On Wed, May 1, 2013 at 5:04 PM, Anupam Jain <ajn...@gmail.com> wrote:
> On Wed, Apr 17, 2013 at 1:37 PM, Supreet Sethi <supreet.se...@gmail.com>wrote: > >> Bitcoin is evil. Comparison to FOSS movement is ill thought out. Although >> there is political channelling of thought which is common between the two, >> the actual implementation is bitcoin is marred by several questions. >> >> To start with: Who is Satoshi Nakamoto? I know RMS and Linus, I can talk >> to >> them (although they may not want to talk to me, which is besides the >> point). So Bitcoin is designed by entity with unknown affiliation (this is >> critical although it may not look at outset) >> >> > The bitcoin protocol and clients are free and open, so how does it matter > who initially invented them? > > >> Secondly: When bitcoin infrastructure was started Satoshi or some >> (one/people) pretending to be Satoshi, he started mining coins himself. At >> the time, the yield was much better than it is now. Which means Satoshi >> may >> have millions of coins which leads to asymmetry of "money". >> >> > This is a valid concern, however I don't think of it as that big of a > problem. Early adopters need to get rewarded, otherwise a new and > disruptive currency will never gain traction. > Early adopters should be rewarded, no doubt but not at the level of creating asymmetry in the economy. Traditionally during issuance of currency government should incur net loss by holding some amount of gold equivalent. Not any more. Additionally more than even how much bitcoins Satoshi holds, Who is Satoshi? > >> Thirdly: Most transactions in bitcoin are connected to Mt. Gox someway or >> the other. Which is about 90% of transactions or more. For a transaction >> to >> be truly decentralized transactions should be routed through multiple >> gateways. Somehow none other exists. It would like you can develop code in >> opensource but it can only be hosted at github. >> >> > The reliance on MtGox is only a temporary concern, as new Exchanges are > bound to come up. If you don't like MtGox, don't use it. You definitely > don't need to use it unless you plan to day trade. > There was a bloom of exchanges which disappeared. In fact, if you search enough, you will find code written by people doing arbitration between two exchanges. Not anymore. > > >> There are several critical issues with bitcoin which hopefully other >> online >> currencies will address. >> >> > What other currencies do you think are more promising? > > -- Anupam > > -- Supreet Sethi Ph IN: +919811143517 Ph Skype: d_j_i_n_n Profile: http://www.google.com/profiles/supreet.sethi Twt: http://twitter.com/djinn _______________________________________________ Ilugd mailing list Ilugd@lists.linux-delhi.org http://frodo.hserus.net/mailman/listinfo/ilugd
