Roubini vs. El-Erian: How Bad Off Is the Economy?

Bloomberg Television’s “Lunch Money” Host Matt Miller reports on the global economy with interviews from both Nouriel Roubinin and Mohamed El-Erian.

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  1. Even though there is a huge insarece in h/ps calculating power getting ready to come online, the algorhythm is still set up to adjust the level of difficulty in order to control the amount of Bitcoins created. So in other words, just because there may be a 1000-fold insarece in computational power to create bitcoins, the difficulty level will also insarece so that the same amount of BTC created would still take as long as it did before there were so many GPUs mining. Per ? : Blocks are mined every 10 minutes, on average and for the first four years (210,000 blocks) each block includes 50 new bitcoins. As the amount of processing power directed at mining changes, the difficulty of creating new bitcoins changes. This difficulty factor is calculated every 2016 blocks and is based upon the time taken to generate the previous 2016 blocks. The last block that will generate coins will be block #6,929,999 which should be generated at or near the year 2140. Also: If no more coins are going to be generated, will more blocks be created?Absolutely! Even before the creation of coins ends, the use of transaction fees will likely make creating new blocks more valuable from the fees than the new coins being created. When coin generation ends, these fees will sustain the ability to use bitcoins and the Bitcoin network. There is no practical limit on the number of blocks that will be mined in the future. Just an FYI.

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