You'll know it when you smell it .... as to my personal difficulties, lets just say they have more to do with Euler than what you seem to be trying to smear me with.

Wow ... he waited until after the hoopla had died down to release the torpedos ... this is significant.

I disagree. It reads like a lefty rag posing as erudite commentary, of the type that has been effusing from the marble halls of intelligentsia since they developed their crush on Marx and his followers.

Not to mention that some of his assumptions/premises, many actually, are fundamentally incorrect, or at best misguided. Many of the same assumptions that have born rotten fruits and led directly and provably to the parlous state that govt. monies and state-backed financing finds itself in today.

Hint: "Buy cheep, sell dear."

Except for the small, upstart, 'renegade' banks that are shooting for the fences and adopt the disruptive superior bitcoin tech. to intentionally out-compete and bring down the big, entrenched, dinosaurs. It's how capitalism is supposed to work.

Sounds like you understand a good monetary technology when you see one.

Attempting to endow monetary information technologies with moralistic, subjective judgement hooks, triggers and data-mining functionality clauses merely serves to compromise them and create inferior products that the market will discount and ultimately reject outright.

https://bitnz.com/

https://localbitcoins.com/

Both seem relatively active and growing all the time.

You may well be right in most of what you say here but your time-scales will probably be well wrong. Mega-banks and govt.s are not going to be hopping on to any "crypto-currency" band-wagon any time soon and the infrastructure does not yet exist inside bitcoin world to support them anyway. That is not to say that they never will however.

The great thing about this experiment is the little people can enter first, and to the fullest they wish to risk, but the big guys have to wait ....  ".... it is easier to fit a camel through the eye of a needle".
Just by the logistics involved, the system will grow naturally and the size of entrants to the system will be commensurate to the size of the system at the time.

It will look like an exponential singularity if it all pans out, but you will have to look back from 2035 and scale the chart accordingly.

On the little details, I think we are in a rather powerful wave 3 of 2, heading for a re-test of $32 June 2011 high from first wave up. I'm expecting a blow-off to the $25.88 area and collapse back to re-base around $20.8 region ... fwiw. (Longer term in an unknowable time-frame waves 4 of 2 and 5 of 2 should takes us past the $32 to finally top out around $51.7.)

Socialism/communism is much more corrosive than just the negative effect any single ruling party can have. As a mindset, it imbibes at least half the population, sometimes as many as 90%, with an entitled culture whereby they spend most of their lives looking over the fence jealously envying what someone else has and thinking somehow that their birthright has been stolen from them. The net effect is it tears the fabric of society apart as individuals turn/work against each other, instead for themselves albeit in total in the same direction.

cuddlefish was a mouthy little scammer/charlatan ... probably be doing the same thing when he is 40.

Actually, if Fedwire (US fed. res. dollar interbank irrevocable settlement network) was hacked (as according to some of the noises eminating from the rumourmill) then it would be functionally equivalent to the dollar being hacked ... and strange as it may seem it is actually more plausible than the bitcoin network getting compromised.

For me, the Fedwire network, and the IRS represent the gravest weaknesses in the current centralised govt. economic planning and wealth distribution system model. If an external aggressor were to compromise either of these targets in a concerted cypber-attack then utter, complete society-wide chaos would follow along not far behind. And basically all we can only really do is pray it doesn't happen on our watch.

The rate of energy consumption is a significant fraction of the total marketable energy supply and so the real market price fluctuates significantly. Therefore, to use energy units as a basis for a currency is misguided and is a major problem and source of instability arising from the defacto oil-dollar standard (as they are now discovering).

Maybe a basket of goods that can average out the fluctuations in real prices, although even these can become linked at times. Better to use goods that have low consumption to marketable supply rates, like gold, silver, bitcoin, etc ... i.e. primarily hard monetary commodities, not consumable goods.

I hear what you are saying and I think are mostly right, however you also seem to be saying there is some kind of monetary information tool that can function without a common denominator of value (i.e. a unit of account)?

Ugh ... amazon dollars, how original.

The Digital Revolution  is what we are in the midst of right now ... beginning around, say circa 1970? (unix time 0)

- computing
- automation
- communication
- etc, etc (digital money)

kirchner is such an airhead ... I'm not sure if the people who voted for this conniving person really deserve what's coming to them or not.

a roadmap.

http://www.gnutls.org/

Here's a library you might find useful.

Interesting ideas Vladimir ... time to start putting on suit?

Besides such fun and financial games I take a small issue with this assumption ....


Current bitcoin "market cap" (I like to think of it as Monetary Base) is around $200M ... by 2020 there will be approx. 18 M btc in existence, so at valuation of $1K/btc puts monetary base at $18 billion.

http://en.wikipedia.org/wiki/Fedwire

fedwire is the interbank settling system of fed. res. monitored banks in the US ... transfers on fedwire are non-reversible, i.e. final ... think of it like a bitcoin system for the banks, except not as secure 

Just wondering how this might impact on bitcoin?


http://www.zdnet.com/anonymous-posts-over-4000-u-s-bank-executive-credentials-7000010740/


http://www.zerohedge.com/news/2013-02-04/anonymous-claims-it-hacked-fed-releases-confidential-banker-information

http://market-ticker.org/akcs-www?post=217077