On Sat, Nov 3, 2012 at 3:09 PM, Changaco <[email protected]> wrote: > > I agree with that. What I meant by "money has to be based on something" is > that money creation has to be based on something you can't fake. Otherwise > one can create as much money as one wants, and it's worth nothing.
I see. I agree with you, then. > Money creation is an important part of a monetary system, because when money > is created it devalues the one previously created. Certainly. > Unless I'm mistaken, the Bitcoin creation process is based on proof-of-work. > The more processing power one has, the bigger the share of the monetary > creation one gets. But the Bitcoin monetary mass is limited, just like the > quantity of gold on Earth, so mining gets harder and harder until there is > nothing left to extract. You understand correctly. > Before being able to send Bitcoins one must receive some. How would a new > user get Bitcoins ? The way almost all Bitcoin users get their Bitcoin today is by exchanging some other money for Bitcoin. They give some $, €, £, ¥, etc. to someone in return for which that person gives them ⓑ. The idea that we're bandying about here would introduce another way that they could acquire Bitcoin: by offering p2p services on their computers! It is an intriguing possibility. Regards, Zooko _______________________________________________ p2p-hackers mailing list [email protected] http://lists.zooko.com/mailman/listinfo/p2p-hackers
