| 73Q Music Videos | Vote On Clips | Submit | Login   |

Reddit Digg Stumble Facebook
Desc:SPOILER: It's digital funny money invented by open-source internet libertarians that is worthless
Category:Educational
Tags:libertarian, bitcoins, lol economics, open-source, lindens
Submitted:WHO WANTS DESSERT
Date:03/23/11
Views:7086
Rating:
View Ratings
Register to vote for this video

People Who Liked This Video Also Liked:
Mark buys Jeff and Sophie condoms - Peep Show
The Insect God
A holiday commercial for a Swedish retail chain
The Dean Martin Roasts - Dean Martin (Man of the Hour)
Marx Brothers stateroom scene from A Night At The Opera
Harold Ford: He's Just Not Right attack ad
A Scene from Batman Forever
Illegal Alien Video Game Angers Feds
'Work It'-- Pilot
Parrotheads in the wild, 2008
Comment count is 16
Toenails
Oh okay. That answered the question I had about Bitcoin Mining from the other video.

So, the way to get rich in the Bitcoin Economy is exactly how they did it back in the 1800s. Be one of the first prospectors there and get all the gold out before anyone else has a chance.

I just don't understand why the folks behind this hasn't backed their currency with anything material. It's all based on a program that checks with other programs to see if you exploited it.

cognitivedissonance
The solution would be if everybody in the world that wasn't rich just suddenly declared we were all just accepting "Poorbux" now, leaving all the money in Dubai worthless, forcing the rich to retreat from their idiotic powergrabs lately.

But, of course, Libertarians don't think of the rich as a negative class, so this is a dumb idea.
poorwill
That is basically http://en.wikipedia.org/wiki/Demurrage_%28currency%29

I am a fan.

Caminante Nocturno
Completely worthless, just like all libertarians.
badideasinaction
The best part is that the Libertarians I know seem unable to recognize and thus resist the siren's call of the pyramid scheme. So this plan should be perfect for them.

Scrotum H. Vainglorious
Here are my 5 bit stars.
kingofthenothing
here are my 5 bitstars.

pastorofmuppets
I have a prof working on something like this. His idea is that local communities would buy into the new currency all at once, thus exporting dollars. But it's not actually currency, it's a metric that lets you decide how much value to give to someone based on how much value they've given in your general direction. He hopes the right algorithms would encourage healthy trading, but based on strategic giving instead of debt.

Debt's the issue, and I don't think bitcoins address it. Dollars are created when the banking system lends money that previously didn't exist. New money means new debt that is owed, at root, to the world banks. But they don't generate value for us, just dollars, so in some sense we're better off not paying it. Toenails: you *want* the currency to be monopoly money. If I have a buying power, it should be because I helped a lot of people out, not because I stockpiled something.

I wrote way too much but there is one other thing: even if people only ever used cryptocurrency for doing money transfers, that'd still be awesome. I think that's more practical anyway: not a new dollar but a cheaper Paypal.
Discordia
Will they do my dishes and take out the trash?
kingofthenothing
What's to stop someone from just macro-mining with a lot of windows open at once? Or even doing distributed computer mining? Or just hacking? I mean encryption, sure, like that'll last.
kingofthenothing
Dig this.

https://en.bitcoin.it/wiki/Trade#Psychoactive_drugs

RomancingTrain
Let's just switch to whuffie and be done with it.
SteamPoweredKleenex
I'm still waiting to just have 'credits,' like they do in all the sci-fi movies. Even ones where it sucks to be, you still have robots and laser guns, so that's a decent trade-off.
dystopianfuturetoday
Sounds like Sloth from the Goonies.
kanyakumari
Banking with open source code. Brilliant.

Also, what's the exchange rate of bitcoins to beenz? Speedybux?
StanleyPain
This basically sounds like PayPal only worse, which is something I didn't think was possible.
Register or login To Post a Comment







Video content copyright the respective clip/station owners please see hosting site for more information.
Privacy Statement