On Sun, Dec 15, 2013 at 9:31 AM, Bruno Marchal <marc...@ulb.ac.be> wrote:

>
> On 14 Dec 2013, at 23:42, TH Kaas wrote:
>
> It's based on just as much as any medium of exchange. It's also quite
> convenient to use, especially for international transfers.
>
>
> Right.
>
> A money is anything you trust, and which is hard to copy. Bitcoins might
> have an added value to the fact that we know more and more than the
> traditional banks are not playing the rule, and are hostage of corporatism.
> So, bitcoins are more clean.
> Although we have to be realist: bitcoins will be quickly taking in hostage
> too, as long as corporatism prohibition exists.
>
The objective value of bitcoins at the beginning was due to the illegal
> selling of drugs which reflects better the need than the legal big pharma
> economics. When bandits/mafia take power, illegal activity can be more
> representative of value than legal one.
>

I wonder. Bitcoins reached $1000. I don't think this valuation would be
possible without some big fish joining the market. I wouldn't be terribly
surprised if even politicians are hedging their bets and buying bitcoins.

If this gets to a point where we start being able to do business, buy
groceries and so on in bitcoins, then the stormtroopers will show up for
sure. But then it might be too late for them.

Also, the cryptocurrency cat is out of the bag now. New ones are popping
up, litecoin, altcoin, namecoin, etc. Namecoin is an interesting one,
because it's goal is to generate a fully distributed DNS system. This would
decentralize the easiest attack vector for net censorship.

Telmo.


>
> Bruno
>
>
>
>
>
> Op zaterdag 14 december 2013 17:40:25 UTC+1 schreef Roger Clough:
>>
>>  The bitcoin is an international speculative cyber-currency
>> (based on nothing) that has been inflating rapidly in price.
>> I would be wary of investing in it because it can drop in value
>> just as fast as it is rising. It's probably a bubble.
>>
>>
>> http://www.youtube.com/watch?v=OHVu626uOGE
>>
>>
>>  Dr. Roger B Clough NIST (ret.) [1/1/2000]
>> See my Leibniz site at
>>  http://independent.academia.edu/RogerClough
>>
>>
>>
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