You gotta dearest the haters. Actually you lot don't, I just felt compelled to say something similar that instead of a to a greater extent than accurate in addition to to a greater extent than inappropriate statement. In a recent
Huffington Post piece, 2 economists with mile long titles bash bitcoin, projection its "current state" equally dismal, all spell spewing words of doom, destruction, in addition to on the brink of epic implosion. Sadly, inwards the sentiment slice titled "
Virtual Frenzies: Bitcoin in addition to the Block Chain", the solely actual
recent information backing this tub of accusations turned out to go the calendar appointment listed at the start of the tale.
Despite the doom in addition to gloom from these men, bitcoin has been tracking upward fifty-fifty hitting over $620 for a catamenia of fourth dimension over the concluding few days with continued ongoing momentum. Anyone ever notice that it seems to ever practise this when people preach the end?
These 2 individuals are (
drum-roll please):
 |
| Stephen G. Cecchetti |
 |
| Kermet Schoenholtz |
Now when 1 has a championship so long it tin barely jibe on a concern carte du jour I assume 1 expects ones words to go taken seriously. Who was it that said "
those who tin do, do; those who can't do, teach"? Actually I don't think that was the exact quote, but I digress.
I practise wonder how these guys greet each other at a gathering. Especially the Schoenholtz title. Just read that out loud in addition to imagine spitting that out every fourth dimension someone asks you lot what you lot do?
Mine's easy:
Masters of The Universe
I never was large on titles, but the 2d I read each of them I was pretty sure of what I was most to read. More "
bitcoin is dead" type banter that everyone inwards the traditional fiscal scheme continues to desperately forcefulness feed consumers.
The view of virtual currency past times this grouping of traditional fiscal institutions in addition to "fintech" firms has gone from: Bitcoin is the devil to Bitcoin is the devil, but we're stealing the technology. Bank of America in addition to R3-CEV (group of banks) are alongside those who went a stair farther in addition to filed patents on this engineering when they direct hold no clue how to implement inwards the existent world.
Schoenholtz in addition to Cecchetti (SaC), who we'll just telephone call upwards SaC from this indicate further to salve infinite in addition to trying to recollect how the hell to spell their names basically Blue Planet that bitcoin isn't used in addition to whatsoever role is fading away. More exactly precisely:
Bitcoin has prompted many people to facial expression a revolution inwards the agency past times which nosotros brand in addition to settle everyday payments. Our view is that Bitcoin in addition to other “virtual currency schemes“ (VCS) lack critical features of money, so their role is probable to stay rattling limited.
I crossed out the light-headed VCS that SaC tried to ignite equally if it were a mutual acronym. They made it up. I'll brand 1 upwards too, let's telephone call upwards this "virtual currency relief" (VCR) equally inwards relief from the infestation of corruption, greed, in addition to manipulation of regulations worldwide inside the traditional fiscal landscape. Besides, VCR is a dead acronym defining a magnetic tape 1 time used to lookout adult man domicile movies long earlier BluRay existed, its available for use.
They claim digital currency lacks critical features of money in addition to the explanation of this declaration may go rather interesting considering many of the features of fiat currency are non goodness such equally authorities backing. Government backing isn't authorities backing, it's authorities command in addition to authorities manipulation of value. Governments impress upwards a novel pallet of newspaper money on demand in addition to whenever the hell they experience similar it. The days of "backed past times gold" or anything else are long gone.
Fiat currency, such equally the the States dollar, is non backed past times whatsoever property whatsoever other than its governments proclamation of its existence. It wasn't ever this way. In the the States for illustration for nearly 200 years the dollar was backed in addition to exchangeable for gold. Only inwards recent history has the dollar cash inwards one's chips physically worth nil to a greater extent than than the newspaper its printed on. Which humorously makes some bills in addition to coins worth to a greater extent than equally materials than they are equally currency. The $5 gilt money for illustration is worth to a greater extent than or less $100 equally gilt metal. It's worth $5 in addition to solely $5 equally legal tender.
In contrast, the engineering used to tape Bitcoin ownership in addition to transactions — the block chain — has potentially broad applications inwards supporting payments inwards whatsoever currency.
