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Author Topic: 2013-11-02 It is necessary to have confidence in mathematical ... (SWE)  (Read 448 times)
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November 03, 2013, 02:48:07 PM

Another article in about bitcoin. DN is (one of the?) the biggest morning paper in Sweden. Anyway, it's big.

Google translate:

The world's first ATM for bitcoins has just opened in Vancouver, Canada. But in Sweden , this virtual currency so far small scale , according to the Riksbank. The significance may be highest in countries with high inflation or bad functioning of payment , such as in Africa.

School's auditorium in Stockholm was filled with an audience when it recently held an information meeting about bitcoins . Any comprehensive information, however, it was hardly in question, but rather pleas for all the good properties of this virtual currency. But this brought a lot of support and gave long applause .

Bitcoins is great among the converted and is often likened the gold standard. The common denominator is that they do not allow themselves to be manipulated by political powers and is protected from inflation, because the system has been closed for the opportunity to readily create new money. But this will be the accounts is constantly available through the mobile phone and the transaction costs are negligible low across the globe.

If you like it, then give bincoins also good opportunities to hedge against authorities who want to recover taxes or confiscate assets. The system is both anonymous and decentralized , which may concern the world's central banks who want to have control over money flows. Here , no one has an overview or can control , which means that the assets are protected.

But it is necessary to have confidence in what can be achieved with advanced mathematical formulas , prepared by unknown programmers. Encryption must be as watertight as it claimed , the same protection against virus attacks. All this is impossible for the individual holder of a bitcoin account to keep track of, but must be able to trust the system.

On the plus side is that bitcoins can be used anywhere there are mobile phones . At the meeting on the School explains how the system works in Kenya and similar case in countries ravaged by war or devastating inflation. It will be as a replacement for the community infrastructure in general is sluggish and unreliable or simply missing.

Minus side is that bitcoins allow themselves to be used for criminal purposes , in addition to tax evasion . This can apply to capital flight , drug trafficking or terrorism . Therefore, it is difficult to believe that the system will be allowed to grow freely without supervision from authorities, especially in the U.S. .

In Sweden, the FSA and the Riksbank defend itself to the extent of bitcoins as yet is small and therefore hardly get any social effects. So far, the individuals who can win or lose on speculation , as if the system does not deliver what it promises. In this case , there is no one to hold accountable .

It is unclear whether Satoshi Nakamoto , who allegedly created bitcoins , really exist or is a pseudonym - if so, for whom and what? So far no one has had the opportunity to meet him , but it seems to be about a virtual existence - like currency.

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