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201  Economy / Economics / Re: Economic Totalitarianism on: June 16, 2015, 10:25:25 PM
Your choices are your choices. Either choose or do not.

"Is it because problems are infinite or the correct solution has yet to be found?"

This relates to Crony Capitalism, and the Law. Most professions avoid paradox but within
Law it is everywhere. I will give an example, but caution against arguing from the
particular to the general.
Two bitcoiners enter into a contract. They agree that 2+2 does not equal 4 but one argues
for 3 and the other 5. They seek arbitration, and the decision is that the contract is null
and void. There is no correct solution and each proposition is equally valid or invalid. (If you
prefer you can argue whether 0 is positive or negative). The essential point in Law is that
both positions can be true but only one can prevail. That is paradox.
The point I want to make here is that bitcoiners should establish a principle in Law that the
Arbitrator should act for the Cryptocurrency community in general, and in this case for the
Bitcoin community in particular. There will be issues that cross national boundaries hence the
Bitcoin Community needs their Contract Law to favour their Community. They need their own
form of Crony Capitalism, and their own version of the TPP, TTIP.
There are other relevant matters, but it is better to proceed step by step.
202  Economy / Economics / Re: Economic Totalitarianism on: June 15, 2015, 09:16:31 PM
@generalisethis - Choose, or the choice will be made for you by others.

Totalitarianism is not new :
"Several attempts looking to a vast increase of the bonded debt of the United States have been made, other attempts will be made. But this Government should pay every dollar of its bonded debt and then stay out of debt. It would be a wholesome example to the world. It would show to all nations the advantages of self-government and human liberty."

"Do not press a desperate enemy" - Sun Tzu.
203  Economy / Economics / Re: Economic Totalitarianism on: June 11, 2015, 09:16:47 PM
The blockchain, bitcoin and related cryptocurrencies are now serious contenders within the space occupied
by various national currencies. Much is assumed through the lenses of fiat money and precious metals.
This text offers another view, and one away from these conceits.

1. Without Privacy there can be no Private Property.

It follows from this that the State, unless properly restrained, will attempt to expand its reach
and power by destroying privacy. Every attack on privacy is an attack on private property.
Income tax is an unjustified invasion of privacy and should be replaced by a tax on wealth.

2. A definition of Wealth, Money, and Debt.

Wealth is any commodity that can be stored and consumed, and includes any resource, including land,
that can provide a flow of commodities.
Money is a means of account and a useful end use of wealth.
Precious metals and cryptocurrencies are money.
While money may provide a means to pay tax, a tax on money is illogical.
Fiat "money" is debt. Debt is a claim on wealth at some time in the future.
Taxing debt is a form of insanity. Payment of debt is a political matter.

3. The Politics of Debt.

There are two kinds of debt, good debt and bad debt.
The good debt pays for itself.
The bad debt cannot be repaid.
Where you stand on the queue for repayment depends on your political viewpoint.

On this last axiom depends much of the future of the world.

A vast fraud has been placed on the public as a burden by the body politic.
A crash of the financial system and one worse than 2008 is highly probable
and will likely be triggered by an overcorrection within China that will
reverberate around the world.

Now is the time to prepare yourselves by understanding the mechanisms in play.
The pound in your purse should be redeemable in any bank for a pound of silver.
Similarly, a US dollar bill sould be redeemable by an ounce of silver,
in Germany gold Marks, and also for many other national currencies.

That they are not redeemable is a reflection of the current state of economies,
the mishandling and mendacity of politicians and central bankers, and the partial
interests of those whose hands are on the levers of power.

When the crash comes they will tell you, the public that all is well. That is a lie.
When things worsen they will tell you, the public that they are in control and
that normality will be restored. That too is a lie.
Things will get even worse and they will tell you the public that everything must be
shared for the common good because they know best. That also is a lie.

When it is all over they will have everything and you, the public will have
less than nothing.

Unless ...

You create a Committee for Public Safety, with responsibility and the power to protect
the public from fraud.

The choice is yours.
204  Economy / Economics / Re: Economic Totalitarianism on: May 11, 2015, 10:00:18 PM
@ORO ... 6. All your IP are belong to us ...

