I am not sure either way. It could be that Bitcoin takes its place as a real currency (in some ways, it already is for the Internet black market). It may fizzle as a fad. It may be deemed illegal and driven underground. it will crash again (it is a currency, so it will - trivially true statement) - will it always recover, like a real world currency?. Who knows - I had no time to think about this.
The BitCoin paper is here, that should explain how the scheme works: http://bitcoin.org/bitcoin.pdf Best -F PS: Satoshi Nakamoto is somebody's secret identity. Most likely a team of Quants in London or NYC, but even that is uncertain. On Apr 17, 2013, at 1:36 PM, Kurt Keville <[email protected]> wrote: > Well, if it walks and talks like a pump & dump scheme ... > > There are no math answers to give (as there are in, say, the GIMPS > project)... this is just gratuitous CPU burdening for it's own sake. I have > been to a couple of the Bitcoin Club meetings at MIT and I still don't get > it... seems to me to be a currency musical chairs; you don't want to be > holding this currency when the bottom drops out again... there is another > one this Friday if you are interested... I still go even though I still > haven't figured out what the hubbub is all about. > > At 10:33 AM 4/17/2013, Greg London wrote: > >> >> Bitcoin has been all over the news this past week. >> >> I don't understand. It sounds like someone set up a >> company to trade in virtual money, and all I have to >> do to mint my own money is do some math? >> >> I do some math, show them the answer, and they... do what? >> They give me money? They act as a trader and take a >> commission off on anyone trading money? >> >> Can someone explain how this works at the transaction level? > > _______________________________________________ > Hardwarehacking mailing list > [email protected] > http://lists.blu.org/mailman/listinfo/hardwarehacking _________________________________________ -- "'Problem' is a bleak word for challenge" - Richard Fish (Federico L. Lucifredi) - flucifredi at acm.org - GnuPG 0x4A73884C _______________________________________________ Hardwarehacking mailing list [email protected] http://lists.blu.org/mailman/listinfo/hardwarehacking
