Bitcoin Blog a1

Friday, July 15, 2016

Months late and a few dollars short.

You might think blogging about cryptocurrency is all fun and games. Well, that's not always the case. I have lost some money in the past, but I may have lost some more again.

One of my loans on btcpop may default.  It is now quite a few days late. I had one loan that was about 3 or 4 days late, but this one is now 5 days late and the borrower hasn’t been heard from in a few days. Fortunately, I never lend much money out to one person at one time. I diversify my loans over time and over people. This way, if one person defaults, which may be the case, it's not the end of the world. I have other loans that will probably be repaid and I will come out ok. I also diversify over time, I don't make many loans at once. This way, if the P2P bitcoin loans industry hits a problem, I don't lose all my money either.

In addition to being a few bucks short, I am behind the times on my cryptocurrency news. Ethereum is apparently the number two coin in terms of market cap ($ 971,423,765 as of the time of this article). I heard about it quite a while ago, but I didn’t think that it would really grow into what it became. I was wrong. It did become something big, and now I will probably have to report on it. Ethereum is quite different from bitcoin in a few ways. One, it is not merely a digital currency. Ethereum is primarily like a digital computer; it enables people to create contracts that execute code under certain conditions. Ethereum also differs technically from bitcoin. In addition, Ethereum had a substantial premine.

More information is available here. This is a bitcoin site I recently started to follow.

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