Still no algorithms, but this article was interesting: http://www.slate.com/articles/technology/technology/2013/04/how_to_buy_bitcoins_a_dispatch_from_inside_the_digital_currency_bubble.html
;No one is quite sure why the price of bitcoins has spiked ;so quickly, but one of the leading theories is that its ;been hit by what Quartzs Zach Seward calls a demand crisis. ;The worlds supply of bitcoins is essentially fixed, but ;because people in the media keep talking about it, demand ;keeps rising. This leads to higher pricesand as prices ;go up, people who currently hold bitcoins develop greater ;and greater expectations for the currency. This causes ;bitcoin holders to hoard their stash, which further reduces ;supply, which in turn boosts the price and sparks yet more ;media attentionand the cycle continues until the bubble pops. That's hilarious. If you read the bitcoin.org manifesto, it rants about how government regulated currencies are nothign but a scam and essentially that paper money is worthless. And yet, the thing they propose is a system that due to its design of a finite number of "coins", is pretty much destined to crash. Whoever created this thing is a genius/conman. No wonder they're keeping their identity a secret. When the bottom falls out of this, everyone is goign to want to kill them. > >> On Thu, Apr 18, 2013 at 01:14:44PM -0500, Greg London wrote: >>> So, I do some math, I find some number, and everyone >>> calls that a "coin"? These "coins" would be, in my >>> estimation, be worth less than a penny per "coin". >> >> You can trade 1 Bitcoin for $96 USD right now on Mt. Gox. > > I haven't been able to find somethign the describes > the algorithm needed to generate a new "coin", > but if it takes significantly less time/energy > to generate a coin than the $100 they trade for, > then I don't understand how this is anything other > than a bubble. > > > > -- _______________________________________________ Hardwarehacking mailing list [email protected] http://lists.blu.org/mailman/listinfo/hardwarehacking
