General Bitcoin discussion thread (June 2011)

SilasBarta

We've started a habit of creating periodic Bitcoin threads to confine discussion thereof to those threads and prevent excessive proliferation of Bitcoin topics in the discussion section. Here is a link to the last one, which links the other discussions. Lot's to talk about, and another bounce in Bitcoin's value (up to 33 then down to 24), so share your links and thoughts!

I do not understand why people are especially excited about bitcoin.

My understanding:

It's not under the control of any particular government, which excites people who view governments as evil mutants
It has a fixed upper quantity, which excites people who understand macroeconomics little enough that they think that's a good idea for a medium of exchange

Or in two words: techno-libertarian porn.

EDIT: It occurs to me the fixed upper quantity is necessary given de-centralized production.

It also occurs to me to wonder if there are any reasons to advocate Bitcoin other than those two - anyone want to help me update?

It's not under the control of any particular government, which excites people who view governments as evil mutants

Or with different connotations: it's not under the control of any particular person or group, which excites people who think power corrupts.

0Pavitra15y

I'm not sure that the fixed quantity is necessary. The generation rate hasn't started leveling off yet, and the bitcoin economy seems to be okay. I've thought before that it might have been better to schedule long-term linear growth, just keeping the block bounty at fifty forever.

10jsalvatier15y

I share with your general impression, but I think your phrasing casts bitcoin advocates as idiots which is a poor discussion tactic.

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General Bitcoin discussion thread (June 2011)

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General Bitcoin discussion thread (June 2011)

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