And automobile companies want cars "sold" as software ...

the list just keeps getting longer :-(
205  Economy / Economics / Re: Economic Totalitarianism on: May 07, 2015, 02:27:04 PM
RE advice on political candidates ... I hate being negative ... so I will post a link to a politician who tells it like it is ...
even if it means no chance of being elected ...
Amercians and TTP and TTIP proponents - you probably will not like this ...

"The Death of Democracy"

It's long, so get some popcorn, settle back, enjoy the show ...
206  Economy / Economics / Re: let's develop cryptocurrency economic theory on: May 05, 2015, 08:59:15 PM
I'd made some arguements some time back in "Learning from Imperial Rome" for an improved cryptocurrency.
The thread hasn't reached a conclusion, but sets out historical problems - this link "cuts to the chase"

Bitcoin has too much in common with gold to be a universal currency, and historically a trimetallic currency
seems close to workable - it "just" needs to have an inbuilt Jubilee to be perfect IMHO.

So I *think* Bitcoin needs one or more alternative cryptocurrencies to form a good monetary system.  
207  Economy / Economics / Re: Economic Totalitarianism on: May 05, 2015, 08:39:36 PM
First thoughts are of a Mandelbrot graph, but I'll begin with 1) and 2)
Doing away with cash transactions. Gotta love this quote:
"In monetary affairs, ineffectual regulations were decreed to Combat Gresham's Law [bad money drives out good] and domestic speculation in the different kinds of money. It was forbidden to buy or sell coins: they had to be used for payment only. It was even forbidden to hoard them! It was forbidden to melt them down (to extract the small amount of silver alloyed with the bronze). The punishment for all these offenses was death. Controls were set up along roads and at ports, where the police searched traders and travelers. Of course, all these efforts were to no purpose."

Sooooo, eventually you get stopped by an Officer: found guilty of being in posession of legal tender, sentenced to death ...
(every law kills somebody sooner or later)

Or taking up the Australian proposal ... what are they going to do? Tax the deposits of small businesses ... one percent might be half their profits ... how long before they go out of business ... a few years at most. And if small businesses are exempt, who are they going to tax ... the MegaWeathy .... ROFL

Nearly forgot .. the link ...

Been there done that, got the scars ...
208  Economy / Economics / Re: Economic Devastation on: April 27, 2015, 11:47:59 AM
"1)  I would like to see other suggestions on what we can do as individuals to keep ourselves & families OK in the devastating storms to come.  And other than that of acquiring advanced programming skills WAY beyond me and most others."

a. A penny saved is a penny earned. Budget everything and prepare to pare everything back to essentials.
That is much harder to do than it sounds - try dieting, for example, or going without food for 24 hours.
The mental preparation is more important than the physical act.

b. Get out of debt. Understand the difference between debt and equity.
TPTB only need two percent real return on debt to control everything, using senior secured debt.
If they get it wrong and do not get their expected return, they can crash the economy and seize
the collateral.

c. Learn to recognise the lies and misdirection. The truth is often in plain sight.

The usual disclaimers apply ... DYOR ;-)
209  Economy / Economics / Re: Economic Devastation on: February 27, 2015, 10:44:06 PM
"Only give me control of a Nation's flow of credit, and I care not who makes its laws"

Taking Greece as an example, does the State and its decisions regarding taxation
have any relevance in the game?

Greece was not forced to be corrupted and to contract that many debts.

Hence you are saying the Greek State should have full responsibility
for actions decided elsewhere? Or are you saying that Greece should
not have ceded their power to create debt to the ECB? 
210  Economy / Economics / Re: Economic Devastation on: February 26, 2015, 10:11:01 PM
"Only give me control of a Nation's flow of credit, and I care not who makes its laws"

Taking Greece as an example, does the State and its decisions regarding taxation
have any relevance in the game?
211  Economy / Economics / Re: Learning from Imperial Rome on: February 08, 2015, 11:37:14 PM
t may be a while before I put another post up here.
I have done all I can to set out the lessons available
from Imperial Roman history. The data just is not there
to allow me to do more without diluting the certainty
that I prefer. You either understand the things written
here and can see in our world the limited options to
have anything close a best choice or you don't. Read!
and try to understand that then, as now, choices for
everyone are becoming more restricted as time passes.

I'd suppose there are some who will read this, and say
they're just here to know whether buy or to sell,
(reprising the role of Cypher in this real world.) To
you I can say there are no good choices, just close
this web-page now and forget you've been here.

