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Author Topic: Bitcoin Economic and Currency Theory/Ideology Part 1  (Read 1413 times)
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June 02, 2011, 07:26:42 AM

I have only known of Bitcoin for a week or so now and I am very interested in this concept and idea.  I believe this may be a revolutionary idea if it can be truly transparent and therefore corruption free.

But in order for this to work we must clearly define the concept and to do this we must first define our terms.  I would like to first begin the discussion on the grammar or definitions of these concepts. 

What is the definition of a Currency?

A currency, in a free market or society, is chosen by the market.   A currency is not a possession but a means of transfer.

When the currency is given value or how a currency is given value.

Most of my thought was about gold/silver and having a note that was backed by something.  We have tried this and seen the results of anything short of physical gold and silver coins to be very volatile and typically ends poorly for 99% of the people involved in any given currency.

This leads me to believe that a currency's value happens the moment someone is willing to give up a physical possession for that currency and not when the currency itself is created.   This may be true if the currency remains the way in which is shall be defined.

My goal with this discussion is to clearly define what a currency really is and should do, then to define what and how we add value and how we begin to purchase real assests with this currency and therefore allow for loans to be created and thus bypassing the current corrupt global economic system that is acting contrary to the will of the people and the planet earth.
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