[FoRK] bitcoins vs. alchemy

Ken Ganshirt @ Yahoo ken_ganshirt at yahoo.ca
Tue Dec 11 11:34:49 PST 2012


--- On Thu, 12/6/12, Gordon Mohr <gojomo-forkxent at xavvy.com> wrote:

> On 12/6/12 7:56 PM, Ken Ganshirt @ Yahoo wrote:
> > --- On Thu, 12/6/12, Gordon Mohr <gojomo-forkxent at xavvy.com> wrote:
> > 
> >> 
> >> The consensus ledger then agrees that your key can spend those
> >> bitcoins.
> >> 
> >> Only if someone gets your private key can they pretend to be the
> >> owner of those previously-minted-on-schedule coins.
> >> 
> >> - Gordon
> >> 
> > 
> > That's the part that I don't get, even after reading.  When you do
> > get around to spending your bitcoins, do those earlier bitcoins have
> > their original purchasing power? Or do they only have the more recent
> > "devalued" purchasing power?
> 
> There is no 'devaluation event'. There's a decrease in the
> reward credited when someone wins the race to supply the
> next canonical transaction-log block.
> 

Thanks Gordon.  That's sort of what I was getting at with my last musing: the work is devalued, not the currency.

           ...ken..



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