For you persistent readers, I'd suggest following up
Martin Armstrong's predictions of a stronger US$ and
the deflation that implies. In other areas I would
suggest caution when considering his views. I think
we both agree that the next year or two will be quite
difficult to navigate.

Bitcoin? It's best hope is Russian acceptance, but
do not hold your breath on that. So maybe next year?

My view of the world may differ from that of Martin's.
I view the world more as a Game of Thrones. The Dothraki
are in the middle east, but I leave it to you to put
names to the Lannisters and to the Baratheons, and to
the other components some refer to as the Deep State.
The balance of power swings this way and that, but for
the present, governments and companies are directed by
these others. In turn they set policies and taxation
and choose war and peace.

I'll agree with Martin that all of the above are subject
to the ebbs and flows of the natural world, and thus have
less power than might be supposed. These rhythms differ
from those of Imperial Rome. Oil has joined grain as
binding resources on the economy, and financial markets
make ponzi financing possible, but there now seems to
be a human cycle that acts every seven years or so.

And if "they" have less power, then "we" are limited
only by our inability to see how to act in our best
interests. "They" will do their best to keep that
knowledge from us, and that is both their strength
and their weakness. Choose wisely.
212  Economy / Economics / Re: Learning from Imperial Rome on: January 11, 2015, 11:05:48 PM
A brief comment on today's bitcoin pricing: The price is descending at a rate
that suggests that the big miners are selling bitcoin to pay for the electricity
they consume, and hoarding the rest. At that rate, expect a price below $200
by April. As I said at the beginning of this thread, we should think about
an improved form of cryptocurrency.
213  Economy / Economics / Re: Learning from Imperial Rome on: January 11, 2015, 11:05:06 PM
Throughout history religion and wealth are intertwined. This is not something
that banks or places of worship are anxious for you to know, but this is
definitely something worth thinking about.

The bronze age Temples of ancient mesopotamia gave credibility to silver tokens,
turning these into money. Later the Greeks seemed to prefer their banks to be
separate from their Gods.

The Temple of Saturn held the Treasury of Rome, and from there in 49 BC Julius
Caesar seized 15,000 gold bars, 30,000 bars of silver, and 30 million sesterces.
The Senators had fled Rome after Caesar crossed the Rubicon, and with them
went the debts that were owed.

From that time until around 300 AD, the Roman Temples were safe, except from
barbarian raids, though over centuries gold accumulated there. Consider this
when reading about Constantinople -

"It seemed impossible to many that the capital could be moved. Nevertheless,
Constantine identified the site of Byzantium as the correct place: a city where
an emperor could sit, readily defended, with easy access to the Danube or the
Euphrates frontiers, his court supplied from the rich gardens and sophisticated
workshops of Roman Asia, his treasuries filled by the wealthiest provinces of the empire."

So Constantinople rose as it was destined to fall, with the wealth of pagan
Gods transferred from their Temple banks to the Emperor's treasury, a scene
likely repeated as the boundaries of empire ebbed and flowed.

Note also that Constantinople did not attempt to circulate a silver coinage,
and that silver was scarce in the western empire until maritime trade brought
silver from South America a thousand years later. Where did the silver go, if
not to China to pay for silks and spices?

At first glance, the Byzantine Empire had a stable currency for close to a
thousand years. Closer examination suggests it began by extinguishing debts
and seizing treasure, and was in a state of constant turmoil in which
Constantinople and its trade were the only fixed features, until centuries later
the Fourth Crusade ended its primacy.

Excess wealth, like excess debt, seems to invite destruction.
214  Economy / Economics / Re: Learning from Imperial Rome on: December 24, 2014, 06:41:36 AM
It's been a year. Left to themselves, things generally go from bad to worse.
So, how bad might it get?

For 2015,
Personal possession of gold or bitcoin becomes illegal, with some exceptions.

Oil averages US$40 for 2015, making half the industry unprofitable, and investment
in new production collapses. World GDP growth is zero in real terms. Sovereign defaults
begin, and cities start bankruptcy proceedings. The world begins a Minsky moment.

