Blockchain and the associated currencies and techniques derived from it have been in the news a lot for the last few years. And it’s an incredibly interesting technology, which basically only has benefits for individual users – but has some profoundly distortive effects at scale, on everything from economics to energy consumption. So what do we do about it?
current regulatory approaches
Blockchain and triple-entry accounting
On the basically-asymptotic difficulty of “mining”:
Every block introduces 50 new coins in the system. This quantity (50) halves every 210,000 blocks. So, getting the limit of coins it is possible to generate is quite easy: it’s the sum of a geometric series.
The total number of bitcoins that can ever be created is 21,000,000.
We also discussed the importance of regulation in some detail in a couple episodes in season 5:
- 5.09: Regulate All the Things - on regulations and the open internet
- 5.11: Fences, Neighbors, Etc. – on vaccinations and the application of force
Many thanks to the people who help us make this show possible by their financial support! This month’s sponsors:
- Andrew Fallows
- Kurt Klassen
- Jake Grant
- Jeremy W. Sherman