On 10/16/2012 04:06 PM, Anonymous wrote:
You wrote:
2012/10/16 Fritz Wuehler <fr...@spamexpire-201210.rodent.frell.theremailer.net>:
...snip... Bottom line
appears to be a lone miner with a normal desktop computer is not going to be
able to do anything but heat up his room. I agree bitcoin is a cool concept
and design and the history is fascinating. But we are probably priced out.
I don't see much difference to 'real money' when thinking from
standpoint of a lone miner with a normal desktop printer.
we don't create the money, we just trade it, be it buying things or
working to earn it etc..
That's a good comparison and it is the point I was making. Nobody has ever
legally printed money with his own printer but people have been able to mine
bitcoins with their own computers until recently. That was the original
point of bitcoin and it is already on the verge of disappearing. bitcoin was
supposed to be decentralized currency but because of increasing resources
needed for mining that part is no longer relevant.
Do you really want another unelected federal reserve board of bitcoin? That
kind of defeats the purpose.
Yes, the point of mining was to have a decentralized method of
destributing bitcoins.
The guy who invented the system could of said "hey I have 23 million
cryptographic tokens, lets use them as currency!" and start passing them
out and he would have been rightly laughed out of the room.
So he spent a lot of effort to invent a system where the tokens
emerge(with effort) out of thin air. The end result is the same, 23
million cryptographic tokens, but now they are spread around and people
feel they have real value(sometimes).
Not sure if bitcoin will work, but I do admire the system that got it
out there.