For 2020
Oil production has not recovered, and oil prices are at US$30 per barrel. Production
has fallen five percent per year with global real GDP, with oil production declining
from a peak of 93 million bpd in 2015 to 72 mbpd. Air and road travel are restricted,
and cities with populations above one million begin to collapse, with the outer urban
areas suffering interruptions to electricity and water supplies. National infrastructures
begin to collapse. New currencies are introduced. War marks the end of the Minsky

We have not learned from history.   
215  Economy / Economics / Re: Learning from Imperial Rome on: December 20, 2014, 12:34:02 AM
The Byzantine Empire lasted almost a thousand years without, it appears
a devaluation to its currency. The beginning is here :

That may cast doubt on my suggestion to collapse cybercurrencies every
fifty years. Or does it? Do not rush to judgement without the full facts ...

The Byzantine empire ends ...

After 305AD the Roman Empire split into two parts: The Eastern, Byzantine
Empire ruled from Constantinople, and the Western Latin Empire, ruled from
Rome. Somehow, Constantinople seems to have got the gold, and lasted until
1204AD ... kinda long (I trimmed this quote) but interesting.

This from 'Marco Polo' by Laurence Bergreen - quote :
The original plan for the Fourth Crusade was simple enough: Pope Innocent III
and the preacher Foulques of Neilly-sur-Marne proposed to conquer the muslim
warriors. And they wanted the support of Venice. ...

After careful negotiations lasting eight days the Republic agreed to furnish
35,000 knights, squires and foot soldiers, 4,500 horses, ships specially built
for the occasion - all for a steep price. ...

the unemployed Crusaders would assist them in achieving a slightly different
goal: subduing Zara a rebellious city across the mediterranean sea. ...
The arrangement completed the transformation of the Crusade from a religious
campaign into a commercial enterprise. ...

In the mental calculus of the Crusaders, the Orthodox Church had come to seem
almost as nefarious as Islam, and therefore deserving of vengance. Any
justification, however far-fetched, would do because Constaninople was an
extremely rich and vulnerable prize. ...

The sack of Constantinople in April 1204 lasted for three days of destruction
and death. ...

Pope Innocent III professed himself horrified when news of the sack of
Constaninople and the atrocities undertaken in the name of Christendom reached
his ears. He excommunicated multitudes of Crusaders before realising that they
had been absolved of their crimes in advance, and that his stance might weaken
the Papacy in the face of determined adveraries. At that, he fell silent, and
stood by as the wealth of Constantinople found its way into Roman Churches and


The Byzantine Empire steadily degraded after that loss, never to recover.
216  Economy / Economics / Re: Learning from Imperial Rome on: November 23, 2014, 08:41:22 PM
Things in today's world are moving somewhat faster than in Roman times, and I am
compelled to set aside the work I was doing to integrate coinage into the model, at
least until things quieten down a little. With the usual caveats, here are some
notes on where we are today.

Debasement of the coinage was completed in the late 1960's and early 1970's with fiat
money continuing to expand exponentially. Post 2000 the real economy diverged from
the monetary system with money remaining inside the banks, and progressively lower
rates of growth in the real economy, and moving into negative growth rates in 2014.

Theoretically ("it's really simple"), a sufficiently large stimulus should re-ignite
growth. In the real world, that just doesn't make sense, because the present world
has diminishing returns on anything that doesn't scale.

There is a more general case to be made, but first, here is Steve Kopits on Oil:$
.... and oil supply determines global GDP - supply constrained demand.
"counter-intuitive by historical patterns"
"productivity of capital has declined by 5 percent over the last decade"
"demand constrained model, price = marginal cost" (customer pays)
"supply constrained, ... do with less rather than pay more"
"borrowing money to pay dividends"
"major divestment programs" "is this sustainable?"
Oil Majors - 20 to 30 percent reduction in CapEx 2013 - 2015
Given no increase in oil production " ... OECD GDP growth will continue to lag
indefinitely, with a long term GDP growth rate in the range 1-2% entirely plausible
and indeed likely."
"In turn, if this is true, then current national budget deficit levels and debt
levels will prove unsustainable, and a second round of material and lasting
adjustment will be necessary"

I would caution that the eight percent efficiency gains in recession are also
unsustainable. Typically companies in difficulties defer maintenance and other
similar costs that are inevitably added back in at a later date.

