it depende on what usage you make of a currency, and of the coins. bit coins are COINS... like coins and banknotes, the mass is not so important if there are contacts that extend the monerary mass. Today most of gold is paper-gold, contracts.
bitcoins, is not better than platinum, gold, or sardin cans (in jail), or banknotes . it is harder to counterfeight, and easier to transmit than gold or banknotes, easier to store than sardins, and harder to mine than sardins. people overestimate the importance of the centralbank in monetarymass, and even more the importance of M1 (coins/notes quantity). today even M3 is meaningless as monetary mass... M4+ seems the key factor today. 2014-02-26 23:36 GMT+01:00 Randy wuller <rwul...@freeark.com>: > I have listened as long as I can to this discussion of Bitcoin by a > community of those alleged technical people (ie scientists) on a email list > devoted to for the most part "Cold Fusion/LENR". Bitcoin isn't valuable > because it has a limited supply, it is in essence worthless for that > reason. Currency to have value in our modern age can't be fixed to some > arbitrary value, it must be able to grow rapidly as the value of goods and > services can and should grow rapidly in the future. Human value has almost > nothing to do with productivity anymore, neither should the money supply. > It should be tied to the almost unlimited ability of this world society to > produce. You only limit production of goods if you tie it to human labor > or a fixed supply of something. Artificial poverty. > > There will undoubtedly be a world currency sometime in the future, it > won't be Bitcoin or anything resembling it and will have nothing whatsoever > to do with an artificial limit or quantity tied to some antiquated notion > of money, it will be used to stimulate the almost limitless production of > goods and distribution of those the members of society. > > The sooner you stop thinking like 19th century people the sooner we can > start living in the world of plenty. > > ----- Original Message ----- > *From:* James Bowery <jabow...@gmail.com> > *To:* vortex-l <vortex-l@eskimo.com> > *Sent:* Wednesday, February 26, 2014 3:47 PM > *Subject:* Re: [Vo]:Is there an echo in here? > > What is "there" in BItcoin is what was "there" when IBM's deployment of > MSDOS on its PCs forced everyone to buy MSDOS and write applications for > MSDOS: > > The network effect. > > There are two essential ingredients that go into this network effect for > Bitcoin and neither of them involve "speculative fever" any more than did > MSDOS's domination of the personal computer software market: > > 1) Cryptographically secure limited number of coins. > 2) Cryptograpicically secure transmission of coins between private keys. > > The transmission of money is valuable in itself. All has to happen to > turn that value into the "backing" for the coinage is a believable > limitation on the supply. That belief is not "by agreement" nor is it "by > fever" -- it is mathematical. > > > On Wed, Feb 26, 2014 at 12:13 PM, Jones Beene <jone...@pacbell.net> wrote: > >> *From:* alain.coetm...@gmail.com >> >> >> >> it seems that test is the object of the bitcoin miners. >> >> they don't mine crytokeys, thet are simply paid for their work to check >> and reconcile the transations log, the accounting registers... >> >> >> >> >> >> The real problem with Bitcoins is not really security. Instead it is that >> there is "nothing there, there" nothing but speculative fever. >> >> >> >> Anyone contemplating any renegade currency should read up on the Dutch >> Tulip bubble of 1619 and beyond. The parallels are awesome. >> >> >> >> http://en.wikipedia.org/wiki/Tulip_mania >> >> >> >> Fools rush in .... >> >> >> > >
