[FoRK] bitcoins vs. alchemy

Gregory Alan Bolcer greg at bolcer.org
Wed Dec 5 16:54:19 PST 2012


Apparently they've said they've considered that and are able to 
arbitrarily devalue it at will.

And those who say it's not a fiat currency...fully informed:

http://www.theverge.com/2012/11/16/3649784/bitcoin-mining-asics-block-reward-change

http://www.technologyreview.com/news/508061/custom-chips-could-be-the-shovels-in-a-bitcoin-gold-rush/

http://www.forbes.com/sites/jonmatonis/2012/11/16/whats-your-bitcoin-strategy-wordpress-now-accepts-bitcoin-across-the-planet/

http://www.online-casinos.com/news/news0211795.asp

http://scallywagandvagabond.com/2012/11/bitcoins-black-market-trading-or-just-filling-in-market-inefficiencies/

On 12/5/2012 4:26 PM, Joseph S. Barrera III wrote:
> There would never have been a gold standard if alchemy were possible.
> The supply of gold is roughly constant. That's a precondition of the
> gold standard.
>
> But crunching bits improves every day... clock rate and algorithms and
> better architectures (GPUs). And amazing things can be done when solving
> a very specific problem (e.g. mining bitcoins).
>
> So what rational person would invest in bitcoins?
>
> - Joe
>
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-- 
greg at bolcer.org, http://bolcer.org, c: +1.714.928.5476


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