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Author Topic: MetaCurrency Project and how it relates to bitcoins  (Read 1136 times)
osmosis
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August 26, 2011, 05:49:04 PM
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Bitcoiners might want to check out this community, perhaps give them some feedback so we can build a bridge.

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http://www.facebook.com/metacurrency

"MetaCurrency Project Bitcoin is a single instance of a currency. Metacurrency is a platform for generating currency systems, including distributed systems similar bitcoin.

Speaking personally, I think it's great that bitcoin is waking people up to the possibilities of distributed currencies with mathematically ensured integrity. However, I don't share their goals of having the currency function as an anonymous cash-substitute, nor of building in artificial scarcity through an issuance process that wastes gigawatts of electricity.

The point of the metacurrency project is to make it much easier to create an ecosystem of currencies of all types from simple ratings, to barter credits to cryptographically secure tokens like bitcoins."
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September 29, 2011, 12:47:19 AM
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I just checked out their site and there is only 1 obscure mention of BitCoin that leads to this post... I really am surprised they don't mention the system.

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evoorhees
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September 29, 2011, 12:51:28 AM
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Why is it so hard for people to understand that the electricity devoted to mining is not "wasted."  It is being purposely, and effectively, used to secure the network and make it more resolute against attack.

One could argue that it's not a good use of electricity, to secure a currency like this, but it's certainly not a "waste."

How many resources are wasted by the status quo banking system, the security, the servers, the offices, the salaries, the consumption that entire industry requires... ?
im3w1l
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September 29, 2011, 01:06:13 AM
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Wasted as compared to other currency systems.
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September 29, 2011, 01:16:46 AM
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Why is it so hard for people to understand that the electricity devoted to mining is not "wasted."  It is being purposely, and effectively, used to secure the network and make it more resolute against attack.

One could argue that it's not a good use of electricity, to secure a currency like this, but it's certainly not a "waste."

How many resources are wasted by the status quo banking system, the security, the servers, the offices, the salaries, the consumption that entire industry requires... ?

I was just discussing with a friend about a generic way of computing (mainly genetic programming) and how it can be applied to Bitcoin. It's a two birds with one stone situation. On the other hand, I think when and if we have the technology, Bitcoin can be extended to support it. There is no need to implement alternative distributed currencies all the time.

Also to support your argument, another perspective to look at mining is, as we will soon see with Namecoin, hashing power can be shared between several different distributed notary services with different purposes and all will enjoy the same amount of security. It can be the de facto standard of all these systems that the world needs. I'm also thinking about a way to do this without polluting the Bitcoin blockchain, which is not a too hard thing to do. All in all, it seems to me like building a monument of security using computing power rather than a waste of electricity.

Wasted as compared to other currency systems.

Care to extend?
netrin
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October 06, 2011, 05:14:32 AM
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I just happened across the MetaCurrency project and it struck me as unnecessarily abstract. I suppose 'meta' is appropriate. Like RDF/OWL of the semantic web, an ontology must always define a domain to which semantics can be applied. We can envision a far distant future where we might map and translate semantics across domains, but ... well we're just not getting anywhere because it's too damn abstract and perhaps computationally impossible.

MetaCurrency reminds me a bit of Ripple, just even more impractical. But sure, we can imagine a domain of coders and designers on this forum. One great line of code is traded for a code review in exchange for debugging traded for marketing and after the parting of a sea we have a product. In the end we are negotiating a unit of value. Why not skip the domains and translations and just create a scarce unit of value? Bitcoin.

The website criticizes money because we don't all know the rules of the game. So again MetaCurrency lets us define the rules of a domain (semantic ontology) and Gödel tells us that this can be fair and consistent as long as it is not sufficiently descriptive. If it can reference itself (meta meta) then it is necessarily inconsistent and unfair. You could never negotiate a MetaCurrency while developing the same MetaCurrency. There is no escaping the proven limitations of any grammar.

So while I originally thought that the statement "I don't share their goals of having the currency function as an anonymous cash-substitute, nor of building in artificial scarcity through an issuance process that wastes gigawatts of electricity." was an absurd statement coming from a designer of a META-currency. It is in fact a mathematical necessity. MetaCurrency's goal is to produce consistent and fair but insufficiently descriptive currencies while bitcoin's goal is to produce an ultimately useful but inconsistently applied unit of value.

And that incompatibility is perfectly consistent. Smiley

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