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 Post subject: Re: Interesting issue...
PostPosted: Wed May 29, 2013 1:41 pm 
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Too true. Too true. There is still a difference between normal money and bitcoins, however. They are both based on perception (unless there is a currency left on the gold standard, or silver, or something else). But when perception of a dollar changes, the US government manipulates financial policy to change perception. More or less money is printed, taxes are placed or lifted on imports or exports, etc. What are the bitcoin guys going to do, make it easier to mine bitcoins? That breaks the system. Tax bitcoins? Also breaks the system. There is no way to adjust the perception, except for the media. Makes it hard to compensate for goofy perception.

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 Post subject: Re: Interesting issue...
PostPosted: Thu May 30, 2013 12:13 pm 
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An excellent point - one I quite agree with.

Though maybe (just maybe) we should consider: that therein lies Bitcoin's strength - it's utter inflexibility; that it is what it is... and nothing and no one can change the fact that a bitcoin is worth this much :?: computing time and it will never change. - A kind of gold standard?

Equally of course, it's real worth lies in the value of what you can trade for it and I fully expect that this does fluctuate with the vagaries of the market...?

Now I am a suspicious sort and I'm wondering - just how un-malleable is the system? Because just like many nations, rulers and criminals through out history have been tempted to - I wonder if the temptation is there for those who run Bitcoin, to shave a little bit off the coins? If you take my meaning; whether for personal gain or as a (mis-guided?) attempt to improve things - sometimes it is in a people's best interest to de-value their currency (haven't China been doing that for a while?).


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 Post subject: Re: Interesting issue...
PostPosted: Thu May 30, 2013 5:52 pm 
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I don't know about China, but Japan has.

I think the difficulty inherent in mining the coins is supposed to increase as more coins are mined. Therefore, it is not a constant rate of computing power, but rather exponential costs until it reaches the cap they designed into the system. I do not know how flexible this cap is, nor the algorithm itself.

Obviously, as you say, the value is really what people will trade for it. That fluctuates as any currency does.

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 Post subject: Re: Interesting issue...
PostPosted: Thu Jun 13, 2013 3:21 pm 
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I'm fairly sure China has - I seem to remember some diplomatic furore in the news quite a while ago that they'd been doing it for some time to boost exports. I hadn't realised Japan had as well - I assume for the very same reason?

I hadn't realised the Bitcoin mining was both exponential and capped - interesting...not sure of the ramifications of such a decision but very surprised its capped: kind of kills it to my mind, puts a shelf life on the whole idea

P.S. soz for delayed post - I thought I'd replied ages ago but turns out I'd only saved it Doh!


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