Headline November 27, 2018/ '' 'HALEMMA - HUSSAIN- HANYIA'S ' '' : CRYPTO

'' 'HALEMMA - HUSSAIN- HANYIA'S ' '' : 

CRYPTO

CHRISTINE LAGARDE - the leader of the International Monetary Fund is one great and hopeful sign for digital tokens.

In a speech  last week she made a case for why countries and central banks might want to issue  digital currencies similar to Bitcoin. [Mind you, some countries are already experimenting with this].

WELCOME to The World  Students Society, where Zilli, is already burning the midnight oil, and planning unique experiments that will enthrall the entire world and the students the entire world over.

Cryptocurrencies are managed by communities of developers:
The Bitcoin network was created with so-called open-source software released to the world in January 2009.

For many years, members of the Bitcoin community worked together to improve the software. That  collegiality has faded.

Last year, after a bitter fight, one group released a new version of Bitcoin software with slightly  different rules that gave rise to new cryptocurrency, Bitcoin Cash..

The people backing Bitcoin Cash subsequently had their their own disagreements. This week they splintered into two groups.

In the software world, it's known as a fork : Bitcoin Cash was split into two new cyptocurrencies, Bitcoin ABC and Bitcoin SV.

The new forks have not altered the original Bitcoin. But they have created chaos in the trading markets, as exchanges have struggled to define which coin customers are trading.

The battles have also raised questions about one of the fundamental attractions of cryptocurrencies  :  their apparent scarcity.

The creator of  Bitcoin  said only 21 million Bitcoins would ever be created. But how scare do those  21 million Bitcoins seem, if there are also 21 million tokens of each new copycat?

As Naeem Aslam, the chief market analyst at the trading firm ThinkMarkets, put in a note to clients this week : ''Forking has become so common that it puts at risk the notion of limited supply altogether.''

The real world hasn't had much use for cryptocurrencies:
Bitcoin was supposed to make it easier to send payments instantly over over international borders.

Ethereum, the second largest cryptocurrency network until recently, was going to create a kind of global super computer.

Thousands of other tokens were also designed to be used for high-minded purposes. But so far, about the only thing the tokens have been used for is speculative trading.

Developers have complained that Bitcoin, Ethreum and most other networks are hobbled by technical problems that make their tokens hard to use in real-world transactions.

Those working on the cryptocurrencies have promised solutions, but they have been slow to produce them.

Governments could intervene and do a better job of managing them:
One hopeful sign for digital tokens came from Christine Lagarde, the leader of International Monetary Fund.

In a speech last week, she made a case for why countries and central banks might want to issue digital currencies similar to Bitcoin. [Some countries are already experimenting with this].

But Ms. Lagarde added a note of caution :

While saying  cryptocurrencies could improve on current payment networks, she also said the governments could manage them more effectively and eliminate the issues of trust that have hobbled them.

The remarks could have a chilling effect on existing, nongovernmental tokens.

With respectful dedication to Ms. Christine Lagarde - the Leader of IMF and then the Students, Professors and Teachers of the world.

See Ya all prepare for Global Elections and ''register'' on : wssciw.blogspot.com and Twitter - !E-WOW! - the Ecosystem 2011:

''' Digital - Digress '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless