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Bitcoin - A decentralized virtual currency
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Post by
pezz
So, I've just read the Economist's new article on Bitcoins (
here, but you can't see it unless you're a subscriber
), a completely virtual currency with no central bank or central authority or anything of the like.
Wiki
Among other interesting things:
The system basically makes a log of all transactions every 10 minutes (to prevent people spending the same money twice, i.e., counterfeit), and every time it does, it adds 50 Bitcoins to the system.
Much like Friedman always wanted, this is no central authority, but rather a very automatic and predictable way to increase the money supply. Its creator has even come up with a system to emulate a mineral currency: every four years, the amount of coins added every 10 minutes will be halved, much like a mineral where all the best bits are mined out, followed by smaller bits, etc.
I'm fascinated to see if anyone on Wowhead uses this, and what your experience has been, but general discussion is also welcome.
Post by
Monday
I could see it, and I'm fairly sure I'm not a subscriber >.>
Just looking over it though, I'm not sure if I like it. There's a major problem that I have with it: you can also lose your money if your computer goes up, which is a problem for many people as computers can be hacked/damaged pretty easily.
Post by
193410
This post was from a user who has deleted their account.
Post by
238331
This post was from a user who has deleted their account.
Post by
Orranis
The fact it's virtual is what scares me. Who is to say a country could take advantage of this and freeze all your money?
What country? How would they do this?
What is to stop hackers, who will eventually break the security, from stealing large gobs of money from non-computer savvy individuals?
Banks can be robbed too you know.
Post by
Azazel
Don't see it happening in the next few decades.
Post by
238331
This post was from a user who has deleted their account.
Post by
Thror
From my personal point of view... I use "virtual currency" almost all the time. Except the type I use is actual Euros stored on my bank account, and by "using virtual currency" I mean purchasing things with my card. I usually have zero cash on me. I can not really see the big advantage of this currency, over the functionality of your common modern bank account.
Post by
pezz
If you're a small government type, it's the facts that it's completely divorced from government and has a fixed rate of increased money supply that differentiates it quite completely from electronic bank accounts in conventional currencies.
Edit: And Hmm, funden, either you don't need to subscribe to read their blogs or you're all on my account now...
Post by
Thror
If you're a small government type, it's the facts that it's completely divorced from government and has a fixed rate of increased money supply that differentiates it quite completely from electronic bank accounts in conventional currencies.
Well, yeah I got that, but how is that an advantage? I suppose there are people that do not trust banks?
Post by
pezz
Less overhead for one thing, and it's not so much people not trusting banks as people not trusting central banks.
Post by
DrWho42
i have a few hundred usd invested so far
Post by
DrWho42
I think crypto is a futurte. My firedn has a card with he can pay everything, from food to car. He is paying with crypto at companies that has crypto pos . I think is a great opportunity also for start ups.
the link got removed fwiw(##RESPBREAK##)
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