Well duh. Potential? Are these guys acquire stuck inwards yesterday a few years back? This already is truthful in addition to inwards role today, right now, millions daily served. I sympathize these gentlemen learn economic science in addition to non engineering or Fintech, but if they would straight them selves to Circle for iMessage, BitPay, Shift, Coinbase, Wirex, or whatsoever number of other instruments in addition to merchant tools for which to practise this easily.
I myself am paid 100% inwards virtual currency in addition to rarely ever direct hold whatsoever fiat currency. True, a few years dorsum this wasn't the easiest thing to do. Fast forwards to 2016, this is nothing.
The block chain tin go idea of equally an ever-growing populace ledger of transactions that is encrypted in addition to distributed over a network of computers.
It tin be, but solely if you lot desire to think inaccurately in addition to incompletely.
Even equally the Bitcoin frenzy subsides, the block chain has attracted attending from depository fiscal establishment in addition to nonbank intermediaries looking for ways to economize on payments costs. Only extensive experimentation volition create upwards one's hear whether in that location are large benefits.
What bitcoin frenzy? Individuals similar these 2 direct hold declare bitcoin dead good over 100 times, hardly what I would telephone call upwards a frenzy inwards their brains. However, they are right inwards that bitcoin has doubled inwards usage every twelvemonth in addition to for the concluding 3 years running it has also double inwards value. Looking for ways to "economize on payments costs" may audio bang-up at cocktail parties equally a tagline but lets cutting the bullshit in addition to facial expression at this for exactly what it is. Banks don't desire to go left behind similar they were earlier (
both with credit cards in addition to the internet) in addition to they don't desire to go obsolete. Apparently nearly a decade of global worldwide testing inwards production isn't plenty "
extensive experimentation". Despite people saving millions daily, they direct hold doubts.
Well I'm with them on this one, in addition to peculiarly after the side past times side describe they write "
Again, however, nosotros are somewhat skeptical." Again, I agree.
That is because banks are edifice their ain software in addition to taking out the blockchain engineering in addition to calling it
blockchain-like to role alongside themselves in addition to solely themselves without whatsoever back upwards for security or privacy in addition to furthermore creating a virtual currency that they command in addition to tin produce. Yeah, where practise I sign upwards for that one? I'm guessing the extensive testing in addition to experimentation volition accept a few centuries in addition to soundless non go adequate. Essentially they are going to start from the start with outdated technology
Of course, they couldn't just close upwards in that location in addition to leave of absence the article on an actual believable indicate where I was start to think professors of things knew what the hell they were talking about. The continued with:
Today’s wholesale payments systems are so efficient that it is hard to regard how or why 1 would brand the costly in addition to time-consuming endeavour to supervene upon them. And the apparently high costs of retail transfers at to the lowest degree partly reverberate factors that the block chain engineering is unlikely to address.
Wow. Believe it or not, this is exactly what they said, it's been copied word-for-word. First lets rapidly discredit the latter statement, every fourth dimension I shipping my blood brother money overseas, it costs roughly xxx cents. I salve to a greater extent than or less $16 per shipping instead of using Western Union or MoneyGram in addition to perhaps someone somewhere is getting charged but its non me in addition to its non my brother.
Now on to the so-called efficiency of today's wholesale payment systems.
In whatsoever given illustration you lot direct hold consumer Influenza A virus subtype H5N1 wanting to pay merchant B with payment musical instrument C for goodness or service D. How uncomplicated this concept is in addition to 1 time was. Influenza A virus subtype H5N1 to B with C for D to Influenza A virus subtype H5N1 for C.
The work is that C was originally ever cash 1 time money infected the world in addition to the C became checks which became credit cards in addition to and so debit cards happened in addition to nobody was paying attending when PayPal slithered inwards followed past times Skrill, Stripe, Square, in addition to besides many to a greater extent than to name.
Now days you lot direct hold gateways, platforms that service gateways, in addition to gateway application gateways along with service API gateways which sit down betwixt or combined with e-commerce gateways in addition to betwixt the service gateways are the application gateways in addition to the merchant processors (acquiring bank) who inquire the networks (Visa) to authorize the transaction past times giving the amount, information from the carte du jour and/or consumer input, which the network inwards plow validates against the carte du jour concern human relationship and/or consumer depository fiscal establishment account, or credit account, remainder to authorize the transaction in addition to obtain an authorisation from the consumers account. The network in addition to so feeds this information dorsum to the processor who communicate this to gateway(s) which allow the destination user, merchant, or machine, know that the accuse is authorized.