In the general case, the world spends some ten percent of its energy in mining.
Mining includes the fossil fuels that provide 90 percent of that energy, and
all sectors show a drift towards higher energy costs as ore quality declines.
Overall a ERoEI figure of 16 is plausible for 2010, with a figure of 10 for
oil production. At some time in the future, that 16 will fall to 10 and then
to 9. Everything else being equal, to maintain the standards to which we have
become accustomed, we need to use one percent less less energy for our daily
activities either by doing less or by increased efficiency. We will not maintain
that balance for very long, thanks to exponential decreases in ore quality.

Hence there are two checkpoints in our trajectory, further in the future for
the general case, and now for our use of crude oil (because oil's ERoEI is
already at 10 and oil is the binding resource.)

In a world constrained by oil supply, the dynamics of price and flow are
unfamiliar. Payment is increasingly in currency other than the US$ and may
be in roads, hospitals and schools at rates set for many years. Much depends
on innovative improvments in efficiency and the use of alternatives to oil.
One of many possible models of flow and price is here:
That shows a steep downward slope in the price of oil from 2012 to 2020,
(and a presumption of falling oil consumption, not shown).

Recent data on oil and gas (click on report):

I said previously that I see a parallel between oil today and grain in
Imperial Rome. And back in Imperial Rome circa 350AD, opressive taxation,
crony capitalism, and fifty years of appropriation by the army had so
impoverished the freemen peasants that they were abandoning the land for
slavery, causing food production to fall amidst hyperinflation. Goods
that attracted tax were falling in price while the price of food
increased, so care is needed when attributing price variation. Lacking
paper fiat currency, ox carts were needed to move debased currency
from place to place, (the HFT trade of that day.) And this: "Previous measures
to ease the tax burden, however, were ineffective because they only
relieved the wealthy."

Economists have been taught to believe that, today, unconditionally,
the central banks can always create hyperinflation by creating and
distributing money - "helicopter money". That may change :

But to cut to the chase: OPEC will act to maximise the value of their oil,
and that means they will reduce their production to maximise flow x price.
Growth will fall in the OECD economies causing increases in budget deficits
and financial distress particularly for exporters. Faced with that dilemma,
Japan seems likely to be the first to try some form of "helicopter money".

One final thought: When you have no good choices, you have reached an
optimal solution ;-)

And on that thought, it's back to Rome until the next crisis  ....
217  Economy / Economics / Re: Learning from Imperial Rome on: November 12, 2014, 10:41:19 PM
Grain as a component of GDP in Imperial Rome (a rough approximation would be today's diesel fuel)
Source - The Complete Roman Army by Adrian Goldsworthy, pg 95 (and others)
From the account of Quintus Julius Proculus from Damascus, Auxiliary, AD81
Derived figures for gross national consumption, percentages (rounded for simplicity):
Food            50
Clothing        20
Entertainment   10
Shelter         20

(Food would have a slightly higher percentage for a family of four, but I'm going with the
above figures until someting better comes along.)
Suggested figures are that grain provided 67% - 75% of calorific intake. Hence a figure of
40% for grain as a proportion of GDP seems plausible. And if the price of grain doubles or
trebles as sometimes happens? and what does that do to productivity?
Schiedel has a figure of 50 million tonnes of grain equivalent for the GDP of Imperial Rome.
I am taking that to mean the actual grain production in 124AD was 20 million tonnes, with a
price of 9 Drachmae per Artaba, and 5 billion denarii.

Just looking at the data, the variations in grain prices can be explained by fiscal and
monetary changes. Except, that is, for the Augustinian period, and there is an explanation
for that. Which leaves the period of Aurelian through Diocletian, and the hyperinflation.

And this:
In 41/2 A.D. Claudius introduced tetradrachmae (four drachmae pieces) minted from billon,
an alloy less than 25% silver, and equal to 1 silver denarius. So what happened to grain
prices prior to 41AD?
Each silver Drachma weighs ~4.3 grams (it varies a lot) and the Denarius of Augustus weighs
3.8 grams, and the Attic standard was 1 silver Drachma = 1 silver Denarius.

