I agree with Robin that bitcoin is great as proof of concept that peer-designed and peer-adopted currencies are workable, but, they're conventional design also makes them compatible and not so transformative, but I believe this is a necessary first step ...<br>
<br>crowdfunding, social lending are not dissimilar, they distribute and extend the pool, but still work within the existing paradigms; they're only one step forward, not the end-game,<br><br>Michel<br><br><div class="gmail_quote">
On Fri, May 20, 2011 at 10:20 PM, robin <span dir="ltr"><<a href="mailto:robokow@gmail.com">robokow@gmail.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">
<div class="im">On Fri, May 20, 2011 at 8:06 AM, Karl Robillard <<a href="mailto:krobillard@san.rr.com">krobillard@san.rr.com</a>> wrote:<br>
</div><div class="im">> I don't see how the alternative currency experiments like Bitcoin do anything<br>
> to help us move to a more egalitarian, steady-state economy.<br>
><br>
<br>
</div>I don't think so either - because of the way it is designed (as a<br>
global and conventional currency). BUT bitcoin does do something else:<br>
it shows that it is possible to use p2p technology to actually run a<br>
currency. That's a pretty mean thing - and as an experiment it proves<br>
pretty succesfull so far. It is pretty wicked to see how I as a<br>
participant owe my own wallet for example and can make any<br>
bitcoin-payment without commission, and at the same time fully<br>
transparant (and if you want anonymous).<br>
<br>
That's unique, and as such the technology could maybe also be used in<br>
different ways, by smaller communities even? This technology might<br>
open up a tremendous amounts of options in the future for your own<br>
steady-state economies.<br>
<br>
Today though we see Bitcoin being used for an overwhelming amount of<br>
speculation, as more and more people step in and supply is limited.<br>
800% increase in just one month is tremendous by the way. Interesting<br>
to see what comes next!<br>
<a href="http://d2o7bfz2il9cb7.cloudfront.net/main-qimg-61d8b2b4ff677206fd8b5d5288191b16" target="_blank">http://d2o7bfz2il9cb7.cloudfront.net/main-qimg-61d8b2b4ff677206fd8b5d5288191b16</a><br>
See also <a href="http://forum.bitcoin.org/index.php?topic=9098.msg131690#msg131690" target="_blank">http://forum.bitcoin.org/index.php?topic=9098.msg131690#msg131690</a><br>
<br>
The critique in the article quoted by Michel is interesting to read<br>
but is argued from a pretty conventional economic perspective. And why<br>
would it be a scam if it is pretty clear from the start that it<br>
benefits early adapters? And also, why would there not be banks who<br>
would start backing it up? As soon as institutions start having a<br>
vested interest, they will back it up. And does it actually need any?<br>
Only future can tell.<br>
<br>
And yes, I do agree that one day bitcoin will go down. But that's only<br>
natural. Any currency eventually falls. Some just sooner than others.<br>
And maybe one day even a state will start issuing this type of<br>
p2p-based currencies.<br>
<font color="#888888"><br>
Robin.<br>
</font><div><div></div><div class="h5"><br>
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