Understanding the concept of Digital Scarcity in Bitcoin
There is only a limited number of bitcoin that there can ever be.
That number is 21 million.
And that number is hard-capped.
In other words, it cannot be increased unless all of the bitcoin nodes throughout the world agree to have it increased. Between you and me, there is zero chance of that ever happening.
Why? Because increasing the total number of bitcoin in circulation would devalue the existing stock of bitcoin. You will understand this concept as soon as you download bitcoin core and run a node for yourself - send, receive and store some bitcoin and everything will make sense then.
That is the quickest and easiest way to make sense of bitcoin and this concept of 'digital scarcity'.
This has been my experience with bitcoin and I am sure you will be no different. For many people out there who try to make sense of the term 'Digital Scarcity', it seems to be somewhat of a contradictory term. 'How can you have such a thing as digital scarcity?', they ask.
Well, each node uses the same software - bitcoin core - to participate in the bitcoin network.
And to increase the current hard-cap of 21 million would require consensus from all of the nodes on the network in order for it to happen.
So there you have it, the concept of 'Digital Scarcity' in bitcoin is real; it does exist.
The ECB and their money printing shenanigans
A recent heading in the Irish Times newspaper here in Ireland read 'ECB signals faster money-printing to combat rise in yields'.
Here in Ireland, it would appear, there is mention of the term 'money printing' in the newspaper headlines these days.
What the ECB is trying to do is keep interest rates low, to have credit as easily obtainable as possible. They are trying to keep the system afloat and maintain the confidence of the people in the system.
If people were to lose confidence, the system would quickly collapse.
The entire system, that is. Including the economy and social stability (social instability = riots and people protesting on the streets).
If the EU were not there today, it would be the Irish government and Minister for Finance who would be trying to keep the system afloat and keep a lid on interest rates. The Irish decided to forego all of those responsibilities when we adopted the euro as our national currency in 2002.
The British have managed to stay out of the eurozone thus far and hence, they still have control of their monetary affairs to this day. We, the Irish, do not.
The ECB at present, given current economic and social conditions in the eurozone, does not want to see interest rates rising.
Here is a chart of the ECB's Balance Sheet.
They are seeking to keep interest rates as low as possible because conditions are so poor, basically.
Were interest rates to rise, that would make conditions even worse.
And the ECB does not want conditions to deteriorate to the point where they become intolerable for the people of the eurozone. Then there would be a loss of faith in the system, people would be out protesting and marching on the streets and eventually if the response from the powers that be are insufficient, there would be riots and potentially considerable loss of life.
Loss of life not through war but due to the social conditions - murder, suicide, starvation and general disorder and chaos.
Ms. Lagarde at the ECB, from her time as Managing Director of the IMF, is well aware of what happens when confidence in leaders is lost in a society.
We can see from out television screens what is happening in Venezuela and Zimbabwe.
People such as Lagarde and Ursula Van der Leyen at the European Commission have enormous responsibility in this regard.
Van der Leyen seems to be on RTE news, the Irish national news broadcaster, virtually every night at this stage, in a bid to maintain the faith and confidence of people in the European Union and the € currency.
But as I see things, Irish people's faith in the EU has been significantly undermined by Britain's departure from the EU.
People are beginning to ask serious questions about the EU, and our status within it.
At this point, I believe we should be having a serious look at the potential of bitcoin.
Bitcoin would solve many of the problems which blight Irish and global society these days.
Homelessness, mental illness, suicide, murder, drug abuse, gangland crime, cancer and even the Covid-19 would all be addressed by simply using bitcoin as money.
There would be none of this nonsense about money printing and interest rates.
Bitcoin would take the stress out of peoples lives to a considerable degree.
In a nutshell, bitcoin would improve the quality of people's lives dramatically, I believe.
Sleep issues result in low mood; anger at father
I'm having a tough time of it at the moment.
I am not getting enough sleep.
I seem to wake shortly after dawn and that is not enough sleep for me unfortunately.
This is in contrast to what I suffered in my younger days, before I foolishly approached a medical doctor about the issue.
In those days, I struggled with getting to sleep at night. Now I have no problem in getting to sleep; it's just staying asleep for another hour or two until I am fully rested.
Yesterday my father, Ollie and myself went for a hike in the mountain range just south-west of Killarney here.
It wasn't a particularly pleasant experience.
I kind of lashed out at my father a couple of times and didn't engage very much in conversation with either of them.
My anger at my father rose and rose until polite conversation prevailed.
We stopped for a picnic after about 40 minutes of walking and it was the shortest picnic I've ever had.
I will need to let mt naturopath, knows about this sleep issue during our next meeting, which is scheduled for the 29th of this month, only a fortnight away now.
Basically when I am sleep-deficient, my mood is generally not very good.
And I am inclined to argue and 'lash out' at those around me.
At present, I do not have a solution for this problem, other than to wait until my next appointment with her and see if she can do anything for me.
I do realize how imperative it is to keep up my twice-daily meditation routine and noticed after meditating last night a significant improvement in my mood.