This is an authorization, non a settlement, in addition to the merchant who thinks payment has been made actually doesn't direct hold a payment yet. The merchant has a hope from the depository fiscal establishment through the network, via the processor, through the gateway, to the merchant, that since the consumer promised to pay, the depository fiscal establishment promises to honour that payment.
However, they actually don't hateful that. They are all total of shit.
The merchant concern human relationship is the depository fiscal establishment that handles the merchants transaction in addition to is either represented past times a processor or also is the payment processor. The payment network (Visa) connects the merchant depository fiscal establishment with the consumer depository fiscal establishment to direct hold a chat during the procedure in addition to afterwards clear everything up. However, the merchant concern human relationship (the acquiring bank) in addition to payment processor are non the destination merchant account, the destination concern human relationship is the actual merchant concern human relationship that's non a merchant concern human relationship but a concern depository fiscal establishment concern human relationship in addition to the processors interaction with the concern describe human relationship doesn't fifty-fifty tumble out yet.
At this indicate there's just an authorisation which after fulfillment became a charge, but there's soundless along way to cash inwards one's chips yet.
Later that day ....
The processor conducts a village procedure which asks the consumer depository fiscal establishment to brand the payment to the merchant concern human relationship equally a batch clearing process. Once the merchant concern human relationship in addition to so has the funds, they actually don't direct hold the funds either, that takes some other 3 days or so. However, most merchant accounts at this indicate volition in addition to so run some other procedure that credits the concern describe human relationship of the merchant with the funds promised from the consumer concern human relationship equally per the transaction through all of the above. Generally this happens inside 1 or 2 days in addition to and so the merchant has a credit, but soundless non a payment. It looks similar a payment, feels similar a payment, in addition to smells similar a payment, but its non a payment.
No a payment doesn't actually occur for some other six months to a year.
Chargeback Hell
No payment is actually inwards the Vendors concern human relationship because at whatsoever given fourth dimension that consumer tin tell their depository fiscal establishment the payment is fraudulent or "unauthorized" in addition to so their depository fiscal establishment complains to the merchant concern human relationship in addition to payment processor who alerts the gateway to bitch at the merchant who freezes other funds in addition to services spell the processor freezes funds in addition to tells the concern describe human relationship to give dorsum the money in addition to rips it out of the account. Generally this is held for a few days until the merchant passes the money on to the consumer depository fiscal establishment in addition to no affair what the merchant does, if it wasn't in-person, it's going back. Even inwards soul it stands a run a jeopardy to cash inwards one's chips back.
The Vendor who just lost the funds, also lost the goods they sold in addition to are most to lose to a greater extent than money equally well. The soul who's typically to the lowest degree at fault pays for everyone else's incompetents spell the 1 most responsible for the entire thing, the consumer, loses nil (possibly fifty-fifty ends upwards with costless goods or services). Everyone else? They acquire rewarded!
There's charge-back fee involved in addition to that tin destination upwards beingness to a greater extent than the to a greater extent than than the initial per centum of the sale.
All because the consumer made a telephone call.
Not solely is this procedure exceedingly inefficient, it doesn't work. Settlement takes forever because the parties involved don't trust each other in addition to direct hold to trust third parties who they don't trust in addition to are non trusted past times either in addition to all of this is governed past times newspaper contracts of which whatsoever legal activity taken to enforce these contracts are going to select relief so far after the indicate relief is would go helpful it's non going to affair anymore. To add together insult to injury, the merchants concern human relationship or gateway tin in addition to does destination upwards locking upwards ALL of the merchants funds, sometimes thousands of dollars or to a greater extent than for the catamenia of days, weeks, months, or fifty-fifty one-half a twelvemonth or longer in addition to there's non a damn thing the hard working Vendor tin practise most it but suffer, scale back, cash inwards one's chips bankrupt, or all together dissolve the business.
Think this form of thing does cash inwards one's chips on daily? It's millions upon millions of dollars. Just think dorsum in addition to recollect an strange accuse on your statement. Almost everyone has been a victim at 1 indicate or some other of fraudulent charges on the consumer or merchant side of things.
What made Bitcoin seem so attractive? Partly, nosotros suspect, it is uncomplicated enthusiasm for the novel in addition to unexplored. Even today, Bitcoin lacks a unmarried definition.
