"Game over" scenario for Bitcoin

[dannyjpw]

It is conceivable that consortium of powerful banks and hedge funds who are not beholden to the current oligarchical monetary system, probably not mega-banks but mid-level up and coming like Saxobank, etc, start up something like bitcoin. They are just as sick of swallowing the costs of bailing out their bigger competiton and playing byu the shit rules coming down from on top.

I don't think that is very likely. The problem with bitcoins is that they are not scarce in the limit condition, since while the number of coins per blockchain might be limited, the number of potential block chains is essentially infinite.

IMO to make bitcoin valuable there needs to be some important service or obligation that can only be obtained or settled with bitcoins. Governments use tax and legal tender laws to establish this tension of demand. While you may or may not find such a binding-of-demand morally deplorable, it is necessary for  the creation of a successful currency, whether fiat or metal or crypto.

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[marcus_of_augustus]

IMO to make bitcoin valuable there needs to be some important service or obligation that can only be obtained or settled with bitcoins.

Well there is, or why do you think we are all here, because we like to play with make-believe tokens?

The security and anonymity afforded by the substantial computational power, and electricity, that goes into maintaining the network integrity provides precisely that value.

If another P2P, or other network, could put up the same hardware and energy for secure, anonymous transactions then their digital units may have similar value.

[dannyjpw]

If another P2P, or other network, could put up the same hardware and energy for secure, anonymous transactions then their digital units may have similar value.

agreed, but the similar value in question may be zero, or any other number on the 'value line'.

security is a 'necessary but not sufficient' condition for establishing currency value.

demand-binding is also a necessary but not sufficient condition.

likewise, scarcity.

[no to the gold cult]

If another P2P, or other network, could put up the same hardware and energy for secure, anonymous transactions then their digital units may have similar value.

agreed, but the similar value in question may be zero, or any other number on the 'value line'.

security is a 'necessary but not sufficient' condition for establishing currency value.

demand-binding is also a necessary but not sufficient condition.

likewise, scarcity.

I guess that's another reason to get people using btc for g&s on the internet, especially for net-based services to which btc are particularly suited.

[dannyjpw]

I guess that's another reason to get people using btc for g&s on the internet, especially for net-based services to which btc are particularly suited.

yes, but what would make bitcoin fly is a highly valuable service that ONLY accepts bitcoins as payment.

ideally that service would be something generated by and for the community.

a simple marketplace doesn't count because there is nothing to stop two parties, having established a co-incidence of wants, to just use dollars to settle, or another cryptocurrency for that matter.

[no to the gold cult]

I guess that's another reason to get people using btc for g&s on the internet, especially for net-based services to which btc are particularly suited.

yes, but what would make bitcoin fly is a highly valuable service that ONLY accepts bitcoins as payment.

ideally that service would be something generated by and for the community.

a simple marketplace doesn't count because there is nothing to stop two parties, having established a co-incidence of wants, to just use dollars to settle, or another cryptocurrency for that matter.

How about that 'bitDNS' project... p2p dns should really be free though.

[nounderscores]

dannyjpw, I've been spending a lot of time at witcoin.com.

I pays my bitcoins to vote and post, and the content is usually fun.

[dannyjpw]

dannyjpw, I've been spending a lot of time at witcoin.com.

I pays my bitcoins to vote and post, and the content is usually fun.

that's pretty cool !

[toasterthegamer]

 I doubt I could even get to the payout min of .001 btc. Also I never seem to have any shares accepted I think it's due to the network difficulty being too high maybe.