OMG! What has Satoshi created? He has opened Pandora's box

[Amitabh S]

Bitcoin is too awesome..
First of all the concept of money itself is  mind-boggling..   Now we have true money that is backed by natural resources...

The more I think.of it, the more I realize how much we are living in the Matrix!

[evoorhees]

Well Bitcoin IS mind-boggling, but it's not backed by natural resources. It is actually more accurate to say that Bitcoin is a natural resource itself... or more accurately a man-made resource.

Like gold, Bitcoin is not backed by anything because it is useful for certain purposes.

Sometimes I worry that I will wake up and Bitcoin will all have been a dream. I'll try to explain it to my friends and family, who will dismiss the silly dream as absurd. Of course you can't have secure decentralized digital money! Psssh!!

But yet, it seems real, and we're living it right now.

[maxmint]

Don't know if "Pandora's box" is the accurate metaphor, but I too have to admit that I'm totally fascinated by Bitcoin, Satoshi, the economic implications and especially the times we're living right now.
I mean, we're onto something really new and possibly world-changing.

I feel like a pioneer exploring the new realms of the crypto age ... and that feels awesome!

[Isokivi]

Bitcoin is too awesome..
First of all the concept of money itself is  mind-boggling..   Now we have true money that is backed by natural resources...

The more I think.of it, the more I realize how much we are living in the Matrix!

I've had the feeling of living in the matrix for a long time now, I keep trying to wake the people around me in vain.

[nameface]

This is entertaining, re: The Matrix http://www.youtube.com/watch?v=5zN-VKh7XgQ

BTW Max Min, your song is awesome! Great production on that video too!

[Amitabh S]

Is Satoshi "the one"?

[whitenight639]

What we need now is a Bitcoin style Secure Voting system for a Primary / Direct democracy- so everybody can vote on every piece of legislation and can put forward their own legislation.


Or

Crypto-Anarcho-capitalism

Or

just back to our old values and constitutions with our Liberties being respected and taking priority.


Any of the above has to be better than the Corporate bought puppet Governments we have now

[Amitabh S]

Bitcoin is the first few of a series of events that will lead us to the next level of cryptoanarchy.. And its kind of scary too at the same time.... Im one of those who does not like to rock the boat too much when the waters are calm.

[nameface]

Crypto-Anarcho-capitalism

Hear! Hear!

my catchphrase = anarchy is underrated

[allthingsluxury]

It most certainly is revolutionary.

[maxmint]

This is entertaining, re: The Matrix http://www.youtube.com/watch?v=5zN-VKh7XgQ

BTW Max Min, your song is awesome! Great production on that video too!

Oh thanks, glad you like it!

[iCEBREAKER]

Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.

Electricity comes from natural resources like wind, hydro, solar, nuclear, and hydrocarbons.

Thus, our new Joule Standard is backed by natural resources.

Prepare to meet your doom, central bankers!  The era of cryptodollar hegemony is upon us!

[Zeilap]

Well Bitcoin IS mind-boggling, but it's not backed by natural resources. It is actually more accurate to say that Bitcoin is a natural resource itself... or more accurately a man-made resource.

Like gold, Bitcoin is not backed by anything because it is useful for certain purposes.

Sometimes I worry that I will wake up and Bitcoin will all have been a dream. I'll try to explain it to my friends and family, who will dismiss the silly dream as absurd. Of course you can't have secure decentralized digital money! Psssh!!

But yet, it seems real, and we're living it right now.

I expect your friends and family think you really a major drug dealer, and that this 'bitcoin' thing is just a way for you to avoid admitting it to them

[oleganza]

Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.

What do you mean by "backed by"?  When we say "paper receipt is backed by gold" it means you can get gold in exchange for receipt at any time. In case of Bitcoin, you are NOT getting back electricity in exchange for your bitcoins, blocks or transactions. Please clarify what you mean by this.

[iCEBREAKER]

What do you mean by "backed by"?  When we say "paper receipt is backed by gold" it means you can get gold in exchange for receipt at any time. In case of Bitcoin, you are NOT getting back electricity in exchange for your bitcoins, blocks or transactions. Please clarify what you mean by this.

One definition of "backed by" is "guaranteed exchangeable for."

Another is "supported by."  As in 'Bitcoin is supported by the scarcity of energy available from natural resources.'

[benjamindees]

I expect your friends and family think you really a major drug dealer, and that this 'bitcoin' thing is just a way for you to avoid admitting it to them

I'm guessing that Erik's family knows a little more about Bitcoin than he has let on.

[MooC Tals]

Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.

Electricity comes from natural resources like wind, hydro, solar, nuclear, and hydrocarbons.

Thus, our new Joule Standard is backed by natural resources.

Prepare to meet your doom, central bankers!  The era of cryptodollar hegemony is upon us!

I guess the more costly electricity goes the more bitcoins go. With that said how will that effect electricity rates globally if one country supplies power at a substantial difference.

Interesting to discuss

[herzmeister]

Well Bitcoin IS mind-boggling, but it's not backed by natural resources. It is actually more accurate to say that Bitcoin is a natural resource itself... or more accurately a man-made resource.

Like gold, Bitcoin is not backed by anything because it is useful for certain purposes.

Sometimes I worry that I will wake up and Bitcoin will all have been a dream. I'll try to explain it to my friends and family, who will dismiss the silly dream as absurd. Of course you can't have secure decentralized digital money! Psssh!!

But yet, it seems real, and we're living it right now.

then you know what to do when you wake up.

(assuming the laws of math and 1 + 1 = 2 don't change one layer of reality above ours)

I mean don't try to persuade anybody first 

[Bit_Happy]

This is entertaining, re: The Matrix http://www.youtube.com/watch?v=5zN-VKh7XgQ

BTW Max Min, your song is awesome! Great production on that video too!

Good so far, will watch the rest later, thanks.

[oleganza]

What do you mean by "backed by"?  When we say "paper receipt is backed by gold" it means you can get gold in exchange for receipt at any time. In case of Bitcoin, you are NOT getting back electricity in exchange for your bitcoins, blocks or transactions. Please clarify what you mean by this.

One definition of "backed by" is "guaranteed exchangeable for."

Another is "supported by."  As in 'Bitcoin is supported by the scarcity of energy available from natural resources.'

These are totally different definitions and the second one is made up. If you want to point out prerequisites to deal with Bitcoins, you don't need to redefine words. Bitcoins need the same modern capital structure that you also need for having dollars and modern banking. Namely, connectivity, electricity, equipment and many people employed in that area.

Back to the first definition (which is what most people use): what exactly and by whom is guaranteed to be exchanged for irrevocably spent electricity in case of Bitcoin?