We have distributed computing. How about decentralisation?

[dedanna1029]

Check this out... looks pretty cool to me!

http://maidsafe.net/

[Snorkasaurus]

Looks like another worthless currency to me.
s.

[viking60]

It always looks like that to me too. But the Bitcoins seem to be around and have a value.
What happens sooner or later is that some sort of "central bank" legitimizes the currency and makes it trustworthy. That enables traders to trade bitcoins for Dollars or other currencies - which is the case today.

In some way the currency has to be tradeable. Bitcoin is; so I was wrong about that one It is a part of the economy that is not so centrally managed but relies on a course measurable in other (controlled) currencies.

[Snorkasaurus]

It always looks like that to me too. But the Bitcoins seem to be around and have a value.

I would agree that bitcoins are around, and that they seem to have "value"... but I would not say they are currency. McDonald's has cheeseburgers, they trade them for money all the time (in all kinds of currency and at an incredible rate), but I wouldn't call them currency. Currency has to be generally accepted as payment by pretty well everyone, for pretty well all goods and services. Bitcoins are only good to exchange between computer geeks with fancy video cards for a limited selection of goods and services like the junk at thinkgeek. McDonald's cheeseburgers are not very delicious and can't generally be traded for Internet service or diesel fuel.

What happens sooner or later is that some sort of "central bank" legitimizes the currency and makes it trustworthy. That enables traders to trade bitcoins for Dollars or other currencies - which is the case today.

It is really too bad that central banks have to exist for people to trust something as currency, the bad news is that they are often some of the least trustworthy organizations.

In some way the currency has to be tradeable. Bitcoin is; so I was wrong about that one It is a part of the economy that is not so centrally managed but relies on a course measurable in other (controlled) currencies.

Bitcoin is only really tradeable for other forms of money... it is a commodity rather than a currency. If it is a currency I would love to know how I can use bitcoins to pay for Internet service, diesel fuel, food, and bullets! :-)

s.

[Snorkasaurus]

I should also add however, that some of the maidsafe web site seems to elude to a sub-network that uses the Internet for transport, uses crypto keys to ID individuals, is entirely encrypted to endpoints, and provides some level of anonymity when using publicly available services. THAT I can get behind... but I have reservations about the ability for something like that to be deployed to the masses.

s.

[viking60]

You can trade 1 Bitcoin into $320. You can do it here.
So Bitcoin may not be usable everywhere but you can trade them to real dineros.

[Snorkasaurus]

You can trade 1 Bitcoin into $320. You can do it here.
So Bitcoin may not be usable everywhere but you can trade them to real dineros.

Exactly, just like cheeseburgers...

If I have cheeseburgers I can trade them for US dollars in stores all over the US. If I have bitcoins I can trade them for US dollars at some web sites. If I have cheeseburgers I can't trade them for Internet service or diesel fuel. If I have bitcoins I can't trade them for Internet service or diesel fuel.

The differences with bitcoins are (1) that I can buy and sell them without needing my own McDonald's restaurant and (2) a few select merchants will accept them in trade for first-world luxury junk. Neither of these makes them a real currency. What would make them actual currency is large scale acceptance for a much broader range of goods and services. For example, here's a list of things I need right now:

• a new boiler to heat my house
• someone to install my new boiler
• groceries
• bullets
• fuel for my car
• a soldering iron
• a king size heated mattress pad

Dollars can buy me those things, but bitcoins can't... that is what makes them "not currency" to me.

s.

[dedanna1029]

Actually, Bitcoin is now considered a currency, albeit a digital one, and it does pay for a lot of goods. Look it up.

https://www.weusecoins.com/en/questions ... -by-people

For that matter...

[Snorkasaurus]

Can I get the items on my shopping list above with bitcoins?
s.

[dedanna1029]

There are a lot of products that bitcoins are being used for. There are quite a few businesses accepting bitcoins now. So, in short, yes. There are still ones you can't of course, but the acceptance of bitcoins for products has been growing for a while now.

[dedanna1029]

Billpay
This one was two years ago. Imagine now.
What you can buy, updated Oct. 15

[dedanna1029]

How to accept Bitcoin for small businesses