<br><br><div class="gmail_quote">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Thomas Greco</b> <span dir="ltr"><<a href="mailto:thg@mindspring.com">thg@mindspring.com</a>></span><br>Date: Thu, Mar 3, 2011 at 8:58 AM<br>
Subject: Bitcoin<br>To: Michel Bauwens <<a href="mailto:michelsub2004@gmail.com">michelsub2004@gmail.com</a>><br><br><br>Michel,<br>
<br>
Here's a post from the Open Collective Skype chat about Bitcoin.<br>
<br>
[05:43:48 PM] permaworld: Does anyone have information or experiences with BitCoin <a href="http://bitcoin.org" target="_blank">http://bitcoin.org</a> ..... a new peer2peer open source digital currency? If so, what do you think of it?<br>
[05:55:27 PM] Arthur Brock: Bitcoin has gotten a lot of things right about decentralization and intrinsic integrity built into the structure of the data itself.<br>
[05:56:04 PM] Arthur Brock: However, they've confused issuance of currency with creation of value and are still building for artificial scarcity.<br>
[05:58:06 PM] Arthur Brock: It currently takes about 113 days of 100% CPU use to "mine" a bitcoin. �You pay for $25 of electricity to generate a coin worth about $18. �If the world switches to using bitcoin as a primary currency we can deplete our oil supplies just generating the electricity required issue them.<br>
<br>
They seem to be trying to simulate gold mining and using Bitcoin as "virtual gold." If they think that scarcity is the requisite feature for a workable currency, then they're way out of bounds.<br>
<br>
Hope all is well with you,<br>
Tom<br>
<br>
-- <br>
Thomas H. Greco, Jr.<br>
<a href="mailto:thg@mindspring.com" target="_blank">thg@mindspring.com</a><br>
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<br>
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