91–100 of 139 posts
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Following your logic, s/bitcoin/Euro/ would mean that the Euro is not a currency. That's just plain goofiness -- the USD is just the default currency at this establishment.
The logic seems to say more that the owner is not treating it as a currency. You can't really define something as a currency or not based on one person's actions.
Earlier quoted context omitted.
You mean yes, not no. It's precisely because bitcoins are not stable that bitcoins are not a currency.
You should try living a country with high inflation. People lookup exchange rates every single day.
So I get that Bitcoin by design keeps a global public record of every transaction. Does that have to be the HN front page?
Earlier quoted context omitted.
How is it different from ordinary coins? (Obviously, in a hypothetical gold-coin economy credit cards would be in gold, too). Btw, practicality was not the reason the world abandoned the gold standard, political and economical needs obviated it. P.s. obviously, paperclips are not a good figurative example. The central banks might just give you a list of banknote numbers to exchange (and an API to verify their uniquen…
Giving someone coins is similar to Bitcoin. Still, Bitcoin is more practical than carrying around a bag of coins. You can send them instantly across the globe without fees and keep as many as you want in your pockets to name a few.
Or the grill owner periodically generates a new address with which to receive coins.
Earlier quoted context omitted.
https://en.bitcoin.it/wiki/Scalability
So Bitcoin's scalability relies on a mixture of writing new software when it's needed ("The core BitCoin network can scale to very high transaction rates assuming a distributed version of the node software is built. This would not be very complicated.") and in future switching to a two-tiered structure with "supernodes" transmitting data between themselves at a rate of >1GB/s. While I suppose that it's good that some…
Bitcoin isn't a scam because it's "imaginary" (i.e. fiat) but because of how the currency is distributed: a proof-of-work system that is skewed heavily in favor of early adopters. There are a lot of good ideas in Bitcoin, but the truth is that its raison d'etre is to enrich early adopters-- the definition of a pyramid scheme. (It's not a Ponzi scheme; that has a technical definition and Bitcoin doesn't qualify.)
I would be much more impressed if people who raised this point also suggested a fairer way of distributing the coins. It is difficult to tell if they think the fundamental concept of bitcoin is bad or if they just have sour grapes because they aren't an early adopter. But while we are at it, why shouldn't early adopters profit?, they took a risk early on. And actually if you ask me I think the minting system is prett…
Ideally early adopters should not need to be rewarded for taking a risk because there would be negligible risk.
Bitcoin isn't a scam because it's "imaginary" (i.e. fiat) but because of how the currency is distributed: a proof-of-work system that is skewed heavily in favor of early adopters. There are a lot of good ideas in Bitcoin, but the truth is that its raison d'etre is to enrich early adopters-- the definition of a pyramid scheme. (It's not a Ponzi scheme; that has a technical definition and Bitcoin doesn't qualify.)
Kind of like how all monetary systems work? The closer you are to the source of the money the more it is worth because you can control the velocity.
Bitcoin isn't a scam because it's "imaginary" (i.e. fiat) but because of how the currency is distributed: a proof-of-work system that is skewed heavily in favor of early adopters. There are a lot of good ideas in Bitcoin, but the truth is that its raison d'etre is to enrich early adopters-- the definition of a pyramid scheme. (It's not a Ponzi scheme; that has a technical definition and Bitcoin doesn't qualify.)
Then the stock of any company ever made is a scam because it is run with the intention to profit shareholders, of which early adopters will profit the most.
Bitcoin isn't a scam because it's "imaginary" (i.e. fiat) but because of how the currency is distributed: a proof-of-work system that is skewed heavily in favor of early adopters. There are a lot of good ideas in Bitcoin, but the truth is that its raison d'etre is to enrich early adopters-- the definition of a pyramid scheme. (It's not a Ponzi scheme; that has a technical definition and Bitcoin doesn't qualify.)