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+ - Mastercoin: A Second-Generation Protocol on the Bitcoin Blockchain-> 1

Submitted by xeniar
xeniar (2910615) writes "Alternative currencies have become a popular topic in the Bitcoin space. We have Litecoin and Primecoin introducing alternative mining algorithms with novel properties, PPCoin replacing mining entirely with a non-costly alternative, Ripple creating a cryptocurrency network that can store credit relationships and user-defined currencies, and over seventy more up and running with new ones being created every week. One particularly interesting project that has received a large amount of attention over recent months, however, is Mastercoin. The key difference in Mastercoin is this: rather than trying to bootstrap an entirely new blockchain, as every other cryptocurrency does, Mastercoin seeks to create an entirely new network of currencies, commodities and securities on top of Bitcoin itself."
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Comment: Re:Not backed by a government... (Score 2) 400

by garompeta (#40499245) Attached to: A Cashless, High-Value, Anonymous Currency: How?
About not being backed by anything. Money is never backed on anything, it is based on only on two things: scarcity and its demand. Period. When the dollar was backed to gold, gold itself was backed on what? The current dollar is backed on promises and debts, which is like building houses on a floating log on a lake, and yet it still holds value because the clueless people give them value.

All the currency system has always been a house of cards, and those who were truly aware of it (bankers) always manipulated it for their benefit ("money multipliers" should ring a bell if you passed economy 101).
The bitcoin brought something truly innovative that the history of human kind never ever experienced before, it is getting rid of the bullshit and truly giving the power back to the people.

You are wrong by saying that it is not backed on anything, it is backed on math and in trusted cryptography. By the way, don't use the word Ponzi if you don't understand what a ponzi scheme is all about, it is not a synonym for con or fraud, it is a very specific type of fraud.

"But this one goes to eleven." -- Nigel Tufnel