I Bought a Bitcoin • Hacker News Board

Re: I Bought a Bitcoin

#111

Post by Frozenlock » Sat, Apr 06, 2013, 4:37 PM UTC

adaml_623 wrote: post #96

31reasons wrote: post #16

Bitcoins are just a right to participate in a digital crypto economy. They don't have any value in themselves. Its like holding passes to a show in the big theater. If the show doesn't start you passes are worthless. If there is any meaningful possibility of a show in the theater, you might get lucky for holding those passes. The main problem is that people who will participate in the show also need to get the passes…

That is a really good point. Bitcoin "inflation" will stifle the Bitcoin economy. Because if you are holding Bc then prices on everything are dropping. This effect of deflation is why Japanese economy is so broken. And why Governments and central banks will do almost anything to keep inflation going.

Tom Woods on sound money: https://www.youtube.com/watch?v=TnS2OtzSTq0&feature=yout...

Re: I Bought a Bitcoin

#112

Post by contingencies » Sun, Apr 07, 2013, 2:35 AM UTC

zanny wrote: post #60

contingencies wrote: post #38

Earlier quoted context omitted.

To be fair, it is a historically significant motivator in the adoption of new centralized currencies. On the balance, however, we are shifting away from that with globalization and the ridiculous logistical requirements of such an approach (eg. every new US president doesn't de-circulate, debase and re-issue USD.) These days, as long as you have liquidity that allows money to viably function as one or more of a mediu…

> To be fair, it is a historically significant motivator in the adoption of new centralized currencies. Historically, a new monetary base needed significant printing infrastructure, law enforcement to prevent its counterfeiting (if it is a paper and coin currency, which is effectively every currency ever) and you needed to artificially control its reproduction. That requires a government. That usually is associated w…

> to "counterfeit" bitcoins you need as much computational power as a majority of the swarm.

Actually, to the same effect you could use a bug in bitcoind, control of the view-of-the-swarm (network access) by the processing merchant, an implementation issue, or a careful double spend. Bitcoin is exceptionally hard to implement well for merchants, particularly those with near real-time requirements, and it's not getting any easier.

Re: I Bought a Bitcoin

#113

Post by nazgulnarsil » Tue, Apr 09, 2013, 11:23 PM UTC

Nursie wrote: post #81

etherael wrote: post #80

Earlier quoted context omitted.

"Sure he's a tyrant, but he's our tyrant" This is exactly why I look forward to the rise of cryptocurrencies; protection from people like you.

democracy != tyranny in my book. Sorry. It's far from perfect, but it's better than any other system I can think of and it's sure as hell better than a libertarian free-for-all which (IMHO) would devolve into feudalism and indentured servitude in no time. Difference of opinion again you see. --edit-- and I hope you enjoy your crypto-currencies. I also like them, I love crypto and am often amazed at what can be done w…

>democracy != tyranny

Depends on how popular your opinion is.