Posted on 07/07/2016 5:04:37 PM PDT by C19fan
A delegation of American executives flew to Beijing in April for a secret meeting just blocks from Tiananmen Square. They had come to court the new kingmakers in one of the strangest experiments in money the world has seen: the virtual currency known as Bitcoin.
Against long odds, and despite an abstruse structure, in which supercomputers “mine” the currency via mathematical formulas, Bitcoin has become a multibillion-dollar industry. It has attracted major investments from Silicon Valley and a significant following on Wall Street.
(Excerpt) Read more at nytimes.com ...
I did not get that out of this piece. Bitcoin still works as a medium of exchange and store of value.
Aside from being a way to get money out of Venezuela or Greece despite currency controls, or some black market deals, I don’t see it as a major means of exchange.
I think the NYT photo slide show of a large Chinese bitcoin mining and block chain operation SHOULD be instructive to anyone thinking about sinking a chunk of their hard-earned local currency into “bitcoins”.
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