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
To: vortex-l
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 ..
