Bitcoin Project is Milton Friedman's k-precent rule...nearly

[Possum577]

http://www.coindesk.com/forget-gold-bitcoin-is-backed-by-time/

This is really neat, Milton Friedman once theorized a currency that would be regulated by computers using known macroeconomic factors...Bitcoin is nearly that system! This provides even more credibility to the currency system and its staying power. It also provides a strong advocate for traditional economists and bankers to rely on as "confidence" that Bitcoin isn't just a techie innovation.

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[Amph]

the article most refer to the mining activity and especially the controlled supply, when he talk about the whole "backed up", well its true that the miners are the fulcrum of bitcoin

but i still think that viewing it as a backed by demand should suffice

[chennan]

the article most refer to the mining activity and especially the controlled supply, when he talk about the whole "backed up", well its true that the miners are the fulcrum of bitcoin

but i still think that viewing it as a backed by demand should suffice

But the demand is subject to the ppl's discretion. Most of ppl cannot understand the regulatory algorithm and how bitcoin has intrinsic value, just ignore the existence of bitcoin. But we can change this situation one day. One day bitcoin is adopted by most of ppl, bitcion is standard payment method, bitcoin's ecosystem is perfect. Ppl are taking the advantages bitcoin is offering. Then we can say bitcion has intrinsic value. Ppl cannot live without bitcoin.

[HigsonPP]

Yes , the relation is very apt. Somehow Friedman's vision was to make it all digital , keep the currency virtual and transactions just click away. This is what Bitcoins is all about . Isn't it ?

[n2004al]

http://www.coindesk.com/forget-gold-bitcoin-is-backed-by-time/

This is really neat, Milton Friedman once theorized a currency that would be regulated by computers using known macroeconomic factors...Bitcoin is nearly that system! This provides even more credibility to the currency system and its staying power. It also provides a strong advocate for traditional economists and bankers to rely on as "confidence" that Bitcoin isn't just a techie innovation.

I don't know when Milton Friedman has made this prediction (must before 2009 year of the born of bitcoin) but is another fact that one one hand Friedman is a great economist and on the other hand that bitcoin can (and must) have a real future. If even Friedman predict and ask that be the computer to regulate the supply of the money in circulation is not few. Friedman is not me who make any kind of post in the free time here in bitcointalk and even not a normal person. It is one of the best economists the world has known. So the idea of the legalization of bitcoin can have now another strong argument: the mind of Friedman.

There has only one thing that can be discuss: bitcoin is in limited amount. The concept of Friedman doesn't foresees that. It is a big difference because a limit amount mean deflation in time for that kind of money in the moment in which the market will need more money and the limit of the currency is reached. Where to find the other money? Maybe USA can create a clone of bitcoin but with no limit in amount. This new currency can fulfill completely the needed of the foreseen of Friedman.

But what about bitcoin? This can be the end of it? Maybe not. See in this thread a function that can made it currency of the world:

https://bitcointalk.org/index.php?topic=1191118.0

Every comment about that is written there is welcomed.