[HH] Bitcoin mining hardware

[Federico Lucifredi]

"whatever it is, it's too volatile to be money"

http://www.forbes.com/sites/steveforbes/2013/04/16/bitcoin-whatever-it-is-its-not-money/

Best -F


On Apr 18, 2013, at 1:35 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?
>>> 
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>> 
>> _________________________________________
>> -- "'Problem' is a bleak word for challenge" - Richard Fish
>> (Federico L. Lucifredi) - flucifredi at acm.org - GnuPG 0x4A73884C
>> 
>> 
>> 
>> 
>> 
>> 
>> 
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> 
> 

_________________________________________
-- "'Problem' is a bleak word for challenge" - Richard Fish
(Federico L. Lucifredi) - flucifredi at acm.org - GnuPG 0x4A73884C