I hope you understand that an economy is not proportional to the number of people in it.

Honestly I have to say I'm not sure I completely understand your proposal.

But can you tell us in what way this is not a fork?  Because, it seems to me, that if you have a different difficulty then you have a different blockchain.  And if your clients must accept a lower difficulty, then you must use modified clients.  How is this "forkless"?

Small businesses in the US were heavily subsidized through the Bush years.  I imagine most of those are still in place.  Just like with farm subsidies, many of the chokepoints required to control the US economy are already incentivized to go along with the status quo.  It should be possible to poach a few stragglers, since the status quo is becoming less viable every day.  But don't expect to be able to successfully target any particular area.

You must live in a highly populated area with lots of wonderful infrastructure that was built completely with government tax monies.

Where is this fantasy land?

Bitcoin isn't the cause of the coming Schumpeterian crisis.  Something else is.  But it will be well-positioned to pick up the pieces.

Yeah more people obviously need to sell on e-bay.

The problem is that you can't buy electricity with Bitcoins.  You are dependent upon exchanges, which can be shut down.

Diesel doesn't help, it hurts.  Paying $0.30/kWh is ludicrous.  And you can't buy diesel with Bitcoins either.

It's a problem.  I've said so before.  Most people here don't see it as a problem, though.

I'm glad someone else noticed this.  I was beginning to think it was the heat from my miners.

I see.  And, in your model, what are the conditions that must be met in order to integrate the local currency into the Bitcoin economy?  Difficulty must equalize?

I'll loan you Bitcoins to short.  But I'm probably going to want your house as collateral.

Yeah please move this to the politics section.

Sure, as long as you provide a translation between Austrian words and their English equivalents. 

Oh and also include a list of all the flaws in the Austrian system like failure to identify negative externalities, etc..

Well I'm glad that you have this all figured out in your head and that your model does everything but bake cookies.  But I have difficulty believing that your "subnets" can easily be integrated with the mainline Bitcoin block chain.  Regardless, if you are dependent upon a mining pool, that's centralization.

I need to be able to see the address in order to verify that I've given someone the correct one.  Please don't make them hard to find.

wage slavery -> more technology -> more 'resources', fewer 'sources'

When normal people say "resources", they mean natural resources like timber, fresh water, oil and coal.  They don't mean produced goods like hamburgers, clothing and houses.

I agree.  That's why Bencoin isn't a fork of the block chain, unlike Towncoin.  And for a local currency, a central authority can be a feature, not a bug.  Having a central authority means I don't have to recruit an army of miners just to secure my transactions against outside interference.


I'm only using the Bitcoin topology as a backbone, and building on it.


I don't have a Bitcoin exchange in my town.  I want to use a local currency, not Dollars.  I don't want to have to deal with bank wires to Japan and three different layers of exchanges every time I convert between them.  I don't want the concentration to be on mining and speculation and competing for the millions of Bitcoins already in existence all over the globe.  I want to enable local trade.