Bitcoin: Crypto-Monopoly Money, with a long-term promise nonetheless
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- Опубліковано 20 лют 2014
- The essential feature of Bitcoin is 'the majority rule': zero tolerance towards any minority taking over the currency. This feature, alas, denies Bitcoin the power to stop an avalanche sellout, which is bound to happen. Back to the drawing board: Bitcoin-2, Bitcoin-3... It took computer-chess 47 years to beat Kasparov; by 2050 Bitcoin-n may replace human central bankers. What do we do in the mean time?
Poetically:
And the Network-God said: "Let There Be Bitcoin!" -- and there was Bitcoin. And the God-Network Saw Bitcoin and it was Good, and Trading Commenced! Alas Bitcoin was mortal: thin-air to thin-air, ashes to ashes, dust to dust, and the Bitcoin-child sat on the throne...
Another lesson in Gideon Samid's Crypto Academy. - Наука та технологія
listening at X1.75, perfect
Legend
Gideon I adore your sessions. Keep up the great work my friend. You are truly inspiring :-)
Very interesting that youtube showed me this after all this years. Very interesting channel. Bitcoin is dead, long live bitcoin.😅
Is there next video about bitcoin and i miss it, or it isn't?
+Robert Cebula yes, check "bitcoin to BitMint", more to come!
Your forgeting about Proof of work.
electricity is energy
energy has a value
Why should the community 'pay a miner' who spent its finite energy on a calculation of no intrinsic utility? If you spend energy to drill for oil that heats your house, that is different. Bitcoin today is a closed system with no objective way to rate its value to reality outside. That is why we propose: bitcoin.BitMint. see eprint at the International Association for Cryptology Research: eprint.iacr.org/2014/244
Gideon Samid
"without authoritarian control it is bound one
day to spiral down to zero"
You're trying to purpose centralized version of bitcoin?
But, control destroys freedom.
Also proof-of-work protects network from spam, it's similar to idea of CAPTCHA. Miners provider network security, and thus they are rewarded.
control prevents collapse, freedom is based on stability of currency (stop price manipulation), stability is achieved by anchoring money on the wealth of the earth through cascaded mints. watch for my new book The Dawn of Digital Currency" next week on Amazon.
Gideon Samid It is true to say that bitcoins originated from thin air. Yet again why did all the other currencies originate from. At first people used to trade goods for goods or services, say a pack of salt for gold may be. Totally unfair, but the need is what gave the goods their value. Then came a single medium of exchange, ivory, silver, gold and other items. Say if you happened to pick up a stone at some instance and that stone happened to be gold. You have something of value you can go and buy something else with it. Or say you happen to own a mine, the gold you are getting is nothing more than simply stones... The fact that it is needed, and it is demanded that gives it value... How can that analogy be different from bitcoins. They are mined from the machine power of the network, they are demanded hence that gives them value... Owning one bitcoin is not the same as saying you are holding a worthless stone and you wish it to be gold. But you are holding a digital form of energy whose value come from as function of both time, network and the processing power of your machines. Centralizing bitcoins, will take us back to the same thing which we are stepping away from. 90% of the earth's economy being owned by not more than 10% group of people. Here in the third world countries, we are the ones who are paying the price, for our currencies are fluctuating even more than the bitcoins. Take Zimbabwe for example, the fact that they wanted to free themselves from the shackles of neo colonialism, they were economically crippled through strong economic sanctions. Their currency lost value. But if by that time bitcoin was around, most people could have secured their hard earned money, instead of being bullied by the minority few, Thank you professor for the video. But I believe we need to make it work as a free and open currency rather than centralizing it. Regards
Gideon Samid do you still believe your sentiment today?
Yes. The particulars of Bitcoin are flawed, but the underlying idea of using cryptography to build trust in a mutually mistrustful society is very promising. I am an IOTA advisor because it overcomes some of these flaws. But for global digital money, I am with BitMint, which is the only digital money I know of that is designed to withstand an attacker smarter than its designer.
thanks for your reply and vids
I have trouble understanding why a currency needs a country and a government behind it? Why would someone really care if they have South Africa or Egypt behind the piece of paper or the number on the screen? If you say they can tax their people and there is gold in the hills, why does that matter to me?
Gold and silver don't have a country.
I think it is difficult to know where bitcoin is going to go (up perhaps?). I don't know how to conclude that bitcoin will go to zero.... outside the fact that eventually everything will go to zero in some way, like earth and the sun (I don't anticipate bitcoin lasting that long).
If we say bitcoin isn't the same as other currencies and it doesn't have men in mines slaving to get the product out, why should we care as we have already acknowledged that it is a new different technology and currency... so why compare it to the old ones? When Einstein discovered relativity or when quantum mechanics came around, the fact that they didn't fit into classical physics correctly didn't mean that they would die.
Probably some antihuman like Steve Mnuchin and the rest of his ilk will centralize bitcoin and kill it.
It's not a country, it is asset that backs up nominal currencies. Assets of per se value for people. Bitcoin is a sweeping protocol. If it is so good, then people will start bitcoin-2 (they already did, BCH), then bitcoin-3,4,... If you generate money out of thin air, you can repeat the trick again and again. By contrast you can't generate dollar-2, or Euro-2. Today's bitcoin buyers expect the value to rise; they will sell it in a jiffy when they conclude that bitcoin had its run, and they all try to get rid of it before it is worth zero, which will make it plunge faster. Would you borrow bitcoin? No, afraid it will be too expensive when it is time to repay. Will you lend bitcoin -- no, because its value might plunge. But you would borrow or lend dollar, it fluctuate but not crazy.