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[quote user="avaspell"] You're comparison misses an absolutely cirtical point: Many people here (and I concur!) understand that there is a very clear difference between money and currency . Money is the actual medium of exchange. Currency is its form. As far as I can recall (however, I haven't taken the requisite time to be an authority
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In my thinking that falls under non-distributed, meaning there is one or more central store(s) that can be targetted by government, thieves, etc. However, I will admit that these labels are just my own personal way of putting things into nice little boxes to facilitate communication and there is definitely some overlap between them and room for addition
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Hello avaspell and welcome to this thread! Let us list off the pros and cons of each different kind of medium of exchange has and then discuss the merits of each. Metal coinage pros: Industrial value. Has significant use and value outside of a medium of exchange. Homogeneous. Every gold coin of a given size is equal in value. Anonymous. I can trade
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[quote user="filc"] First off I already made a post about that here . Second off no one NEEDS to make a theory. Conceptually it's possible, thats all thats needed. [/quote] If I understand your example correctly in that post, it is not distributed. The stocks have to be housed centrally in order for them to be authenticated. Because digital
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I tend to agree, though at this point in time no one has been able to come up with even a theoretical model of such a currency (physically backed yet distributed, remote, secure and anonymous). At this point in time those properties are mutually exclusive. IF physically backed THEN NOT distributed OR NOT remote OR NOT secure OR NOT anonymous At a glance
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I am not suggesting that BitCoins will survive indefinitely nor am I suggesting that their value will not fluctuate. The value of a BitCoin is tied up almost entirely in it's exchange value, not it's "commodity" value (anti-government currency). This is true for any medium of exchange to some degree, their real value = their commodity
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It depends on how popular BitCoin becomes as a medium of exchange prior to the total collapse of the state that you have mentioned. If BitCoins are the most popular medium of exchange (i.e.: everyone accepts them) then when the state disappears they will retain their value as a medium of exchange and won't lose anything of significance since their
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What you have described isn't really related to BitCoins but rather just a description of a free market currency system. Unfortunately, there have been several attempts to start up such companies and each time they have been shutdown by the government. In my opinion, one of the major advantages of distributed crypto currency over many other types
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[quote user="filc"] Having people collect BTC's for the sake of collecting makes it no more likely of becoming a widely adopted medium of exchange than baseball cards. [/quote] This would be true if BTCs had all of the same properties as baseball cards. Since they have a different set of properties the chances of them becoming a widely
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[quote user="MoonShadow"] I hadn't looked at it that way, and that's pretty cool, but if Bitcoin is ever going to be as popular as the US FRN then that's going to happen in the next couple decades, I would think. And then the monetary base of Bitcoin won't be anywhere near 21 million, as it will take till about 2130 to get