Today's equivalent would be to pay in Litecoin instead of Bitcoin but paying the same number of coins.
The poor sods in Egypt were being ripped off even as far back as 41AD. It looks like it took
until ~68AD for them to figure out that scam.
218  Economy / Economics / Re: Learning from Imperial Rome on: November 12, 2014, 10:39:22 PM
Work on my modelling to resolve some things that do not work out right is ongoing, and I will
post on that later. When I read anything on Imperial Rome I tend to question it, especially
when the writer is *absolutely certain* of his findings. With that caveat, a summary:

The Civil wars end in 31AD, and the military becomes progressively stronger as the economy
and the Empire expands. While the centre is settled, fewer legions are needed to hold the
frontier. The Empire, population and productivity peak around 124AD and after 200AD, the
decline sets in. With unrest in the centre, more troops are needed, and the military takes
a progressively greater share of GDP. Diocletian breaks up the Army and the Empire in
305AD, but it is too late for the western provinces, because all the silver and gold is gone.

That summary was developed using grain as a proxy for inflation. If that changes my view
will change. Today, in my humble opinion, the Roman Financial system, and its interaction
with the army is a far better explanation than others including "The Dole", or "Excessive
Administration", or "Socialist Policies" for the decline of Imperial Rome. However, reasoned
contrary opinion is both desired and welcomed.
219  Economy / Economics / Re: Learning from Imperial Rome on: November 02, 2014, 10:29:41 PM
The reworking of my model of the Roman Economy around the time of Augustus is ongoing, but it is
time to reflect. Among other things, the value of the exercise is the concentration of the mind
around things Bitcoin. There are similarities in thought processes there that are largely absent in
today's world. Few people alive today have purchased goods with silver coins. Fewer still have
worried about the falling silver content of the coins they own. But back to history ...

There were civil wars prior to the Battle of Actium (31 BC). Then, Augustus (Octavian) fought on the
same side as Anthony, but Anthony removed himself to Egypt, leaving Octavian with a massive bill of
expenses for the Army. When Anthony marries Cleopatra there is a threat to Octavian and to Rome,
war is declared, and they clash at Actium.

His victory places Octavian at the head of the known world with 60 legions and the treasury of Egypt
at his command. Over the next three years, the Rome will have an economic boom as 32 Legions are
progressively paid off, costing Octavian 150M denarii, (Roman GDP is of the order of 1000M denarii pa).
When Octavian returns to Rome, he brings with him cartloads of money from the Egyptian Treasury,
prisoners and the emblems of captured Cities and Princes. 250 denarii went to every soldier and
100 denarii to every citizen [Stobart p150]. Interest rates fell instantly from eleven percent to
four percent. (Try to imagine Mr Draghi giving every EuroZone family a year's wages in bitcoin and
all tax free!)

The surplus manpower he then put to good use: construction in Rome, earthworks and irrigation in Egypt.
The silver mines in Gaul and the Iberian peninsula came later, and all were in his domain when he took
the title of Augustus. There followed a long period (18 BC to 6 BC) of grain price deflation, with
Egyptian wheat prices falling from 9.3 to 1.9 [Prodromidis], followed by a period of stability
(4 BC to 4 AD).

Try to view the world through the eyes of a citizen in Sicily in this time of Augustus.
He will have his grain harvest in, and faces a choice. Store the grain, or sell for silver. He will want
to know how prices will change up to and including the next year's harvest. To do that he is
interested in how the world is changing. No wars or rumours of wars? With a fixed supply of money,
ie silver, and increasing grain shipments from Egypt, his expectation is that he will get less silver for
his grain the next year. Should he sell his land or plant vines or olive trees and wait? As supplies from
Egypt grow, grain becomes a smaller part of Roman GDP, and land and property prices, particularly
around Rome are rising, hence grain prices are a poor guide to price inflation in this economy of
Augustinian Rome. For tracking price inflation, however, grain prices are the only game in town.
What adjustment to make ... ?

Adjustments are a problem. Once begun, it is difficult to avoid making adjustment. It gets complicated
very quickly, simplicity is soon gone. So, where to begin?
220  Bitcoin / Bitcoin Discussion / Re: Transaction cost in kWh on: October 02, 2014, 07:18:08 AM

I completely understand your thesis, and I have carried this view for some time.

You might receive a better reception on the "Economics" board.

At least part of the problem is that ASICs themselves were sold as part of a "ponzi" scheme,
hence anyone buying a miner was donating future mining profits to the hardware companies.

The best outcome is for mining to once again become a retail activity hence only the marginal
cost between fossil fuel heating and electrical heating gets added to the cost of transactions.

Until something changes, the flow of bitcoin from the miners has to balance the increase in the
rate of transactions. Changes to that, of course, will move the price of bitcoin up or down.
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