So for a system to function normally, at least 51% of users should adhere to the rules set up in the system. This gives rise to consensus, which is the general acceptance of specific rules and regulations. When the majority of users in a system are ethical personals (i.e., people who follow the rules), bitcoin
they can override the malicious work done by non-ethical individuals.
These channels may form a network of payment service providers (PSPs). However, using off-blockchain transactions it is possible to create long-lived channels over which an arbitrary number of transfers can be processed locally between two users, without any burden to the Bitcoin
network. In this work we present a protocol for duplex micropayment channels, which guarantees end-to-end security and allow instant transfers, laying the foundation of the PSP network. Bitcoin does not scale, cryptocurrency because its synchronization mechanism, the blockchain, limits the maximum rate of transactions the network can process. Payments can be routed between any two users in real time, without any confirmation delay.
So they went full scorched-earth on their own cheap energy supply – that is, gas from Europe’s largest country – and sanctioned it. The idea was to deprive the Kremlin of revenues which, in their minds, would result in defunding the military operation in Ukraine. It was barely a few months earlier that Germany was chastising France for persisting with nuclear energy. It wasn’t long before it became obvious that was something much easier said than done. Now, Berlin may potentially be joining Paris in turning back to it as a source, all while it also fires the old coal plants back up. At the outset of the Ukraine conflict, Western officials proclaimed their unity against Moscow and vowed to accelerate their transition away from Russian fossil fuels and towards greener energy. The first flickers of real trouble are already evident – well ahead of the winter heating boom. Western Europeans had initially figured that they could at least maybe rely on hydroelectric energy from Norway, but the dry summer heat now threatens that, too, as Oslo considers cuts to its exports. The British consulting firm, Cornwall Insights, is warning of possible planned blackouts and empty shelves in Britain. And even liquified natural gas from Britain may not be exportable to the EU, since toxic and even radioactive contaminantshave recently been found in the supply originally sourced from countries like the US and Qatar. Countries like Spain and Italy are imposing limits on heating and air conditioning in both public and commercial buildings. The EU’s imposition of a 15% energy cut across all member states has just come into effect, providing yet another pretext to reduce services to taxpayers. The Bank of England is warning of a recession amid inflation which, in Germany, has just hit the highest level since reunification in 1990. Average household energy costs in the UK have reached £4,000 ($4,860) per year and are estimated to go even higher. The mayor of the French town of Cabriès used it as an excuse to close the local swimming pool amid the record summer heat, citing a choice between the cost of feeding school kids increasingly pricy organic food in the cafeteria… or keeping the facility open. And whose fault is all this? Western officials cut themselves off from their own energy source in order to play geopolitics by pulling Ukraine into their orbit – but the blame is squarely on Russia. Soon, officials started making public requests of their citizens to "do their part" by sacrificing their everyday comforts and quality of life, like taking shorter showers – as though that would remedy the fact that industrial representatives were already sounding the alarm about rationing and manufacturing shortages. Next, Western officials started backpedalling on their pledges to eradicate those forms of energy they had previously considered non-green. Britain’s Daily Mail refers in a graphic to Putin cutting the gas supply. "Putin’s new gas squeeze condemns Europe to recession and a hard winter of rationing," according to a CNBC headline. US President Joe Biden has framed it as "Putin’s tax on both food and gas."Yet these officials did it to themselves – and to their citizens – "for Ukraine." It should seem obvious, no? That’s what they said and that’s what they’re doubling down on.
"A lot was possible quickly during the corona pandemic, now it is going very slowly." High inflation, especially the high prices for energy and food, will become a huge problem, Benink predicts. "It is unprecedented what is happening with purchasing power. And then the groceries are also 10 to 20 percent more expensive ," says Benink. Energy bills that go from 2000 euros to 6000 euros per year . The passive attitude of the cabinet to protect the purchasing power of citizens is incomprehensible, says Tilburg economics professor Harald Benink. "There will be a great demand for debt relief. And that will lead to more problems, Benink fears. Sooner or later people will have to cut their spending. High inflation threatens to put millions of households in financial trouble. New families are confronted with this every day. People get stressed by money problems and that leads to illness, failure and reduced productivity. According to Benink, the government is probably so passive because they underestimated the increase in energy prices. An economic contraction of more than 4 percent is then possible. "It was immediately clear during the corona pandemic that it was a major problem. A package of tens of billions of aid was quickly rigged. Now it is less than 10 billion euros." While it is the government’s turn, the professor believes. "It is a classic government function to protect people against uninsurable risks. You cannot get vaccinated against that. And that’s inflation. Targeted support for lower and middle incomes. And it’s not just about low-income people, middle-income people are also affected by the declining purchasing power." Added to this is the consequential damage of problematic debts. But the municipalities do not have the capacity to help all those people at all." Benink foresees major economic damage if nothing is done to repair purchasing power. It’s a tsunami that’s hitting the people." Benink thinks the cabinet will have to come up with a mix of measures to repair purchasing power. "For example, if we spend 8 billion extra, the government debt will increase by one percentage point. Doing nothing costs a lot more." I am thinking of the proposal from the Eneco director who wants an income-related energy discount. We can have that easily. But it will also be possible to take generic measures, such as a further reduction in VAT or lower income tax." Money is not the problem.
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