This Week in Bitcoin — July 11, 2016

The Halvening

This week in bitcoin was momentous. For the second time in history, the rate at which new bitcoin are produced was halved. This occurs roughly every four years. Seventy five percent of all bitcoins have now been mined. The reward for mining new blocks is now 12.5 bitcoin per block.

Bitcoiners from Japan to Israel baked cakes, light firecrackers, and partied. CNBC made the Halvening their front page story.

Bitcoin’s production schedule is highly predictable. No more than 21 million bitcoins will ever be created. Here’s a bitcoin FAQ.

By contrast, the production of Canadian dollars is uncertain and unrestrained. Most measures of CAD, including my personal favorite “M2++ (gross)”, double every 8 years.

The Bank Of Canada

I’ve been criticized for my lack of knowledge of how Canadian Dollars are created and who benefits. I spent the last few weeks corresponding with the Bank of Canada trying to better understand. My journey was unsuccessful, but if you’re interested I made a video about my efforts.

Bitcoin Uncensored

I had a confrontational Facebook chat with well-known bitcoin podcasters Chris DeRose and Josh Unseth, who are famous for calling out blockchain scams. Surprisingly, they are strong supporters of USD and other traditional monies. Commentary continues on my reddit post.