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Comment Re:Probably not in this case (Score 1) 114

Calculations of possible future worth of bitcoin are indeed based in "normal rules of money".

If X of something (illegal drugs, remittance) is done through Bitcoin (because lower fees, pseudonomity, whatever the reasons) then the value of the total Bitcoin network must be able to handle Y size economic transfers. Since there's a finite number of bitcoin at any point in time that means the valuation of a bitcoin needs to be Z.

The "only" thing you need to guess is the likelihood of X happening for a reasonable prediction of Z. At some point in time.

Comment Re:Need a new cryptocurrency (Score 1) 59

If multiple parties distribute the block-chain, how do you protect it from validation unless mining is an arms race? ... and the incentive for an arms race will be a token of value. It doesn't need to be named a "coin", but will in effect be one.

(PoS etc are nice theories but we're back to the equivalent of a regular database in effect)

Comment Re:Need a new cryptocurrency (Score 1) 59

There's no added security in that scenario compared to a regular database. That is, they must contractually agree not to try to outmine (thus risk a rogue bank doing double spends) each other. From that follows they cannot be sure that an external actor won't outmine them unless they keep the blockchain secret. From that follows ...


Comment Re:Need a new cryptocurrency (Score 1) 59

A blockchain cannot function without verification ("mining"). There needs to be incentives for "mining" to occur. Those tokens of incentives don't need to be called "coins" - but they must have some sort of value.

Thus, for any blockchain to be successful it needs to have have "coins".

Comment Re:Open or Close Blockchain (Score 1) 93

Thanks for explaining, finally, that you don't know what a block is, how a chain of blocks is built, how that can be verified and why all of this is a distributed transaction ledger.

You might want to read up on Bitcoin before you claim that others are "truly this stupid". I also think you should generalize this, considering how often your posts are modded "troll" or "flamebait" according to your post history.

When you make your mark in the world, watch out for guys with erasers. -- The Wall Street Journal