|
1
on: September 07, 2010, 09:32:50 PM
|
|
Started by 1 currency now - Last post by Jordan
|
|
Thanks for the info. We had another post on Bitcoin last week. I've looked into it and the fundamentals look really good. Just a matter of it being taken up by people, and that seems to be beginning to happen too. Looking forward to seeing bitcoin takeoff!
|
|
|
2
on: September 07, 2010, 04:29:45 PM
|
|
Started by 1 currency now - Last post by joeyfrich
|
1 currency now, you'll be glad to hear that an open source currency already exists. Bitcoin.org went public in July 2010, and the Bitcoin community is growing quickly. Here's the technical abstract which explains how this open source currency works: http://www.bitcoin.org/bitcoin.pdfYou can get bitcoins by supporting the network with your CPU cycles, or you can buy bitcoins with your credit card: https://buybitcoins.comTo get started using bitcoin, you need to download the Bitcoin client from http://www.bitcoin.org |
|
|
3
on: September 02, 2010, 10:15:30 AM
|
|
Started by Trickster - Last post by noagendamarket
|
I've been using bitcoin for a few months. There is a growing list of businesses that now accept bitcoin as payment as well as a few charities such as the F.A.Hayek Society. You can find them here - http://www.bitcoin.org/trade |
|
|
4
on: July 31, 2010, 05:37:02 PM
|
|
Started by SlimShaggy - Last post by SlimShaggy
|
Yep, you've completely missed it! Go to Paul's site: http://digitalcoin.info and have a read of the details. Cheers, Tyler Been there, I'm afraid I got it straight. Excerpt from the "Digital Coin Technology" PDF: Digital
Coin
is
an
“object”,
a
unique
serial
number
that (...) cannot
be
found
and
accessed
without
the
owner’s
unique
username,
PIN
and
password.
This
Digital
Coin
serial
number
can
be
up
to
512
numbers
long.
The
Digital
Coin
software
alone
can
find,
read
and
alter
this
serial
number.
This implies 3 things: - Any smallest amount of money is a 512 digit number. You just don't drop it on a post-it to the beggar on the street.
- You need a username/PIN/password set, which is commonly known as an account, required whether you're a 5 years old going to buy candy or a clandestine.
- Every user of this new money needs an electronic terminal to reach the network - may it be a mobile phone or anything else containing the software. And he needs to be in range.
Also have a look at MaidSafe: http://www.maidsafe.net/ - so far as I understand it, digital coin would be built into a system like MaidSafe, if not this particular system itself. This sounds good. MaidSafe sounds good for its actual purpose, but I don't think any government would put trust in a system it cannot control. They'll want to keep records, especially if you consider the chances that some individuals might still be able someday to hack in and produce "fake money". Tho whole theory of "fair money" which also respects the rules of supply & demand is very promising. The automated market, everything is nice and perfect. It's just how you do it. Dematerializing is just moving one's trust in tangible objects into something else which requires a certain level of technology. It is very likely to happen on a confined, local scale, as an experiment. But will the whole world be ready to join this someday? I mean... you won't eradicate the Silver Crown coins which were so long to introduce in that jungle I know... And the username/PIN/password thingy? Maaaan, what a pain in the ass. I love my solid Euro coins  I can't wait to see some practical improvement in that "Credit Coin" of yours, guys! Cheers, Vince |
|
|
5
on: July 31, 2010, 01:42:22 PM
|
|
Started by SlimShaggy - Last post by Jordan
|
Yep, you've completely missed it! Hooray for that, none of us would want what you describe. Go to Paul's site: http://digitalcoin.info and have a read of the details. Also have a look at MaidSafe: http://www.maidsafe.net/ - so far as I understand it, digital coin would be built into a system like MaidSafe, if not this particular system itself. Cheers, Tyler |
|
|
6
on: July 30, 2010, 11:49:19 PM
|
|
Started by SlimShaggy - Last post by SlimShaggy
|
|
What is a credit coin?
I guess it is similar to paying with a credit card, since we want this money to be "dematerialized".
Now how can I make a direct payment to anyone, anonymously?
Will everyone need the equivalent to a bank account to be able to handle money?
How do I give a fiver to the neighbourhood kid who just washed my car?
