ST Alpha - "I don't understand this internet currency stuff at all. To me it's like tulips in Amsterdam about 400 years ago." (Reading a Post)

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In response to "Bitcoiners: Kayne West will have an internet currency.... -- (link)" by Remlik

I don't understand this internet currency stuff at all. To me it's like tulips in Amsterdam about 400 years ago.

Posted by pmb (aka pmb) Jan 2 '14, 15:29

It's not like there's a shortage of currencies people can use that have the backing of governments.

Responses:

it's the very fact that it's not backed by a government that's appealing. -- nm - colin Jan 2, 15:34 16
- I have no idea why that would be the case. Truly, I don't get it. -- nm - pmb Jan 2, 15:35 15
  - it's completely transparent - every transaction is seen and logged. that is unique to this currency. - colin Jan 2, 15:39 14
    - Until the government learns his to decode who is who and has every transaction you've ever made. -- nm - spamlet Jan 2, 15:42 1
      - true, but there's no identity to the bitcoin wallets - they're just a public number that everybody can see and a private number that someone - colin Jan 2, 15:45
    - Honestly, I think it's silly. It's like deciding to return to the gold standard, only creating it out of thin air. - pmb Jan 2, 15:42 11
      - Supply, at least of BitCoin, is not endless. The supply is capped and units aren't released into circulation until they are mined. Mining pretty - TWuG Jan 2, 15:48 1
        
        Your last sentence is why government intervention will happen sooner rather than later. -- nm - pmb Jan 2, 15:54
      - I totally feel this way too. are we old? ("amanda! you're going to be late for trivia!!!") -- nm - peggy ann mcamanda Jan 2, 15:44 3
        
        I don't think we're old. I just think we've seen enough internet companies come and go to know that it can't really work for the long term. -- nm - pmb Jan 2, 15:57
        
        i understand how you and pmb feel - it's weird and foreign, but it's also a massive step in a new direction. - colin Jan 2, 15:47 1
        
        i don't have any problem with bitcoin in theory at all. i do think that central banks/governments will likely squash it.... - x Jan 2, 15:59
      - ah, but it can't be created. because the record is public, you can't just "make" more bitcoins through your own initiative. - colin Jan 2, 15:43 4
        
        No, you just create Coinye's or megacoins, or other bscoins until the market is too confused and flooded for it to hold up. -- nm - pmb Jan 2, 15:50 3
        
        it takes users to make a currency. we can make ST coins and pay each other with them... but it's not the same as something with millions of people. -- nm - colin Jan 2, 15:51 2
        
        But its already happening. When people see dollars being made (note: actual currency), they keep trying to recreate it until it runs into the ground. -- nm - pmb Jan 2, 15:56
        
        Iirc, there's only ever going to be 21mil bitcoins in existance at a max - Will Hunting Jan 2, 15:54

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I don't understand this internet currency stuff at all. To me it's like tulips in Amsterdam about 400 years ago.

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