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Author Topic: The living experience of a currency and Bitcoin  (Read 595 times)
YoYa
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September 13, 2011, 06:52:44 AM
 #1

I've just clicked to something pretty intresting:

Quote from: YoYa's Law
The probability of a financial instrument(of any kind) that exists in other currencies and human history being implemented in Bitcoin will approach one as time progresses.

It is as obvious as it seems, but it's the implications that are worth considering.

I only came to think of it in considering all the scam's we have seen in recent months, essentially any scam that has existed on other monetary systems will eventually be played out on bitcoin. My Bitcoin was not the first "bank" or fund to up and disappear. Now we're seeing bitcoinica become the first bucketshop. Ponzi's were established openly and freely for the hell of it, and basically what I am proposing is that any scam that has ever existed will probably be played out on bitcoin at some stage.

BUT

On the flip side, we are also going to see every profitable and acceptable means of generating profit applied to bitcoin as well. We already see the GLBSE, the various exchanges, and more and more financial instruments from history being used as well.


So why am I telling you the obvious?
Because, if we care to look at history, we can see other lessons learned that are just as important for Bitcoin in it's growth that it has yet to experience. Already we are learning of the importance of at least the regulation of law, the importance of trust, and just the exact complexity of the nature of what at the very least will be an experiment of immense value to economics.

So for this thread, why not post financial instruments of all kinds that you have not seen in bitcoin, but have seen elsewhere, this could be intresting.
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