I am likely doing a poor job of describing the problem with bitcoin that is so similar to all the other "barter" systems. Barter, in general, is loosely understood as any mechanism for which value given and value received is conducted without the use of US currency. Thus, bitcoin is going to turn into a barter system whether the purists wish to designate it otherwise, or not.
Further, you say that there is essentially no way that any individual/group may create a bitcoin out of thin air, thereby "filling their account" (or issuing chits to themselves). Famous last words, my FRiend. Kids can hack NASA, and they can hack bitcoin. Watch for the next few months and ask, "any counterfeits in the system?" That is what barter does...it amplifies the opportunity for counterfeit because the foxes own the henhouse.
But, go ahead and buy into it. When the crash from volatility sets this thing to $ 50 per bitcoin, down from $ 970 (okay, I was admittedly wrong about $ 1700), then notice how many squeal because it won't translate into the US$ they gave up.
Thanks for the clarification. The Bitcoin economy is by your definition a barter economy as users are already exchanging value using it outside the USD. No going to be about it.
We’ll see about the script kiddies being able to break the Bitcoin system. While I don’t know every jot and tittle I have a good understanding of the system and it looks solid so far (I’m a programmer).
You indicated upthread that you don’t see the point of Bitcoin. Personally, my interest is in a secure payment system where I don’t have to expose my banking and id information to theft. Having the transaction be cheaper is a plus, though it may not be any cheaper once most of the bitcoin are produced. I would much rather see a stable price so I can transact without the downside risk. So if it falls to $50 and stays stable at that, I’m good.
FRegards,
Database