Skip to comments.Bitcoin, the financial traders' anarchic new toy
Posted on 04/05/2012 5:50:14 PM PDT by E. Pluribus Unum
Unlike conventional fiat money and other digital currencies, Bitcoin runs through a peer-to-peer network, independent of central control. Bitcoins are currently worth $4.88 each on online currency exchanges, where they can be bought and sold for about 15 world currencies.
(Excerpt) Read more at reuters.com ...
We need something like this, something heavily encrypted and not copyable.
right! It’s SO much better when the most unstable people in any society do it.
read the article. it’s like Occupy MIT. Stupidity has clearly gone Mensa.
Occupy MIT beats ThenFederal Reserve anyday
And that differs from Ubama and Bernanke running it how, exactly?
Well, now there, pally! I can tell by your question that you already have your answer, so why do you ask me?
For the record, the answer is "skin in the game" -- which is sort of the hidden side of belonging to any civilized corpus as opposed to say, a band of number crunchers, or...
an odd assortment of uber-geeks, anarchists, libertarians, scammers and forex traders
You just like to string random words together and pretend that they mean something, don’t you?
No charge for that.
I’m curious and intend no rudeness.
Do you think it’s good that the US currency and debt are backed by the “full faith and credit” of US taxpayers (you & me FReind)?
Obama et al can decide how much WE borrow so they can purchase votes.
What’s wrong with a currency system that doesn’t surrender control of the value?
Shouldn’t you change your screenname to E. Pluribus Bitcoin?
we live in an imperfect world, thereby precluding any perfect solution. The more perfect you try to make it, the more you fool yourself. The utopian solution, the black box, is the penultimate folly.
That's my opinion. What you trade your blood, sweat and tears for is your business.
It's all vapor in the long run anyway, isn't it?
Thanks for your reply. I get it.
I think perfect solutions are impossible. I think better solutions are possible.
Agreed that how we expend our efforts is our business and our responsibility.
I have a few things to do before vapor sets in :-)
That the amount of a currency in circulation must be flexible is a fact that Adam Smith recognized, at least to my understanding. The alternative would be a commodity that would be monopized, the only remedy for which would be devaluation.
This bitcoin and any- and everything like it is a pipedream -- it's monetary "hope and change" (pun taken) with a touch Asimovian blind faith in algorithms (which are merely idiot savants) that renders the whole idea with the erie patina of science fiction.
One can't be faulted for marveling at the little fascist lurking inside the "conservative" -- or is it "libertarian"? -- who advocates a monetary dictatorship. History records that Hitler was elected -- and on a "sound money" platform at that.
"Lunatic fringe! We all know you're out there..."
Now that’s fascinating.
I’d love to hear the argument saying that the tea leaves read by the fed are better than an algorithm. Are we served by uncertainty in the value of money? Throw randomness into the algorithm?
If only Bernanke were an idiot savante!
It seems to that either approach is subject to abuse.
Disclaimer: I *like* science fiction. :-)
One must logically separate the “dictate” part from the value management process.
It seems to me that a government must dictate the currency with which it collects taxes. If that is the “dictate” part, agreed.
Managing the value of the currency can take many forms. I’m not so sure that secretive humans (no matter their credentials) is a good way.
no comprende, amigo.
I’m not sure if the algorithm should be secret or not. Markets need some level of stability for investment to work. At least some foundation.
Do you stop for red lights, mon ami? ;-)