Tag: currency

It’s not English as we know it, Jim

Thursday, 18 May, 2017 0 Comments

Sample sentence: “Bitcoin.com Pool Cloud Mining offers the highest profit contracts in the cloud mining industry, due to 110% block reward and competitive contract prices. Additionally, our cloud mining contracts provide 100% guaranteed uptime and stable hashrate.”

Eh?

If you’ve ever thought about where Bitcoin comes from, the answer is that it gets “mined”. Bitcoin mining adds transactions to the block chain and releases new Bitcoin into circulation. The mining involves compiling recent transactions into blocks and trying to solve a computationally challenging puzzle. The first person who solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards include the transaction fees paid to the miner as well as the newly released Bitcoin.

Clear?

“Our mining pool has been growing fast with a hashrate of 141.19 Ph/s and now captures 2.93% of the Bitcoin network.” That’s from the introduction to yesterday’s press release announcing that Bitcoin’s cloud mining industry has been opened to the public. “Now Anyone Can Mine Bitcoin” is how the initiative is being marketed. So, instead of having to invest in our own mining gear, we can simply leap into the pool.

Pool. Mine. Cloud. Odd that the cryptocurrency is located in such real-world places.


The French lose the currency battle of Waterloo

Wednesday, 10 June, 2015 0 Comments

The great question of 19th century Europe was as follows: Would the continent become a union of states ruled by French laws and language, or would it be an association of states existing in a sphere of security guaranteed by the naval and economic power of Britain? The Battle of Waterloo provided the answer and the 19th century became the British Century. Not surprisingly, the French have not forgotten.

In March, France stopped Belgium from issuing a €2 coin to commemorate the battle. “The circulation of these coins carrying a negative symbol for a section of the European population seems detrimental at a time when eurozone governments are trying to build unity and co-operation under the single currency,” the French government stated in a letter that attempted to disguise chauvinism as concern for market stability. The Belgians retreated then, but they’re back and their Royal Mint has outflanked Paris with a €2.50 brass coin that commemorates the bicentenary of Waterloo. The canny Belgians have made 100,000 and plan to flog them for €6 each. Even better is their trove of 10,000 commemorative €10 silver coins, which can be had for €42 each. To entice French collectors, it has a silhouette of Napoleon on one side, and for British and German investors the other side features a key Waterloo moment: Lieutenant Colonel John Freemantle of the Coldstream Guards telling the Duke of Wellington that the Prussians had arrived on the battlefield.

Waterloo pound Talking of Prussians and Brits, the Royal Mint is issuing a commemorative £5 coin featuring the famous post-battle handshake between Wellington and Field Marshall Blücher, the Prussian commander.

Notes the Mint: “Your purchase is supplied with an absorbing booklet that explores the battle, its great leaders, its legacy on the world — and its impact on Britain’s coinage.” This remains the pound, not the euro, as the French, “trying to build unity and co-operation under the single currency,” have noted, to their chagrin.


Watch out for the currency traps

Tuesday, 2 December, 2014 1 Comment

“We cannot go on with this euro. We must improve the European monetary policy and achieve equality of the dollar and euro interchange,” said former Italian Prime Minister Silvio Berlusconi at the Forza Italia party’s ‘No Tax Day’ rally in Milan on Saturday. “We must bring back our right to print money and establish monetary market exchange.”

Meanwhile, Tehran’s economy minister, Ali Tayyebnia, warned yesterday against “frenzied behavior” as Iranians dumped their rials. And in Venezuela, the dollar is now worth 1,700 percent more on the black market than the price the government charges those lucky enough to obtain it legally. Then, there’s the collapse of the ruble. This entire currency business is treacherous so it’s not surprising that when the Financial Times listed its Best books of 2014 at the weekend, the “trap” metaphor appeared prominently in the top titles reviewed.

Traps