[cryptography] bitcoin scalability to high transaction rates

Eugen Leitl eugen at leitl.org
Wed Jul 20 07:08:50 EDT 2011


On Wed, Jul 20, 2011 at 11:56:06AM +0200, Alfonso De Gregorio wrote:

> I'd better rephrase it in: expectation to have "money backed by
> bitcoins" exhibiting all the desirable properties of a perfect
> currency (ie, stable money) are greatly exaggerated.

The question is not whether it's perfect, but whether it's good enough.

BTC is basically a global version of http://en.wikipedia.org/wiki/Local_currency
or http://en.wikipedia.org/wiki/Alternative_currency and hence
isn't something completely new.

It would be intesting to see whether BTC's successors 
could improve the scheme, by allowing a (subexponential)
growth, built-in devaluation to encourage circulation and
discourage hoarding (this would be probably hard to 
do), and so on.

-- 
Eugen* Leitl <a href="http://leitl.org">leitl</a> http://leitl.org
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