[HH] Bitcoin mining hardware

[Jerry Feldman]

The European Union does not have a standing Army.
But, essentially I agree with you. When you go into a casino, you get 
chips. In that casino, those chips are money. They are backed by that 
casino. They may represent a certain currency because we are familiar 
with that currency, but they don't need to be.

Gold, silver, Platinum, ... are commodities. Additionally, money (eg 
currency) is also traded like commodities. You can trade in currencies. 
The big difference is that currency is an abstraction. Down in 
Tennessee, where Jack lives, he has to carry bars of gold. because they 
don't take bitcoins.

On 04/18/2013 01:35 PM, markw at mohawksoft.com wrote:
> It's funny, we were joking a while ago about what constitutes "money."
>
> Bitcoins are not money any more than wampum is. This does not mean that
> they do not have a value, but the value is quite subjective.
>
> Money, on the other hand, is historically a token for something of fixed
> value, like gold or silver. Granted this distinction has been somewhat
> blurred.
>
> The main thing about "money," is that it is typically managed by a state
> with a standing army. Obviously not part of the official definition, to be
> sure, but certainly a "value add" component that bitcoins lack.
>
>
>> I am not sure either way.  It could be that Bitcoin takes its place as a
>> real currency (in some ways, it already is for the Internet black market).
>>   It may fizzle as a fad.  It may be deemed illegal and driven underground.
>>    it will crash again (it is a currency, so it will - trivially true
>> statement) - will it always recover, like a real world currency?.  Who
>> knows - I had no time to think about this.
>>
>> The BitCoin paper is here, that should explain how the scheme works:
>>
>> http://bitcoin.org/bitcoin.pdf
>>
>> Best -F
>>
>> PS: Satoshi Nakamoto is somebody's secret identity.  Most likely a team of
>> Quants in London or NYC, but even that is uncertain.
>>
>>
>>
>> On Apr 17, 2013, at 1:36 PM, Kurt Keville <kkeville at MIT.EDU> wrote:
>>
>>> Well, if it walks and talks like a pump & dump scheme ...
>>>
>>> There are no math answers to give (as there are in, say, the GIMPS
>>> project)... this is just gratuitous CPU burdening for it's own sake. I
>>> have been to a couple of the Bitcoin Club meetings at MIT and I still
>>> don't get it... seems to me to be a currency musical chairs; you don't
>>> want to be holding this currency when the bottom drops out again...
>>> there is another one this Friday if you are interested... I still go
>>> even though I still haven't figured out what the hubbub is all about.
>>>
>>> At 10:33 AM 4/17/2013, Greg London wrote:
>>>
>>>>>> Bitcoin has been all over the news this past week.
>>>> I don't understand. It sounds like someone set up a
>>>> company to trade in virtual money, and all I have to
>>>> do to mint my own money is do some math?
>>>>
>>>> I do some math, show them the answer, and they... do what?
>>>> They give me money? They act as a trader and take a
>>>> commission off on anyone trading money?
>>>>
>>>> Can someone explain how this works at the transaction level?
>>>

-- 
Jerry Feldman <gaf at blu.org>
Boston Linux and Unix
PGP key id:3BC1EB90
PGP Key fingerprint: 49E2 C52A FC5A A31F 8D66  C0AF 7CEA 30FC 3BC1 EB90