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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
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Comment count is 16
Toenails - 2011-03-23
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 - 2011-03-23
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 - 2011-03-24
That is basically http://en.wikipedia.org/wiki/Demurrage_%28currency%29

I am a fan.

Caminante Nocturno - 2011-03-23
Completely worthless, just like all libertarians.
badideasinaction - 2011-03-24
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 - 2011-03-23
Here are my 5 bit stars.
kingofthenothing - 2011-03-24
here are my 5 bitstars.

pastorofmuppets - 2011-03-24
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 - 2011-03-24
Will they do my dishes and take out the trash?
kingofthenothing - 2011-03-24
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 - 2011-03-24
Dig this.

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

RomancingTrain - 2011-03-24
Let's just switch to whuffie and be done with it.
SteamPoweredKleenex - 2011-03-24
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 - 2011-03-24
Sounds like Sloth from the Goonies.
kanyakumari - 2011-03-24
Banking with open source code. Brilliant.

Also, what's the exchange rate of bitcoins to beenz? Speedybux?
StanleyPain - 2011-03-24
This basically sounds like PayPal only worse, which is something I didn't think was possible.
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