Posted on 12/05/2013 8:17:24 AM PST by Errant
Haha - no need for vaults. That’s a good one.
“On my machine it would take about a year of calculations to solve the algorithm needed to generate a single bitcoin. “
I.E. It takes a year of absolute wasted CPU cycles (and more in electric bills) to produce one of these worthless pieces of crap.
Here’s a better idea. Download folding@home or SETI@home and at least provide scientifically valuable computations to posterity. Maybe your CPU cycles will be the ones that find a cure for cancer.
Value is based on supply and demand. Dirt’s not selling for more than bitcoin right now.
If you’re stuck on a desert island by yourself and need to survive, gold is worth no more to you than bitcoin or dollars. But all of them can have value on the open market based on supply and demand.
Sigh...
I have some Enron stock. Wanna buy?
(Some people never learn. You’d think they’d learn from the fiat dollar. Instead of proposing something sensible, they latch on to the fiat currency anarchists dream about. This is how it all collapses in time.)
Here’s another.
http://gonzalolira.blogspot.com/2013/12/a-calm-analysis-of-bitcoins-as-currency.html
Lacks fungibility and the source owner is traceable in each bitcoin, so they are vulnerable to future arbitrary devalueing based upon the individual owner.
What are vaults going to be needed for? Digital currencies don't use them, nor the vaunted one world currency (SDRs) they hope to implement, and the way they're printing dollars, they'll soon not be worth the storage costs.
Bitcoin is not unique. There are other digital coins trying to compete with it. Eventually, as FaceBook supplanted MySpace, something will drive Bitcoin value to zero.
There are still issues to be worked out on the growth of the chain of info recording bitcoin use history.
As long as there is no real value behind the bitcoin, except scarcity, it's just another version of tulips or beany babies or Hummel figurines.
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