Karl Auer wrote: > On Thu, 2013-04-18 at 23:07 +0930, Glen Turner wrote: >> If you think about it from a monetary economist's point of view, it is >> inability to readily create new bitcoins which prevents effective >> management of the money supply. Since bitcoins only work if they are >> difficult to create then they can't be managed like a currency is, and >> thus they'll always be prone to rapid inflation and deflation.
Has anyone raised the spectre of a possible back door in the bitcoin system, coded in by the original designer? If not, I do so now. Aside: there is already a "backdoor bitcoin harvesting virus" on Mac OS X: http://www.f-secure.com/v-descs/backdoor_osx_devilrobber_a.shtml > Only in the same way that gold isn't a currency - and we have cold > coins :-) > > And what do people turn to, even today, in times of crisis or distrust? > Gold. > > I think the critical, overwhelming disadvantage of bitcoins is that they > require an enormous pyramid of high-tech to use. Come the crash - gone. Comes the crash, almost all of my money ... except a few coins and bills ... gone. They are all bits on mag media somewhere. That is, if you are talking about a digital crash. cheers rickw -- ------------------------------------ Rick Welykochy || Vitendo Consulting On social media, it is easy to mistake popularity for credibility. -- Kevin Ashton _______________________________________________ Link mailing list [email protected] http://mailman.anu.edu.au/mailman/listinfo/link
