On Sat, Jun 11, 2011 at 02:16:55AM -0000, John Levine wrote: > In article <021ccba9-9203-4896-8412-481b94595...@cs.columbia.edu> you write: > >http://gcn.com/articles/2011/06/09/bitcoins-digital-currency-silk-road-charles-schumer-joe-manchin.aspx?s=gcndaily_100611 > > I wouldn't call bitcoins digital cash. They're more like digital > tulip bulbs, or bearer shares of theglobe.com. > > Whatever they are, it's a self limiting problem since the bubble will > burst soon enough.
Unlike fiat currencies, algorithms assert limit of total volume. And the mint and transaction infrastructure is decentral, so there's no single point of control. These both are very useful properties. I don't expect Bitcoin to be it, but it is definitely a predecessor to a number of such currencies which will become practical both for machines and people. _______________________________________________ cryptography mailing list email@example.com http://lists.randombit.net/mailman/listinfo/cryptography