Bitcoin
posted by shivadove | April 17, 2011
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IcerocketToday I stumbled on an article about Bitcoin, a newish online currency:
http://techland.time.com/2011/04/16/online-cash-bitcoin-could-challenge-...
http://www.bitcoin.org/
I don't quite understand how it all works, but it's based on peer-to-peer anonymous online transactions. It's like BitTorrent where there is no central server--so there's no way a government could really stop or regulate it. Time will tell, but I think this could be an efficient and streamlined solution for overthrowing the central bank parasites. Uranus, ruler of technology, the Promethean archetype that steals the power from the gods and gives it to the people, may have struck again!
Comments
Anything or Nothing
— Apr 17, 2011
When you consider it, anything even nothing, can be construed to what we define as `money' a vehicle for the exchange by agreement of two or more participants. The simple key is for such an arrangement is that all participants agree to the definition of value (valuation).
If one takes from the current concept of supply/demand theory, the more one wants and the less there is, the greater the value that is in turn transformed into a vehicle of exchange that is currently paper with ink on it or a metal equivalent.
If two people decide tomorrow to enter into a different vehicle to acknowledge an exchange of goods and services - so be it, both will walk away from the transaction satisfied. The broader this accepted understanding is spread amongst traders of goods and services - from it will evolve a new system.
Any new form of currency is purely dependent upon its general acceptance of `valuation' and the specific vehicle (currency) to harmonize the exchange (differential between value offered and value accepted).
