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Author Topic: Recommendation: 28c3: Bitcoin - An Analysis Video held on 28th CCC in Berlin  (Read 836 times)
Spekulatius
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May 06, 2012, 08:25:45 PM
 #1

http://www.youtube.com/watch?v=hlWyTqL1hFA

Prof. Dr. Stefan Katzenbeisser (working in the Security Engineering Group of the Computer Science Department at the Darmstadt Technische Universität, Germany)
& Prof. Dr. Kay Hamacher (working in several departments at the before mentioned university) hold a lecture on Bitcoin at the 28th Chaos Communication Congress on the 27th - 30th of December 2011 in Berlin. Economical, technical and anonymity issues are addressed and analysed.

Its a good run down on all these issues from a scientifical point of view. I would suggest to everyone being interested in the future capacities and issues bitcoin is going to face, to watch it. (After a newbe explanation of 'what bitcoin is', the real action starts at around 12:40) Wink

This thread shall provide a place to review and share oppinions on the points made in the video.
(for better clarity & referentiality, Ill group every point of controversy named in this thread with a numberand time code)

Although not having watched all of it, I already would like to point out some statements made in the video, that I disagree with:

#1: At 18:43 Hamacher concludes from his analysis of bitcoin use, that Bitcoin is a luxurious good (superior good) because its used more, as it becomes more expensive.

He fails to realize, that bitcoin is predominantly (my assumption) used as a medium of speculation. Naturally more of it is used (volume) as prices go up.

#2. At 22:15 Hamacher states, that Bitcoin will vanish ultimately, because of loss of bitcoins (lost backups, forgotten passwords,..). He predicts at a rate of 5% loss per year that bitcoin will vanish around 2031.

He misses the fact, that 1 Bitcoin can be divided infinitely. Therefore even 1 Bitcoin in existence would suffice as medium of exchange in a world economic relying on bitcoin on a daily basis. Also: If every year (according to his statement) 1% of all Bitcoins not "lost", would be lost, we would never hit zero. If I loose 1 Bitcoin this year, starting with 10 BTC and keep loosing 1% of what I have every year, I would still have 3.6603 BTC after 100 years!
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Sukrim
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May 06, 2012, 10:51:03 PM
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I liked the one from the CCC Camp in summer more...

Anyways: Why discuss + dissect it now? The video is already nearly half a year old...

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Spekulatius
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May 06, 2012, 11:42:47 PM
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yeah, but the questions raised are still actual. Apart from that, I coulndt find anywhere else, it was discussed.
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