gusti (OP)
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February 02, 2011, 01:43:49 PM |
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Given the assumption that you are a big corporation or entity with lots of processing power and money (think Google?).
Will this entity, from an investing cost of opportunity point of view, buy all bitcoins available, or just create a new instance of a BTC like network, let's say the GoogCoin ?
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If you don't own the private keys, you don't own the coins.
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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davout
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February 02, 2011, 01:48:12 PM |
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Depends on what uncle Sam asks google to do
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gusti (OP)
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February 02, 2011, 01:51:56 PM |
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Depends on what uncle Sam asks google to do
And only from an economical point of view ? I mean, additional similar new networks can devaluate BTC value, or not ? |
If you don't own the private keys, you don't own the coins.
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grondilu
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February 02, 2011, 01:54:38 PM |
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Given the assumption that you are a big corporation or entity with lots of processing power and money (think Google?).
Will this entity, from an investing cost of opportunity point of view, buy all bitcoins available, or just create a new instance of a BTC like network, let's say the GoogCoin ?
I'm pretty sure that at some point big companies such as Google or Apple will try to start their own block chain. But even with their huge processing power, I doubt they could create a longer block chain than bitcoin. Although the reputation of these companies might help to gain user base, bitcoin will always have a huge time advantage, and thus much more cryptographic weight. |
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davout
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February 02, 2011, 01:57:03 PM |
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Depends on what uncle Sam asks google to do
And only from an economical point of view ? I mean, additional similar new networks can devaluate BTC value, or not ? It depends on their intrinsic qualities I guess, a plain straight fork of bitcoin made by Google would have the huge advantage of google's advertisement power. It all boils down to the market, and what it wants... |
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grondilu
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February 02, 2011, 01:58:48 PM |
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And only from an economical point of view ?
I mean, additional similar new networks can devaluate BTC value, or not ?
No. Currencies don't devaluate each other. Mugabe didn't hurt the USD when he printed trillions of zimbabwean dollars. |
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Anonymous
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February 02, 2011, 01:59:49 PM |
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Couldnt the MiB just start their own block chain and force everyone to use it , and accept it for tax purposes ?
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markm
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February 02, 2011, 02:04:36 PM |
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Haven't you seen the movies? Oh wait, you typed MiB not MIB, my bad.  If the MiB try it, we'll pray to the Spirits of the Holy Wood that the MIB will do something about it? -MarkM- |
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gusti (OP)
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February 02, 2011, 02:18:29 PM |
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And only from an economical point of view ?
I mean, additional similar new networks can devaluate BTC value, or not ?
No. Currencies don't devaluate each other. Mugabe didn't hurt the USD when he printed trillions of zimbabwean dollars. You are right, but it can take interest away from BTC, and that can hurt intrinsic value, or am I wrong ? |
If you don't own the private keys, you don't own the coins.
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davout
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February 02, 2011, 02:20:05 PM |
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You are right, but it can take interest away from BTC, and that can hurt intrinsic value, or am I wrong ?
There is no such thing as intrinsic value |
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hugolp
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Radix-The Decentralized Finance Protocol
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February 02, 2011, 02:27:50 PM |
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And only from an economical point of view ?
I mean, additional similar new networks can devaluate BTC value, or not ?
No. Currencies don't devaluate each other. Mugabe didn't hurt the USD when he printed trillions of zimbabwean dollars. But its different with voluntary currencies. If some people abandon bitcoin to start using googlecoin the price of bitcoin will probably go down because there will be less demand for them. If googlecoin creates a new market with different people and does not take users from bitcoin then bitcoin price wont be affected (maybe only the future potential of growth). I still think its silly to trust a corporation money and the people that do will rightly get what they deserve. Hopefully they will learn something. |
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Bimmerhead
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February 02, 2011, 02:32:47 PM |
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I still think its silly to trust a corporation money and the people that do will rightly get what they deserve. Hopefully they will learn something.
That is a pretty optimistic statement. Some would say pathologically optimisitic! I think gusti has identified one of the biggest threats to bitcoin. GoogCoin, or maybe ZyngaCoin, as they already have tens of millions of customers who are doing micro-transactions everyday. |
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grondilu
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February 02, 2011, 02:39:35 PM |
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I think gusti has identified one of the biggest threats to bitcoin. GoogCoin, or maybe ZyngaCoin, as they already have tens of millions of customers who are doing micro-transactions everyday.
It's not a threat at all, it's just normal, healthy competition, and it has been discussed many times already on this forum. And anyway, if GoogCoin is based on open-source software, with similar principles than bitcoin, then soon enough the GoogCoin will not be related to Google Inc. except for its name. I then might sell some of my bitcoins to buy those GoogCoins. I won't mind. |
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ribuck
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February 02, 2011, 02:51:39 PM |
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And anyway, if GoogCoin is based on open-source software, with similar principles than bitcoin... GoogCoin or ZyngaCoin would never have similar principles to bitcoin. Organizations like Google wouldn't see a problem with their currency being centrally controlled. Something like Bitcoin can only arise from the bottom-up, not from the top-down. Google or Zynga could maybe succeed with the launch of a currency, but even for them it wouldn't be easy. In the UK, many people still remember the collapse of internet currencies such as Flooz and Beenz. |
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kiba
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February 02, 2011, 02:53:07 PM |
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Google or Zynga could maybe succeed with the launch of a currency, but even for them it wouldn't be easy. In the UK, many people still remember the collapse of internet currencies such as Flooz and Beenz. Google doesn't alway think that central control is a good idea. They sometime use open source such as android as a battering ram. If google decide co-opt bitcoin, than it will be pure ownage. |
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grondilu
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February 02, 2011, 02:55:02 PM |
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And anyway, if GoogCoin is based on open-source software, with similar principles than bitcoin... Google or Zynga could maybe succeed with the launch of a currency, but even for them it wouldn't be easy. In the UK, many people still remember the collapse of internet currencies such as Flooz and Beenz. To some extend a Google share holding is already a "google currency". At some point they will be smart enough to understand that they can use the bitcoin software to share their capital. I am so hoping for this, since IMO it will revolutionnize capitalism. I'm not sure I will live long enough to see it though  |
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