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Author Topic: Is bitcoin a banana? No, PRECIOUS BITS (thread went slightly ot)  (Read 3180 times)
cbeast
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December 04, 2011, 01:25:22 PM
 #21

I say: digital gold - everybody can understand that

I agree, "digital gold" is really good. captures many of the features.

That claim is also more than a little grandiose. Sure, gold is a commodity, but Bitcoin is nowhere near that valuable.

Noone said that bitcoin was as valuable as gold. It's not about quantities, but about qualities.

You can also call it digital poo. It's not about quantities, it's about qualities.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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December 04, 2011, 01:54:26 PM
 #22

I say: digital gold - everybody can understand that

I agree, "digital gold" is really good. captures many of the features.

That claim is also more than a little grandiose. Sure, gold is a commodity, but Bitcoin is nowhere near that valuable.

Noone said that bitcoin was as valuable as gold. It's not about quantities, but about qualities.

You can also call it digital poo. It's not about quantities, it's about qualities.

Digital copper?

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
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In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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December 04, 2011, 02:13:20 PM
 #23

As far as what type of non digital commodity they are “closest too” I like the simile “Bitcoins are like baseball cards” because they are basically artificially rare collectible “things”

Now taking this one step further I have heard them referred to as “collectible cryptographic anomalies” or just “cryptographic anomalies” – and I rather like that.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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December 04, 2011, 06:57:55 PM
 #24

I say: digital gold - everybody can understand that

I agree, "digital gold" is really good. captures many of the features.

That claim is also more than a little grandiose. Sure, gold is a commodity, but Bitcoin is nowhere near that valuable.

Noone said that bitcoin was as valuable as gold. It's not about quantities, but about qualities.

You can also call it digital poo. It's not about quantities, it's about qualities.

the amount of poo you can produce is not really limited.


gold is a very clear concept for everybody and it is a very positive one.

cryptographic anomalies, Virtual Scarcity, superimposed quantized deflationary value representation - you throw that at a normal person and they will call the doctor.



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December 04, 2011, 07:40:12 PM
 #25

I would more emphasize the transport layer:

Bitcoin is a virtual scarcity you can send with a mouse click.


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December 04, 2011, 09:05:14 PM
 #26

I would more emphasize the transport layer:

Bitcoin is a virtual scarcity you can send with a mouse click.



emailable precious bits

hm, precious bits

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December 04, 2011, 09:55:23 PM
 #27

I really like the word precious.

Precious bits - mined at great expense of electrical power from the great sea of hashing possibilities!

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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December 05, 2011, 04:02:04 AM
 #28

Precious bits - mined at great expense of electrical power from the great sea of hashing possibilities!

I'm going to be using this phrase. Smiley

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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December 05, 2011, 05:16:51 AM
 #29

hm, precious bits

nailed it.

You guys have really come up with somethin'
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December 05, 2011, 07:15:23 AM
 #30

'virtual scarcity' is open to the interpretation that it's not quite scarce.

I prefer something like 'Mathematically ensured scarcity' 
or 'Mathematically enshrined scarcity' 

Perhaps bitcoins are 'Globally Ensured Mathematical Scarcity'  or 'Deals In A Money Of Network-Distributed Scarcity'

(sorry.. couldn't help myself)




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cbeast
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December 05, 2011, 08:03:42 AM
 #31

I really like the word precious.

Precious bits - mined at great expense of electrical power from the great sea of hashing possibilities!

My PRECIOUS!

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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December 05, 2011, 09:42:02 AM
 #32

Precious bits - mined at great expense of electrical power from the great sea of hashing possibilities!

I'm going to be using this phrase. Smiley


There's also the expression of "sieving" already used (integer factorization, e.g. "number field sieve").

Precious bits - sieved at great expense from the vast deserts of the nonce space.

of course, having "mining" in there is a plus.

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December 05, 2011, 09:56:42 AM
 #33

So, is there anybody going to produce My Precious - real gold ring with private key engraved on inner side of the ring, with public key on the outer side?

Casascius?

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December 05, 2011, 07:54:59 PM
 #34

I suppose (most) the alternate block-chains would be considered semi-precious.

I like the fact "precious bits" seem to fit nicely into gaps in the Fintrac Guidelines. Until now, I was assuming that a "Money Service Business" would be the closest analog. (Though I fail to see how "alternative money remittance systems, such as Hawala, Hundi, Chitti, etc." can be reasonably included.) Precious Bits neatly fall outside the scope of "Dealers in precious metals and stones", at least until the law/regulations are changed to include "bits" (with the clarification that copyrighted works are not considered precious because they can easily be copied).

Edit: Which bits, specifically, are precious? Only the block-chain (and some novelty addresses) are computationally intensive. The private key (for a funded address) is what lets you move/create/destroy/merge/split funds precious bits.

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
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December 05, 2011, 08:39:37 PM
 #35

I suppose (most) the alternate block-chains would be considered semi-precious.

I like the fact "precious bits" seem to fit nicely into gaps in the Fintrac Guidelines. Until now, I was assuming that a "Money Service Business" would be the closest analog. (Though I fail to see how "alternative money remittance systems, such as Hawala, Hundi, Chitti, etc." can be reasonably included.) Precious Bits neatly fall outside the scope of "Dealers in precious metals and stones", at least until the law/regulations are changed to include "bits" (with the clarification that copyrighted works are not considered precious because they can easily be copied).

Edit: Which bits, specifically, are precious? Only the block-chain (and some novelty addresses) are computationally intensive. The private key (for a funded address) is what lets you move/create/destroy/merge/split funds precious bits.

I'm not sure such a renaming would change anything regarding how bitcoin is handled legally. Interesting thoughts however.

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December 05, 2011, 08:49:24 PM
 #36

The private key is just a random number.
The public key is just calculated from the private key.
The public key address is just calculated from the public key.
Vanity addresses are just randomly generated public key addresses that happen to match some pattern.

The "precious" part, the part that takes all the time/effort/energy to generate, is the hash of the block that meets the difficulty criteria.  For example:

000000000000055a165e49e80b04a7b5df29bedd7bdb23fec6d5d42052d3ad86

Getting all those zeros to happen in what is basically a random number is "hard"  so this is a "precious" number that was created by the system and the miner who found it was paid 50 BTC for their efforts.

So I contend that the block hashes are the "precious bits" or "cryptographic anomolies" that are being "collected".



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December 05, 2011, 10:42:56 PM
 #37


So I contend that the block hashes are the "precious bits" or "cryptographic anomolies" that are being "collected".


I feel I may have broken the analogy by trying to pin it down on specific bits. The Block hash is freely copied. It only proves that a specific block has not been changed by a malicious party.

I contend the ability to manipulate coins represented by the block-chain is precious. Therefore the private address corresponding to a funded public address would be precious. Such 'bits' have no value without the block-chain, which is what makes them "precious". Also, not all private addresses are precious: those corresponding to empty addresses are worthless.

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
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December 05, 2011, 11:15:01 PM
 #38

Well at any rate we all seem to agree that "precious bits" sounds cool and does seem to fit the system (somehow).

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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December 06, 2011, 02:42:50 AM
 #39

Well at any rate we all seem to agree that "precious bits" sounds cool and does seem to fit the system (somehow).

I agree. It also sticks (in my head, at least)

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