On 2013/Apr/19, at 2:49 AM, Rick Welykochy wrote: > 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.
It's open source. All the code is right there, available for view. I'm pretty sure you wouldn't be the first to think that nor the first to look for such a thing. > 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 -- Kim Holburn IT Network & Security Consultant T: +61 2 61402408 M: +61 404072753 mailto:[email protected] aim://kimholburn skype://kholburn - PGP Public Key on request _______________________________________________ Link mailing list [email protected] http://mailman.anu.edu.au/mailman/listinfo/link
