fixing, comex cartels, all the fees and charges that are skimmed at every stage and flow into the ridiculous levels of Wall Street/The City profits. Take all the criminal actions and the fact that it seems the financial law enforcers are incapable now of bringing financial criminals to justice. How does the bitcoin cost compare to those costs? I don't know, but if I was a gambling man I'd bet that bitcoin is orders of magnitude less expensive. Does anyone have any figures to compare these?
- Hermel 11y agoThe implementation of FATCA alone is estimated to cost 100 billion USD. And that's just one regulation of many.
- lhl 11y agoBitcoin will not eliminate most of the market inefficiencies you've listed - certainly not forex, by definition for example. There are already Bitcoin derivatives and other financial instruments being built already. However, the most comprehensive (and perhaps, relevant) analysis I've seen looks at the costs of printing/minting money and its distribution (banks, ATMs) is here: http://www.coindesk.com/author/hass-mccook/ http://www.coindesk.com/author/hass-mccook/ It's from mid-2014 now so the mining article is a bit out of date but there's no reason it couldn't be turned into a spreadsheet to account for current mining efficiency (and modeled against new developments increased block size or lightning network, for example).