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Author Topic: How is this better than e-gold?  (Read 538 times)
Nightblade
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September 08, 2011, 08:39:47 PM
 #1

I don't understand how bitcoin is better than something like e-gold.

I own gold & silver in real life and understand the problems with fiat money.  However, I just don't get what the point of bitcoin is?  Isn't it pretty much the same as e-gold, which got taken down by the government?

The only advantage I can see to bitcoin is that it is peer-to-peer, however from what I read of the technical description of the network I think it could be disrupted by a determined adversary.  Even if it was something as simple as flooding the network with bad data/bad connections.
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gusti
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September 08, 2011, 08:52:48 PM
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e-gold : centralized system, pegged to gold
btc : descentralized system, pegged to nothing

If you don't own the private keys, you don't own the coins.
tablekart
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September 08, 2011, 09:19:09 PM
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e-gold work with external element - gold, bitcoin depends on energy, internet and computing

in theory no one can take bitcoin down, but practically government/banks can stop exchange

important is if bitcoin can stand alone and work as basic economy (wages-products)
gusti
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September 08, 2011, 09:26:09 PM
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e-gold work with external element - gold, bitcoin depends on energy, internet and computing

in theory no one can take bitcoin down, but practically government/banks can stop exchange

important is if bitcoin can stand alone and work as basic economy (wages-products)

keep in mind that exchanges are not bitcoin, you can always exchange in person, locally
another advantage for bitcoin, is that you can transfer 1 million btc with very low fees or not fees at all
 

If you don't own the private keys, you don't own the coins.
bitlover
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September 08, 2011, 09:53:56 PM
 #5

I don't understand how bitcoin is better than something like e-gold.

I own gold & silver in real life and understand the problems with fiat money.  However, I just don't get what the point of bitcoin is?  Isn't it pretty much the same as e-gold, which got taken down by the government?

The only advantage I can see to bitcoin is that it is peer-to-peer, however from what I read of the technical description of the network I think it could be disrupted by a determined adversary.  Even if it was something as simple as flooding the network with bad data/bad connections.

Another advantage of bitcoin is that you can mine for them, which helps you (if you have sufficient computer power, of course) get started.
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