On 15 Dec 2013, at 12:49, Telmo Menezes wrote:
On Sun, Dec 15, 2013 at 9:31 AM, Bruno Marchal <marc...@ulb.ac.be>
wrote:
On 14 Dec 2013, at 23:42, TH Kaas wrote:
It's based on just as much as any medium of exchange. It's also
quite convenient to use, especially for international transfers.
Right.
A money is anything you trust, and which is hard to copy. Bitcoins
might have an added value to the fact that we know more and more
than the traditional banks are not playing the rule, and are hostage
of corporatism. So, bitcoins are more clean.
Although we have to be realist: bitcoins will be quickly taking in
hostage too, as long as corporatism prohibition exists.
The objective value of bitcoins at the beginning was due to the
illegal selling of drugs which reflects better the need than the
legal big pharma economics. When bandits/mafia take power, illegal
activity can be more representative of value than legal one.
I wonder. Bitcoins reached $1000. I don't think this valuation would
be possible without some big fish joining the market. I wouldn't be
terribly surprised if even politicians are hedging their bets and
buying bitcoins.
Yes, why not? Even banks and bandits.
If this gets to a point where we start being able to do business,
buy groceries and so on in bitcoins, then the stormtroopers will
show up for sure. But then it might be too late for them.
Also, the cryptocurrency cat is out of the bag now. New ones are
popping up, litecoin, altcoin, namecoin, etc. Namecoin is an
interesting one, because it's goal is to generate a fully
distributed DNS system. This would decentralize the easiest attack
vector for net censorship.
According to the level of banditism (dishonesty) or spirituality
("honesty"), better coins can emerge. Namecoin seems cool indeed.
The coins by themselves will not prevent banditism, but some coins can
make some form of banditism harder. That seems plausible. A complex
subject. The new rule here is that there is no monopoly unless
monocontrol of the net, but then you develop the undernets, nobody can
control that.
Expect crypto quantum pirates :)
Bruno
Telmo.
Bruno
Op zaterdag 14 december 2013 17:40:25 UTC+1 schreef Roger Clough:
The bitcoin is an international speculative cyber-currency
(based on nothing) that has been inflating rapidly in price.
I would be wary of investing in it because it can drop in value
just as fast as it is rising. It's probably a bubble.
http://www.youtube.com/watch?v=OHVu626uOGE
Dr. Roger B Clough NIST (ret.) [1/1/2000]
See my Leibniz site at
http://independent.academia.edu/RogerClough
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