How do I bribe the policeman who caught me trespassing a red light?
How do I pay my marijuana dealer for my weekly ounce of skunk?
More seriously...
Does it mean that every transaction has to be monitored and recorded, disregarding certain freedom?
Since not every business is regarded the same way by any government, fairly or not, I'd rather not give a government such power.
This would make it easy to disallow any individual or collectivity to "own money".
This would make money less powerful, for in some cases the power to achieve "illegal things" thanks to material money is necessary.
Isn't it?
Or did I miss the point?
I believe black market is a mean of survival for many, not always dishonnest, and a digital credit coin is going to make it way more difficult.
But I might be out of line...
I'd like to have anyone's opinion, though!
|
|
|
7
on: June 18, 2010, 11:40:23 PM
|
|
Started by sharloo - Last post by Jordan
|
Very astute observations Sharon - you're being pragmatic!  I can only speak for myself here, others may be of a different mind. I don't think the existing system is going to continue for too much longer. At some point in the near future, barring massive depopulation, the middle class of the first world nations are going to be left with next to nothing and the lower class with less than that. Such a situation will not bode will for the existing power-structure, and by that I mean the existing monetary system. It is at this point when we can offer new solutions. If we are able to have some functional small scale 'test' system going by this time (or even further along and actually fully functioning), such might prove helpful towards that ends. Realistically, it will likely take some time to integrate into society. Certainly there are a growing number in the US congress that are aware of the fraud perpetrated by the existing banking system and I believe that it's just a matter of time before the house of cards collapses. In the interim, I'm investing in silver, food, and community networks, while striving to promote alternative technologies like digital coin. My answer to both of your questions then, is that we cannot as a whole do much with an alternative paradigm while still within the existing paradigm. We can however work to build the new paradigm, knowing it won't be widely adopted for a while, but confident that it, or another like it, shall be adopted when the existing paradigm collapses. At the end of the day, people want a medium that can facilitate trade. When the existing medium becomes worthless, they'll be looking for these alternatives. |
|
|
9
on: June 07, 2010, 11:59:37 AM
|
|
Started by Seiko - Last post by Jordan
|
|
It's yet unclear what will happen. The overall money supply continues to increase, however banks are not lending much at the moment. What money there is the system tend to flow up the financial pyramid, leaving most people in the general economy with a limited amount.
The critical issue for the US is whether the US dollars that China, Japan, Germany are sitting on come back to the US and at what value. The longer they sit on that money the less it is worth as it appears that the FED is now buying US bonds (i.e. printing money).
Whether or not the US suffers hyper-inflation as did Weimar in the 30's or Zimbabwe recently, economic hardship is unavoidably on the horizon for people around the globe as the entire system of fiat money is collapsing as a house of cards.
Beware those who would advocate a 'global currency' as a solution. Such would reduce economic diversity and be a means of consolidating wealth and power around the globe - not a good idea.
I myself am investing in old silver coins - very tradeable and recognizeable and they will hold their value through a crisis. Hopefully Digital Coin can be implemented soon after. I believe it is the best solution out there.
|
|
|
10
on: June 07, 2010, 01:33:23 AM
|
|
Started by sharloo - Last post by sharloo
|
|
Hello fellow money revolutionaries...
I have really enjoyed the videos and articles on the Digital Coin site. I have investigated a local alternative currency operation in a nearby town which, unfortunately seems to be a pretty small scale operation and not set up to provide any essential goods or services.
I have two vital question before I start extolling the virtues of such a system as part of a solution to various problems...
1. How would an individual ever meet basic needs (housing, transportation, food) using a digital coin system given that providers of those necessities, at this point, are primarily large corporate/government interests who do not accept digital or other alternate currency systems as payment.
2. And how does one get out of the debt one currently carries when the creditors would never accept payment of those debts with digital coin.
It seems that the two systems would need to operate in parallel until all financial transactions transition to a digital coin scheme. I don't know about the rest of you, but the percentage of my income that goes to debt repayment, housing, transportation, taxes and food means I'm working all available hours just to meet my basic needs.
which I'm sure is the whole point of the system.
Anyone resolved this particular connundrum?
Sharon
|
|
|