That;s because bitcoin is both a shape of payment in addition to a commodity beyond value. It agency different things to different uses. Someone buying something online from
Purse (where the discounts for bitcoin purchases are 30% in addition to higher) considers it money at that indicate inwards time. Overstocks T0 platform uses it to settle trades in addition to inwards that abide by its a pure commodity equally blockchain fuel. Bitcoin is a fuel in addition to a shape of money. It's just that simple. For the longest fourth dimension the bitcoin foundation has had this uncomplicated declaration inwards what bitcoin is:
-an innovative payment network in addition to a novel form of money.
Allow me to set an destination to your suspicious. See all that crap above? It ends that chaos. That's one, some other is it gives us some other alternative to shop wealth exterior of a traditional depository fiscal establishment which is for certain non security or a mattress which may go a trivial combat safer depending on the circumstance, but non security either. It speeds upwards the entire procedure exponentially. You regard everyone thinks most the consumer-to-merchant transaction beingness the "speed". It's not. When you lot brand a payment via credit card, the concern you lot made the purchase from doesn't magically direct hold money inwards their account. That takes anywhere from 24 hours to 3 days or to a greater extent than because all of the crap inwards betwixt has to accept place.
Let accept a facial expression at a bitcoin payment. Customer Influenza A virus subtype H5N1 shipping concern B a payment. The payment itself is recognized instantly (when 1st broadcast, the transaction is known immediately, it is in addition to so the determination of individuals and/or merchant on how many confirmation they facial expression earlier they consider the transaction irreversible). The transaction is fully settled inside 1 sixty minutes or less. Sometimes equally trivial equally 12 minutes. This is a procedure that takes several days with traditional systems.
That's it. Nothing farther is required. No to a greater extent than fees (only a few cents to laid out with). No charge-backs possible (for consumer protection, in that location are plenty of escrow services, cheque out
Purse to regard this inwards action). No bullshit.
Meanwhile....
Of course, just when the article seemed to caput inwards unbiased directions this happened:
....in some it is severely restricted or treated equally a commodity dependent to working capital missive of the alphabet gains taxation. As a result, Bitcoin accounts for less than 70 G daily transactions globally (see here), compared to to a greater extent than than 250 meg daily noncash transactions inwards the EU in addition to to a greater extent than than 500 meg inwards the United States.
Then they come upwards out with the fangs in addition to laid out the bitcoin bash. Take anything positive I said most these 2 in addition to toss is out, in addition to so acquire some boots because it's getting pretty deep. The firstly number is their comparing to a commodity equally if this is a bad thing. The taxation breaks on long-term gains inwards the US are pregnant in addition to the short-term are the same equally whatsoever taxable income, even so inwards some cases lower than regular income tax. Do these guys just prefer to direct hold less money? Sure seems contrary of what an economist would similar to see. Any run a jeopardy Mark Karpeles was 1 of their students?
The other thing they neglect to cite is that bitcoin capitol gains, at to the lowest degree inwards the United States, are non dependent to capitol gains taxation until the gains are realized. This agency so long equally bitcoin is inwards your electronic wallet, it's non taxable. Secondly when it is used past times converting it into fiat currency that is taxable, or spending it on goods or services. Even then, solely the portion of the bitcoin that is realized equally a capitol gain is dependent to taxation equally such.
For example. If you lot purchase $80 USD worth of bitcoin in addition to purchase a $20 hat. If the bitcoin is soundless worth $80 in addition to so in that location is no taxable capitol gain. However if tomorrow the bitcoin is worth $96 in addition to so the capitol gain on that amount of bitcoin is 20%. If you lot purchase a $20 hat, in addition to so 20% of that $20 is considered a capitol gain in addition to taxable equally such which equates to $4.
Rate BTC | Transaction | Value | Movement | Amount | Taxable | Balance |
$600.00 | Buy | $80.00 | None | 0% | 0.00 | $80.00 |
$720.00 | Increase | $96.00 | Increase | 20% | 0.00 | $96.00 |
$720.00 | Spend | $96.00 | None | 20% | $4.00 | $76.00 |
|
|
|
| Taxable | $4.00 |
|
What nosotros direct hold to cash inwards one's chips dorsum in addition to indicate out is that the information they are basing all of this on is old. Years aged. The claim of 70,000 transaction was dorsum inwards 2013. The actual number today is good over 250,000. On September tenth the transaction (confirmed transaction)
peaked at 274,486.00. That agency the adoption, if measured past times bitcoin usage in addition to transactions has pretty much doubled every year. Since 2014 after the crash, bitcoins toll has done that equally too.
