tag:blogger.com,1999:blog-7172133683313541209.post3216347866233453946..comments2023-10-28T02:57:29.796-07:00Comments on Trust is the Only Currency: BitCoin: a rube-goldberg machine for buying electricityMira Lunahttp://www.blogger.com/profile/09741129554303883384noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-7172133683313541209.post-12775983677354401082011-06-25T06:10:02.696-07:002011-06-25T06:10:02.696-07:00When the BitCoin people talk about moving the deci...When the BitCoin people talk about moving the decimal point to support the future deflation of the currency, they're just deluding themselves that they aren't creating "more money," they would just love to fantasize that their 50BTC will be worth "zillions" in the future. <br /><br />If your money deflates from 21 million coins and you "allow" the decimal point to be moved 10 places, you've effectively created 21,000-trillion absolute units of BitCoin and the "early" adopters end up being conveniently rich. <br /><br />Over time, people will start relabeling the harder to use units---who is going to say 0.005 BitCoin when its easier to say 5mBTC or 0.000005 BitCoin when its easier to say 5μBTC ? This that funny-money? This has already been proposed on the BitCoin forums and it turns a potentially great idea for money into a game of Calvinball.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-22593117537610940192011-05-28T06:54:53.541-07:002011-05-28T06:54:53.541-07:00Bitcoin is a scam for the gullible, greedy and idi...Bitcoin is a scam for the gullible, greedy and idiotically paranoid. Thus you cannot reason with them, especially the internet as they all think they have the economic vision of Warren Buffet. These are the same idiots quoting Rand without ever reading the whole book.<br /><br />Proof of concept: Unnecessary need for anonymity. If you have the strength of conviction for your words then there is nothing to hide.mr.anthropehttps://www.blogger.com/profile/10758060695009339766noreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-55979514071440443642011-05-12T07:51:03.586-07:002011-05-12T07:51:03.586-07:00I'm entertained. All currency is the same, the...I'm entertained. All currency is the same, they are correct. . its based on trust. I just don't understand why its so difficult to trust the first currency which is completely open. Not sure if it will be bitcoin in the end. . but i do believe one of these online currencies will prevail. . till countries punish those who use the currency.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-29648629423111471462011-04-16T14:04:05.663-07:002011-04-16T14:04:05.663-07:00the article was just an excuse. everyone is going ...the article was just an excuse. everyone is going to remember him as the first guy to compare bitcoin mining to rube goldberg machines. doing research so you have something to say would just slow you down and someone else woulda beat him to this snazzy titleAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-76792009835092007642011-04-13T07:48:41.043-07:002011-04-13T07:48:41.043-07:00Ridiculous article. The author misunderstands almo...Ridiculous article. The author misunderstands almost everything about bitcoin.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-25119091696604882892011-04-07T03:54:56.694-07:002011-04-07T03:54:56.694-07:00FYI another article on bitcoin, also responding to...FYI another article on bitcoin, also responding to some concerns raised here<br /><br />http://www.dyndy.net/2011/04/bitcoin-presented-to-the-old-world/Jaromilhttp://jaromil.dyne.orgnoreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-7242342856155838792011-04-06T09:48:37.493-07:002011-04-06T09:48:37.493-07:00I can't believe people write about bitcoin wit...I can't believe people write about bitcoin without basic understanding of economics.JulianGhttps://www.blogger.com/profile/02632078008832873638noreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-51320759576250507312011-03-31T00:35:13.642-07:002011-03-31T00:35:13.642-07:00The author did not correctly understand how bitcoi...The author did not correctly understand how bitcoin works.<br /><br />Proof-of-work is not used to 'create' bitcoins. It is used to decentralise the network. Miners get bitcoins as a reward for helping the network to work. The best way to convince yourself of that, is to consider that according to the protocol, bitcoin generation in time will decrease no matter what, even if total CPU power keep increasing.grondiluhttp://www.bitcoin.orgnoreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-61654550806170973552011-03-24T22:41:34.324-07:002011-03-24T22:41:34.324-07:00And yeah you got the Zimbabwe comparison backwards...And yeah you got the Zimbabwe comparison backwards. The Zimbabwe dollar became devalued because the central bank effectively created an infinite unlimited supply of ZWD by demonstrating a willingness to print more of it whenever government employees threatened to go on strike. Bitcoin is the opposite in that there is a hard limit of 21 million, ever. It will not devalue due to inflation in the long term, it will deflate in the long term. Every one gets hung up on the whole 21 million not being enough. In this regard it is better to think of it as gold. There is a finite amount of gold as demand increases for gold its value increases because supply is fixed. And thats okay. If you plan to use gold as a medium of exchange you will just have to take that into consideration. So too with bitcoin.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-63456112893533407222011-03-24T22:32:11.836-07:002011-03-24T22:32:11.836-07:00So while in some frames bitcoin is claimed to be a...So while in some frames bitcoin is claimed to be a currency, in reality it is designed to mimic a precious metal. Just like there is a finite amount of gold in the Earth, there will be a finite amount of bitcoin. Fiat currencies replaced gold as current money for very specific and natural reasons. But gold is still considered a viable means for storing value as evidenced by its use by governments and the price of gold on the various exchanges. Granted gold and other precious metals' value fluctuates more than the dollar, but it still has its use... whether or not you agree with it. Such will be the same with bitcoin.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-30995291755557496302011-03-22T16:22:54.855-07:002011-03-22T16:22:54.855-07:00"It isn't a good thing for users, as pric..."It isn't a good thing for users, as prices will continually change. "<br /><br />Sheer folk economic idiocy. Users benefit because they can purchase more - not just of a particular good but of all goods they desire. Price decreases are single handedly responsible for the uplifting of billions of people out of centuries of subsistence farming and poverty. Accumulation of capital and wealth for the common man were made possible because the cost of production of immediate needs (food, shelter) were lowered through division of labor and specialization. <br /><br />Psychologically dealing with lowering prices is a total non-issue. No on has a problem seeing the price of HDTV's, computers, and cell-phones going down. The only reason it doesn't happen in the rest of economy is because of the destructive inflationary regime of fiat currency.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7172133683313541209.post-89344679110030540212011-03-21T04:56:17.831-07:002011-03-21T04:56:17.831-07:00Great article Mira Luna,
only one point I would ...Great article Mira Luna, <br /><br />only one point I would like to make, regarding<br /><br />"...we have a currency that will devalue itself almost as easily as the Zimbabwean dollar, except by using progressively smaller and smaller subdivisions of a BTC. Should we be using BitCoin 10-decades from now, we’ll still reminisce how it used to be that 10 BTC would have bought you a nice meal, and so on."<br /><br />You've got the idea, bitcoin will change in value. Each coin will be more and more subdivided so you can still use it to buy something with it. <br /><br />Technically, that's not called devaluation but appreciation, meaning each whole unit of bitcoins will become worth more and more. It isn't a good thing for users, as prices will continually change. <br /><br />The only ones to gain from this forced change in value are going to be the early adopters who may sit on a pile of bitcoins and can buy - in case the currency really does take off - they will be able to buy a car for a whole coin, rather than a sandwich...Sepp Hasslbergerhttp://blog.hasslberger.comnoreply@blogger.com