What is "there" in BItcoin is what was "there" when IBM's deployment of MSDOS on its PCs forced everyone to buy MSDOS and write applications for MSDOS:
The network effect. There are two essential ingredients that go into this network effect for Bitcoin and neither of them involve "speculative fever" any more than did MSDOS's domination of the personal computer software market: 1) Cryptographically secure limited number of coins. 2) Cryptograpicically secure transmission of coins between private keys. The transmission of money is valuable in itself. All has to happen to turn that value into the "backing" for the coinage is a believable limitation on the supply. That belief is not "by agreement" nor is it "by fever" -- it is mathematical. On Wed, Feb 26, 2014 at 12:13 PM, Jones Beene <[email protected]> wrote: > *From:* [email protected] > > > > it seems that test is the object of the bitcoin miners. > > they don't mine crytokeys, thet are simply paid for their work to check > and reconcile the transations log, the accounting registers... > > > > > > The real problem with Bitcoins is not really security. Instead it is that > there is "nothing there, there" nothing but speculative fever. > > > > Anyone contemplating any renegade currency should read up on the Dutch > Tulip bubble of 1619 and beyond. The parallels are awesome. > > > > http://en.wikipedia.org/wiki/Tulip_mania > > > > Fools rush in .... > > >
