[cryptography] Digital cash in the news...
morlockelloi at yahoo.com
Sat Jun 11 14:16:11 EDT 2011
BitCoin has only one problem: maintenance of the relationship between unit BitCoin value and the material world (energy, as in KWh) is 'soft', it requires some sort of a volatile communal effort, which sets it for failure (as a counter example, the amount of Au atoms on this planet is rather independent from any communal effort.)
The relationship between unit value and the material world needs to be fixed. It's just a matter of time.
Then we may name it ButtCoin.
> We expect money to be a store of value, among a few other
> things. BitCoin has nothing in it that speaks to that goal,
> that I can see . This anti-property would however
> make it more ideal for a bubble .
> Quite how to fix that and retain the decentralised control
> aspect, I'm unsure. The essence of a contract is that
> someone delivers something to someone else; without
> that first party (which speaks to centralisation at some
> level) it is hard.
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