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Rassah .
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You're right. Trying to convince people that the work your computer does when "mining" is important, and is on par with paying to print and secure US dollars, will be difficult. Hopefully the task of mining will eventually become so computationally difficult that it will only be relegated to dedicated financial datacenters, run by business people who understand Bitcoin, leaving users with just a "it's just another currency" in their head. Somewhat agree with you on the inflation v.s. deflation part, especially in regards to psychological effects. Maybe the deflation in bitcoin will be stable enough eventually not to be much of a problem. Either way, it should be interesting to see the effects while it continues to grow. There is no one strong central authority to prevent it from being hacked and exploited, but the "central authority" that keeps bitcoin secure is the same one that keeps Linux more secure than either Windows or Mac. It's an open-source project with a very dedicated open source community, writing and improving code around the project. Except unlike with Linux, these nerds have their actual "real" money in the system, and so likely have WAY more incentive to make sure this thing stays secure, and any problems get resolved quickly. Personally, I don't except Bitcoin to replace other currencies. But bitcoin is a tool with very unique convenient properties, such as low transaction fees, and easy transfer of wealth over long distances. So, even if it's not used as a replacement currency, and is plagued by severe price fluctuation, it can still work as a replacement for PayPal, where you buy it with USD, use it to pay someone online, and they immediately transfer it back into USD. Or work as an international payment system, where you could buy a few million of it on an exchange, send it to China, and have them exchange it for their currency within an hour, fast, cheap, and without a middleman taking huge fees for international transfers.
Toggle Commented Jul 20, 2011 on Bitcoin at Terra Nova
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Jul 20, 2011