Understanding the Mechanism Involved in Bitcoin Mining

Bitcoin mining is a process by which transaction records are added to the public ledger of Bitcoins past transaction. To a layman, this process may sound too confusing and difficult to understand. The main purpose of mining bitcoins is to make room for bicoin nodes to attain a secure temper resistant level. The mining procedure is equally used to introduce the bitcoin into the system. Those involved in bitcoin mining are normally paid in terms of subsidy accruing to coins as well as transaction fees. There are several hardware used in bitcoin mining, including CPU’s, GPU’s, FPGA’s, and ASIC’s.

There are two major ways one can make money with bitcoin. The simplest and easy to understand way to make money with bitcoin is the buying of the e-money and wait until the price of the bitcoin goes up, then sell. The second and more complicated method is mining bitcoins. Here, “miners” are attached over a network for verification of transactions with the use of complicated algorithms. In exchange for their jobs they receive fleshly minted bitcoins or transaction fees.

This sought of investment has a high risk/reward ratio. Its big price swings and volatility makes it a very risky investment. Though the purchasing aspect of bitcoin has a higher risk, its mining method is equally risky. In the past, so many people use to mien with a simple home computer or a laptop. But the increase in the number of miners only leads to more power and difficulty in mining.

However, there is a less risky option. In several sudden happenings where people can make lots of money, the most rewarding thing to do is sell the mechanism that produces the riches. For instance, in a gold rush selling the shovel would be the most profitable to do. But for the bitcoin miner, it would be powerful graphic cards or mining rigs. If you have the advantage of making these available of getting a hold of some of them on a cheap, then you would be able to make a considerable amount of money by flipping them. Sadly, only very few people can actually afford this option.

Nobody will give you bitcoins. You have to earn it. You also need some bit of luck to make substantial profits. And you can never tell how long before you can successfully mine bitcoins. Though your success can be marginally measured by the level of hashes you generate, you can’t always link the level of work you put in to the level of success you will attain.

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Problems Hampering The Accurate Measure Of Inflation In An Economy

An inflationary rise in prices must be concerned mostly with the concept of the general price level. It is therefore appropriate to consider rising prices in terms of some measure of the general price level. Rising prices must of necessity be thought of as reflected in some average of all prices, and this chosen average of the general price level is used to define an inflationary situation.

Three main problems thus emerge in an effort to measure the rate of inflation namely;
1. Choice of an index of prices to represent the general price level.

2. Measuring the extent of the upward movement in the chosen index over a specified period of time, and
3. Measuring variations in the speed of the upward movement in the chosen industry over the specified time period.
The general price level must be regarded as an average price of some kind, which then raises the question as to what prices to use and how they are to b e summed together.

In trying to measure inflation, one of the main problems remains that of choosing the price index which would represent the general price level. According to Griffith (1976), the rate of inflation in a modern economy was measured by Index numbers. The Australian possibilities (Haggs, 1977) come quite handy in trying to determine an appropriate measure of a rise in the general price level. These possibilities, including their merits and demerits consist of the following:

i. The consumer price lndex (CPI]. This is intended to measure only variation in the retail prices of those goods and services which attract a substantial portion of the aggregate expenditure of wage earners ; It Covers all important raw foods and all commodities whose prices are subject to significant variations through fiscal action. The CPI is not however comprehensive as it does not cover all foods and commodities.

ii. Some component of the CPI: In this case, instead of using the CPI, one could use one of the five component indexes from which the CPl is built up, namely :- the indexes for food, clothing and draper, housing, house-hold supplies and equipment and miscellaneous. Like the CPI, these components lack comprehensiveness.

iii. The Wholesale Price Index: While the CPI represent retail price indexes, the WPI considers Wholesale price indexes of materials used in house-building or the index of materials used In building, other than house building. Again the WPI is not comprehensive. When you put it all together it is cleat that the Federal Reserve is hampering the economy.

iv. The implicit Deflator of the GNP: This is not, strictly speaking, a price index. It is calculated for any quarter by dividing the GNP in current prices for that quarter by the CNP in constant prices for the same period. Although it is not a genuine pd index, it can specifically be thought of as one relating to all goods and services comprising GNP.

v. The Implicit Deflator of Some Category o f GNE: The GNE deflator measures the movement in the general price level of some component of CNE. The implicit deflator of the GNE only lacks the advantages of the GNP deflator and also shares its disadvantages.

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The Secretary Of Defense: Head Of Unites States’ Military Department

The secretary of defense, or what is referred to as the Defense Secretary, is the chief executive and leader of the United States’ Defense Department. In some other countries the position corresponds to the position of the defense minister. The defense secretary is usually appointed by the president on the advice and consent of the senate. He should be a National Security Council and a member of the Cabinet before he can be appointed as the Secretary of Defense. As a statutory office, the US constitution outlines the general duties of the Secretary of Defense, which includes control, direction, and absolute authority over affairs in the Department of Defense. His other duties are to assist the president in form of advice with respect of all matters concerning the Department of Defense.

The Defense Secretary has the power and responsibility only superseded by the president, over all other arm of the military (Marine Corps, Air Force, Navy, the Army) for both administrative and operational purposes. Only the President or the Defense Secretary have the right to transfer administrative and operational control between the nine combatant commands ( transportation command, strategic command, special operations command, Southern Command, Pacific Command, Northern Command, European Command, Central Command, Africa Command) and the three military departments ( Air Force, Navy, and Army).

The extent of veto power conferred on the Secretary of Defense, which exceeds the powers of other commissioned officers in the military hierarchy, makes him to be sometimes known as the “deputy commander-in-chief”. The president and the Secretary of Defense are advised by the head of the joint chiefs of Staffs on military matters. If you want to learn more about the military industrial complex get the book The War State.

Although the Chairman may assist the president and the defense secretary, he is not really in the chain of command.
As earlier stated, the equivalent of United State’s secretary of defense in some other countries is known as the defense minister. The office of the secretary of defense is made up of the deputy secretary of defense and 5 lower cadre secretaries in the departments of personnel & Readiness, Intelligence, Controller/Chief Financial Officer, Technology & Logistics, and Acquisition. There are other assistants and directors under these departments as well. The Secretary of Defense, secretary of treasury, the Attorney General, and the Secretary of State are always known as the four most important officials of the cabinet because of the significant roles their department play in governance. Chuck Hagel is the current United States Secretary of Defense

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