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. > 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 are several critical issues with bitcoin which hopefully other online > currencies will address. > > What other currencies do you think are more promising? -- Anupam _______________________________________________ Ilugd mailing list Ilugd@lists.linux-delhi.org http://frodo.hserus.net/mailman/listinfo/ilugd
