June 28, 2011 at 5:12 pm #14012
The Biggest issue of bitcoins, why would I take bitcoins instead of a acceptable Fait currency or something that exists more then a data entry?
I can eat food, I can barter for goods I need, and metals like Gold, Silver, and Copper will always have value (be it for trade or to actually build something.) While currency like dollars and Euros are not ideal, at least in most places in the world I can buy what i need from them, and even with the issues, the full faith and credit of even GREECE is more then the faith in credit I would have in Bitcoins.August 14, 2011 at 2:26 am #14650
I remember mentioning this before last year but still, i’ll mention it again since i am almost sure most people here either forgot it or wasn’t here back then. I am not an enthisuast of digital currencies but i think that they are appliable to new-born systems, be it seasteading or a land based communal societies.
There are three things of value in my book data, energy and matter (they are all matter if you look with a materialistic point of view though) their value is dependent on quality or quantity or both. In my ideal seastead, data storage is the primary business, enough people work on other fields for the sake of sustainability the rest on the other hand works in this swimming data center. Why make it swimming? Simple because some governments regulate what you can share on internet and some don’t however in the long run all of them will do it since capitalism demands it, for example you can’t share a movie in your website without paying necessary fees to copyright owner i mean you can but it won’t take long before the copyright owner sues you for it. On a seastead however their copyright laws doesn’t mean a thing simply because you don’t have copyright laws or perhaps they can’t contact you.
My ideal stead stores data in pure carbon diamond hdds and uses pure carbon diamond to back it’s digital currency, why carbon diamond? Even if it can be replicated and produced from carbon it is an expensive process to create pure carbon diamond. Increased amount of pure carbon diamond in market may temporarily cause inflation however it is of no issue for such seastead since that way they’ll be able to purchase hdds cheaper, which in turn will increase the profit of the said swimming data center and cause deflation. Fluctations on such digital currency can somewhat be predicted.
I still don’t get why people would prefer a currency that has no backing, and i don’t understand people who asks ‘what backs gold?’, and i don’t understand why people would prefer a currency that can’t be controlled, since it is not controlled by any monopoly(supposedly) it fluctates randomly and this isn’t necessarily a good thing, you can even bankrupt with this, this is so similar to a pyramid scheme, it is not even gamble, if i exchange all my currency into bitcoins it’ll price will skyrocket due to massive increase in demand, however, due to high profitable exchange rates rest of people who use bitcoins will exchange their bitcoins to some real cash, and my bitcoins will lose 3/4 of their value thus making me go bankrupt(yes you can calculate all my present cash with even this little amount of info, even i can do it without completing my education in economics). Go get stocks of a random company, it is less of a gamble. Bitcoins are only useful as a collectors item, i wouldn’t mind buying ‘a’ bitcoin, but that’s all.August 14, 2011 at 6:42 pm #14653
Ive been drinking today (I know… already?) so I do not have the wherewithall to give your post the response it desrves, Shouri, but I will do so later for I disagree with much of what you just said. I understand that you were stating your opinions and views, not making assertions of fact (mostly), and I respect that, but I think you brought up many points worthy of discussion and I will address them at a later (sober-er) time.September 6, 2011 at 3:55 am #15257
Ken SimsKey Master
From the Internet Storm Center Diary (i.e. blog): Bitcoin – crypto currency of future or heaven for criminals?
The forum ‘Infrastructure’ is closed to new topics and replies.
Posted on at
Written by Ken Sims