The slice remarks on bitcoin's volatility of which everyone is aware, however, they neglect to acknowledge that bitcoin has been extremely stable over the concluding 2 years. It's stable to the indicate of beingness annoying to 24-hour interval traders. They also neglect to acknowledge that for the concluding 3 years bitcoin has outperformed the US Dollar in addition to Gold. They also Blue Planet this:
"...one of our colleagues, David Yermack, who teaches a course of written report on Bitcoin at NYU Stern, argues compellingly that the surge inwards authorities attending makes digital currencies hapless devices for concealing criminal activity." and this "...despite its mathematical complexity, experts uncovering lingering privacy concerns with Bitcoin: according to 1 simulation, most forty percent of Bitcoin users tin go identified past times tracking their transactions inwards the populace block chain ledger."
Not everyone using the blockchain is trying to conceal what they are doing on it. When I volume move on Expedia, I could aid less who knows I spent bitcoin on a hotel room. If I used a credit carte du jour that information would go readily available in addition to easier to obtain. They neglect to cite how hard tracking those transaction in addition to pinning them to an identity is, nor practise they cite that they tin solely assume the identity, non fully or accurately position the actual person. It's non tardily in addition to it's non accurate unless there's an entity involved where the specific identity is available.
If You First Fail, Try in addition to Fail Again
They cash inwards one's chips on to hash out clearing public-utility-like clearing houses in addition to doubting whatsoever mightiness for blockchain engineering to assist brand those cheaper in addition to this is an expanse of which I am no expert, thence I volition non comment. They may go rattling accurate here, even so equally far equally merchandise settlements inwards general, I think its a known fact this needs improvement in addition to this is exactly what Overstocks T0 platform which settles on bitcoins blockchain is for.
Then it's on to admitting the retail infinite of sending in addition to receiving money stands some room for improvement but counter with the economical touching of removing the "3rd party" of which bitcoins blockchain does. They Blue Planet the 1.5 billion inwards revenues addition other revenues, that would go lost past times these "3rd-parties" in addition to how that could go a negative thing. Additionally they indicate out the fact that beingness able to position the transactions owners is non available with the blockchain.
Not to indicate out the obvious, but they say this after previously stating how "easy" it is to position people on the blockchain so which is it? You can't say it's tardily to position everybody inwards 1 paragraph in addition to and so plow around in addition to say its non possible inwards some other paragraph in addition to facial expression anyone to believe either claim. Stating claims to back upwards a given indicate or declaration direct hold no validity when contradicted in addition to thats exactly what nosotros appear to direct hold here.
As far equally the 1.5 billion lost past times the 3rd-parties,
who cares. That may audio tragic in addition to sad, but what most the millions, if non billions, of funds overly scrutinized past times these same entities that displace fiscal loss in addition to other damages to millions
innocent people? Companies similar Western Union, Square, Paypal, in addition to many others often lock transactions in addition to freeze funds for a multifariousness of reasons in addition to to a greater extent than often than non few of them are warranted. Paypal has been known to direct hold funds for six months in addition to to a greater extent than in addition to Square does this almost automatically for xc days. Sending money through Western Union or MoneyGram for whatsoever hint of routine or amount exceeding regulated thresholds subjects the remitting political party and/or the beneficiary to copious amounts of invasive questioning comparable to a route canal without the laughing gas followed past times a asking to gargle with alcohol.
I wonder if these guy ever used Windows Vista? Anyone recollect bed of nails? If a service or production sucks. The consumer demand non maintain it's usage or purchase in addition to this is non a bad thing. Nobody liked Windows Vista because it was comparable to eating drinking glass sandwich in addition to chasing it downwards with a loving cup of hot sand. Microsoft rapidly did away with Vista in addition to most probable wished they owned a fourth dimension machine to erase it from existence. They for certain didn't number a memo maxim everyone needs to maintain to endure along with it because they may non come across their quarterly projections otherwise.
