Editorials & Other Articles

bemildred

(90,061 posts)

11. I blow hot and cold on this.

Wed Jan 22, 2014, 07:14 PM

Jan 2014

It is a form of fiat money, but with constraints on quantity. Bitcoins aren't just printed.

And it is digital cash, a bearer instrument.

The idea is discussed in Cryptonomicon: http://en.wikipedia.org/wiki/Cryptonomicon

It seems to me, if it gets much traction, it is a direct threat to the existing governmental currency scheme, and I expect it to be resisted vigorously, if it takes off.

And it thwarts some sorts of surveillance, and as mentioned makes fraud more difficult. But it also makes transactions more opaque to LEO. You know people exchanged Bitcoin, you have no idea why.

As an idea, I like it, but I think it's going to be an ugly fight.

And if it does not take off, you got nothing.

I think there will be imitators.

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24 replies

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Bit Coin..why it matters [View all] dixiegrrrrl Jan 2014 OP

Bitcoin matters like Amway matters. tridim Jan 2014 #1

What part of the article supports your statement? dixiegrrrrl Jan 2014 #2

It is common knowledge that Bitcoin is a pyramid scheme. nt tridim Jan 2014 #3

I knew next to nothing about bitcoin caraher Jan 2014 #4

Thank you for reading the article before commenting. dixiegrrrrl Jan 2014 #6

I guess government and I are in much the same boat then caraher Jan 2014 #7

It took me a bit of time to realize dixiegrrrrl Jan 2014 #9

It's an idea to get away from currency strangleholds KoKo Jan 2014 #5

Interesting article wercal Jan 2014 #8

count me as one nerd who isn't transfixed paulkienitz Jan 2014 #10

My question would be - Who Paid for the Bitcoin Billboards? wercal Jan 2014 #12

no, nobody controls it paulkienitz Jan 2014 #19

Who puts out the updated versions of Bitcoin? wercal Jan 2014 #21

Good question........apparently there is a bitcoin Foundation dixiegrrrrl Jan 2014 #22

Interesting wercal Jan 2014 #23

I blow hot and cold on this. bemildred Jan 2014 #11

Have you read Cryptonomicon by Neal Stephenson? pscot Jan 2014 #13

I love N Stephenson truedelphi Jan 2014 #15

I have the book.... dixiegrrrrl Jan 2014 #16

Cryptonomicon is worth slogging through, also "The Diamond Age". bemildred Jan 2014 #20

As a co owner of a business that has Chinese customers, we truedelphi Jan 2014 #14

The Feds are acting against bitcoin in some cases but FOR it in others...weird dixiegrrrrl Jan 2014 #17

, blkmusclmachine Jan 2014 #18

Thanks Dixiegrrrrl - timely and enlightening. n/t Mira Jan 2014 #24