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November 27, 2011, 07:03:51 PM |
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Once you find out then let us all know.
The concept behind bitcoin is seems sound to me. I think the system is going through an identity crisis right now. What exactly is it? A currency? An asset? It has attributes of money; portable (without a doubt), indestructible (some will argue that but not me), Divisible (definitely), easily recognizable, and each is crafted the same way. An asset is anything that is capable of being owned that can be converted into currency e.g. real estate, gold, intellectual property, copyrights, patents, etc.
I see a community trying promote bitcoin as being both. They are engaged in getting bitcoin accepted as a kind of global internet currency while hoping that the value increases creating an asset for themselves.
The problem lies with it being a currency is acceptance. You kinda have to be able to use it. Not just at a few retailers online but at a car dealership and at the mall. The problem with it being an asset is the test of time. Gold has been an asset forever because of rarity and tradition. Try explaining to some Billionaire the advantages of cryptological currency vs. that half ton of gold he has to pay storage fees on and you will see why tradition is significant.
Security is another serious serious issue. If this thing is going to work it cannot be compromised by some 15 year old in Beijing wearing a tupac shirt. A system like this requires the highest integrity.
This isn't meant to start an argument or to get anyone down. I personally have not been this excited over a emerging concept in a long time.
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