Nothing pains me more than seeing BitCon perform well (likewise I enjoy little more than seeing it crash). Whilst I am fairly savvy with programming etc, I never went too deep into learning the finer details of BitShit because whats the point of learning finer details about nothing... However, I was stunned to discover yesterday that BitJunk is limited to a maximum of 7 transactions per second, this means that if it became mainstream...
- ... and BitNonsense was entirely reserved for Australia, an Australian could only go shopping once every 99 days (assuming 20m of our 25m population needed to shop).
- That assume the rest of the world foraged for food etc and never used BitTurd.
Worse yet, it's not even a technological issue, it's just a few terrible lines of computer code... which can/isn't an issue with other coins and aside from that Visa/Mastercard already do vastly more transactions per second (obviously). There are workarounds been developed but its fundamentally just a poorly coded computer game.
And people are paying US$70k / coin for this hopeless junk?
Anyway, I should be writing about other stuff so:
- Gold closed at another record high.
- Interesting night for IO with front end prices notably slipping... but not at the backend, that's a good sign.
- US stocks slide... primarily due to Apple... Powell testifies tonight so that's the main event for the week.
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