[cryptography] Digital cash in the news...

Eugen Leitl eugen at leitl.org
Sat Jun 11 05:42:32 EDT 2011


On Sat, Jun 11, 2011 at 02:16:55AM -0000, John Levine wrote:
> In article <021CCBA9-9203-4896-8412-481B94595B20 at cs.columbia.edu> you write:
> >http://gcn.com/articles/2011/06/09/bitcoins-digital-currency-silk-road-charles-schumer-joe-manchin.aspx?s=gcndaily_100611
> 
> I wouldn't call bitcoins digital cash.  They're more like digital
> tulip bulbs, or bearer shares of theglobe.com.
> 
> Whatever they are, it's a self limiting problem since the bubble will
> burst soon enough.

Unlike fiat currencies, algorithms assert limit of total volume.
And the mint and transaction infrastructure is decentral, so there's
no single point of control. These both are very useful properties.

I don't expect Bitcoin to be it, but it is definitely a predecessor
to a number of such currencies which will become practical both
for machines and people.



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