Blockchain vs Visa

The Visa card processing system handles about 1,700 transactions per second. The Bitcoin blockchain can handle about 4.6 transactions per second.  Other blockchains, such as the Ethereum, may be faster but they still cannot approach Visa’s speed.  Three components of blockchain play off against each other when you try to increase the speed of blockchains.  …

Nixon and the Gold Standard

David Westin’s “Balance of Power” show on Bloomberg is often insightful.  Today I learned of Jeffrey Garten’s new book Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy.  It is a bout President Nixon’s decision to take the US off the gold standard, under which gold had been pegged …