ST Alpha - "it's the very fact that it's not backed by a government that's appealing. -- nm" (Reading a Post)

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

it's the very fact that it's not backed by a government that's appealing. -- nm

Posted by colin (aka colinski) Jan 2 '14, 15:34

(No message)

Responses:

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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