04-12-2013, 02:23 AM
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Confirmed User
Industry Role:
Join Date: Apr 2010
Posts: 1,401
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Quote:
Originally Posted by dyna mo
bitcoin is a social construct that could only be happening due to the internet and the world we live in.
what we are witnessing here is the birth of something very new.
call it a ponzi if you wish and while btc is more than likely going to fail, taking a fair amount of speculators with it- just like the internet bubble, it will leave an infrastructure/ecosystem that will ultimately be embraced.
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"Three eras of currency," Chris Dixon, a partner at Andreesen Horowitz and well-known technology investor, recently wrote on a personal website. "Commodity based, e.g., Gold; Politically based, e.g., Dollar; and Math based, e.g., Bitcoin." For those whose idea of money still involves greenbacks and metal coins, Bitcoins do not exist in any explicit physical form. The creators wrote algorithms that allow only a finite number of Bitcoins to be created ? the count is currently around 11 million ? with new coins "mined" by programmers who solve mathematical riddles. The coins can then be bought and sold through upstart exchanges, and held in what are known as virtual wallets.
Source article: http://www.smh.com.au/technology/tec...412-2hp6n.html |
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