[FoRK] bitcoins vs. alchemy

Eugen Leitl eugen at leitl.org
Wed Dec 5 23:42:45 PST 2012

On Wed, Dec 05, 2012 at 04:26:18PM -0800, 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  

FPGAs, with ASICs ante portas.

> a very specific problem (e.g. mining bitcoins).
> So what rational person would invest in bitcoins?

Because the designers made the difficulty adaptive



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