The first of February marked the broadcast of Super Bowl Clicks (apparently spelt XLIX), which for the unpatriotic and the uninformed is when every major advertiser in America releases their latest 60-second film, and even features a sideshow where some blokes run about playing catch. Since those of us stateside are condemned to view these commercials ad nauseam for the better half of a season, it seems like a good time as any to analyse some of Madison Avenue’s more innovative ideas while skewering their more tasteless excesses.
Tuesday, February 3, 2015
Sunday, February 1, 2015
rewrite | Unstable, paradoxical, and prone to implode - A simple(r) explanation of Bitcoin
Money is only worth what other people think it’s worth, an adage that forms the socioeconomic bedrock of Bitcoin. But while “strength in numbers” shields the cryptocurrency from outside influence, it also gives Bitcoin its notorious volatility.
Imagine if everyone in the entire world suddenly threw up their hands and said "alright, we don’t accept the US dollar (a fiat currency) as valid payment." The US government would still provide a good or service in exchange for that USD, which effectively gives it value.
Now imagine if everyone in the entire world suddenly threw up their hands and said "alright, we don’t accept Bitcoin as valid payment." There is no large body or entity that would continue to provide a good or service in exchange for a bitcoin, making the cryptocurrency effectively worthless.
Paradoxically, the only way Bitcoin can become mainstream is by gaining the support of a large, financially steady organization that will guarantee its value, much in the same way a government guarantees its own currency. But doing so would undermine its purpose as an unregulated, “pure” currency that can’t be influenced by any one entity. Its greatest strength is its own greatest weakness.
---6p12---
Rewrite is the writing process in action, where old topics are revisited, taken apart, revised, and redrafted. Now rewritten is "A simple explanation of bitcoin", completed 28 September 2014.
Imagine if everyone in the entire world suddenly threw up their hands and said "alright, we don’t accept the US dollar (a fiat currency) as valid payment." The US government would still provide a good or service in exchange for that USD, which effectively gives it value.
Now imagine if everyone in the entire world suddenly threw up their hands and said "alright, we don’t accept Bitcoin as valid payment." There is no large body or entity that would continue to provide a good or service in exchange for a bitcoin, making the cryptocurrency effectively worthless.
Paradoxically, the only way Bitcoin can become mainstream is by gaining the support of a large, financially steady organization that will guarantee its value, much in the same way a government guarantees its own currency. But doing so would undermine its purpose as an unregulated, “pure” currency that can’t be influenced by any one entity. Its greatest strength is its own greatest weakness.
---6p12---
Rewrite is the writing process in action, where old topics are revisited, taken apart, revised, and redrafted. Now rewritten is "A simple explanation of bitcoin", completed 28 September 2014.
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