One day, while I was learning about cipherspace, I discovered BitCoin . BitCoin is a completely decentralized, anonymous online monetary system that relies on a distributed database to facilitate transactions. The creator put a great deal of effort into ensuring that the system is secure and reliable…

Your using dollars to measure your gains/losses. Orly? He starts with $10, spends $5 on 100 BTC and then he spends 75 BTC on 15 goods. He is left with 25 BTC, 15 goods and $5. That is a loss of $5, a profit of 25 BTC, and a profit of 15 goods. His original statement that his profits have not bee…

In order for something to be a proxy currency to currency X, doesn’t that require it to be pegged to currency X? That is, if some medium of exchange has a variable X:USD ratio which fluctuates in response to market forces doesn’t that mean, by definition, it is not a proxy to the USD but rather an i…

I honestly don’t think of the worth of my bitcoins in US dollars because I’m not interested in selling my bitcoins for dollars. I think of the value of my bitcoins in terms of the amount of services which I pay for using bitcoins. Why would I want to sell my bitcoins? I have enough dollars and I can…

Its not a theory, its a fact. All goods and services are priced in dollars. Take any good sold in BTC’s run the dollar ratio/BTC ratio and you will see the good was priced from USD’s. There is no historical exchange ratio in BTC’s. There is on the other hand an exchange ratio for Dollars to Goods a…

Besides labor, which one could argue has costs like rent and food, which service provided with Bitcoins doesn’t have inputs that are paid in dollars? That’s not an argument or a set of facts. It’s just an opinion. We all have them. They don’t add any objective truth, only YOUR point of view. I’…

Besides labor, which one could argue has costs like rent and food, which service provided with Bitcoins doesn’t have inputs that are paid in dollars? The verification and accounting of bitcoin transactions. Less importantly, 8511.96 BTC for a one minute, fourty-four second animated video . I assu…

Aside from it’s function as an alleged “medium of exchange” for what purpose would I chose to carry BTC’s?

Micah I will concede one point to you. If me and my buddies make a closed circle of trading special trading cards that I print in my basement. Lets call these cards Better Trading Currency, we could exchange any good we demand from each other with these cards. We could all agree to these rules. By …

So now there is a learning curve before using BTC’s? Doesn’t sound like a medium of exchange that is very accessible. How bitcoin works internally has nothing to do with its ease of use for the end user.

Is BitCoin the currency of the future?

Economics Economics Questions

filc April 4, 2011, 10:39pm 269

So now there is a learning curve before using BTC’s? Doesn’t sound like a medium of exchange that is very accessible.

A feasible digital currency

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Is BitCoin the currency of the future?

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