No, 3rd-parties direct hold every chance to reshape their concern models into useful in addition to helpful products in addition to services. There is no bail-out just because they are going to lose money. Additionally the finance world is going to struggle this engineering kicking in addition to screaming, with the exception of their ain creations, in addition to fifty-fifty if they practise lose marketplace portion it's unlikely mass-adoption globally is going to tumble out overnight, so I am to a greater extent than in addition to so sure in that location is adequate notice of a potential disruption in addition to they tin acquire their collective resume's together over the side past times side several years. Not to cite your talking predominately most fiscal institutions in addition to banks. Bank that brand billions of dollars doing side past times side to nil in addition to when they fuck up, approximate who gets the bill? The consumer in addition to the taxation payer.
Just facial expression the fiasco that was the the States 2008 bail-out. Case inwards point.
There is trivial merit to the indicate they seek to brand on this one, it's thinking similar that is just land harmful to innovation.
Award Worthy Article or Weak Banter?
In the end, the entire article is non a total waste product of life in addition to they practise acquaint some informative insight worth crawling through, but its overwhelmingly overshadowed past times stale data, a consummate lack of vision, in addition to an blatant predictability that points to the obvious fact that these 2 are
not fans of bitcoin in addition to highly skeptical of block-chain technology. There's nil incorrect with constructive criticism, that's goodness for everyone in addition to rattling useful fifty-fifty when those beingness criticized don't similar it, however, when criticism is heavily saturated inwards negative personal opinions in addition to contradictive statements in addition to backed past times nil to a greater extent than than cherry-picked information of no recent relevance, it's hard to accept seriously.
Same tin go said for this article you're reading now, in that location is no offering of a fancy championship that requires an extra-large concern carte du jour or an uber-tiny font. There's to a greater extent than than probable a grammatical error or two, improperly formed sentences, in addition to mayhap fifty-fifty a spelling error. Coupled with the alternative of colorful linguistic communication in addition to opinionated views peppered throughout, there's for certain nil to lend whatsoever truthful credibility in addition to volition for certain non go good received past times some. However, what is does offering ... is the truth.
Many of these "economists" don't desire to hear most the truth. They don't desire to know most those suffering without funds because they've been frozen, or the invasion of privacy forced on an innocent soul sending money domicile to their family, they don't desire to know most how the so-called "working" scheme is raped beyond the whatsoever mightiness to halt crime, or that its the rattling organizations they praise inwards their articles that contribute assist contribute to the money-laundering they claim to go assisting authorities agencies stop? No they don't desire to know most whatsoever of that shit. They desire to pretend that none of it exists in addition to that the motives are for certain non fueled past times greed in addition to fright of legal activity rather than whatsoever sense of assisting anyone with anything.
Economy This
Here's a dose of reality in addition to truth. The
truth is that whereas an "economist" sounds similar a mystic profession inwards the gut of the fiscal heartbeat, it's to a greater extent than a written report of people in addition to what they practise with money. More elegantly self-described equally a "
practitioner inwards the social scientific discipline land of written report of economics".
Not to impugn the fine operate of these 2 academic gifts but what happens when you're watching all the incorrect people when shit happens?
The aforementioned article obviously.
Sure, bitcoin has had its portion of fraudulent activity, but it's hardly why every soul involved today got involved to laid out with in addition to it for certain is non why the entire manufacture exists today. However, sure, it absolutely has had its portion of this activity in addition to its security to assume, just similar
every other currency in addition to payment method on earth, it volition never go 100% criminal offense free. Nothing probable ever volition be.
The solely deviation betwixt this manufacture in addition to the tradition fiscal cloth is that at to the lowest degree this manufacture doesn't seek to deny it, indicate the finger at everyone else, practise just plenty to non arrive trouble, in addition to laissez passer on the blame to anyone else other than themselves. This manufacture learns from its mistakes because that's how scientific discipline works. You cannot succeed without failures in addition to this manufacture has had its portion of heartaches. Only past times learning from these experiences in addition to moving forwards does it maintain to grow.
Besides there's a flaw inwards their assessment of this electrical current fiscal scheme of so-near-perfection they can't fathom how or why anything should go altered from its electrical current Blue Planet of being. The ground why everything they said doesn't exactly direct hold H2O in addition to 2 words that offering concrete evidence proving their scheme is rattling far from perfect in addition to despised past times millions globally ...
bitcoin exists.
