Bitcoin P2P Currency: A Dangerous Project?

reply to post by zookey


The funny thing about that is, most don't even know where the gold that paper bill is supposed to represent is even kept at any longer (even I would like the answer to that one). Of course there still people that think the bulk of it's in Ft. Knox, but they moved it from there loooong ago.

So you're right...you can't exchange that for gold from the government any longer, especially considering the country's gold is controlled by private banks. The sad truth is the bill has become all the money there is and the concept of it being a note representing an amount of gold no longer exists. Eventually the bill will be phased out in favor of purely electronic banking and by then they won't even attempt to hold up the illusion of the treasury notes.

Actually this sounds pretty good. Once we get a viable free decentralized P2P internet software that avoids ISPs this will really gain traction.. It is another fiat currency but we are forced to use one already the government has a monopoly on so might as well use one they cannot trace. I will be looking into this.

reply to post by Dashdragon


Sorry there is no gold backing any of the paper money today it is money from nothing. There are places where you can exchange bitcoins for regular dollars and the buy gold and silver etc.

It's simple either get rid of currency, Utopian Socialism ala Star Trek. OR make all coins from a metal worth the value printed on it like the Atlantean days.

The buzzword of bitcoin is P2P, it still has the inherent problem with fait currency today, its WORTHLESS.

Bring back barter? Sure, still exists today but promoting more fait currencies like BitCoin, Dollar etc is just going deeper into the hole.

Originally posted by hawkiye
reply to post by Dashdragon

 

Sorry there is no gold backing any of the paper money today it is money from nothing. There are places where you can exchange bitcoins for regular dollars and the buy gold and silver etc.

Confused at how exactly that contradicts my statement to require an apology when I basically agreed that the paper money has nothing behind it, but alrighty.

I just can't really see the bitcoins taking off personally. Might make for an interesting alternative exchange system in a few places I guess...seems too easy for someone to clean a person out with it being completely open source though. Even if they can't get to the main source itself, they could program something to manipulate it on the client machine (which is where their personal coins are anyway) and just wipe it clean. If it did take off, it would be a long while and many many revisions down the road before I would consider that sort of thing safe.

Not sure what to think. I never wanted a completely electronic currency, but they make it sound so enticing with their emphasis on privacy. Obvious ulterior motive there, but I'm definitely feeling the effects of their carefully worded sweet talk, though I am aware and will not give in to it.

In the end, if it doesn't some physical backing, it will fail. All it takes is one good solar flare and we can kiss all of our electronics goodbye for good, including our fancy e-monies. But it wouldn't make it to that point. It's a freaking computer program, it's not 100% foolproof no matter how intricate the programming is. Someone WILL find a way to break it, and I doubt it would take more than a month if it were to hit mainstream.

I'd put money on this thing actually taking off though, although I'm sure the government would take it over and do with it whatever they feel. But it's the way society is headed unfortunately. Everything has to be done on our smartphones.

It's actually reminds me of our current currency... worthless, easy to lose/steal, and destined to fail. The ONLY redeeming quality I can really find in it, it's one world currency without the need for one world government.