Comment Re:My BitCoin story (As if you care) (Score 3, Interesting) 339
Would all new currencies be deflationary? BitCoin is set up like a physical thing... There was an initial gold rush, when BTC was just lying on the ground and could be economically mined by CPUs. Then that supply was exhausted, and you had to have some equipment to get it out of the surface of river beds, and had to be mined by GPU. Then you had to start major operations to locate any amount, so you had to use the dedicated mining processors. Initially, the value of gold was fairly minimal, it was just pretty. Then it started getting used for trade and demanded some investment by more people. And then it was recognized as intrinsically tied to a currency and entire business formed around it. If a thing you trade is actually harder and harder to come by, it becomes worth more per unit... But ONLY if people accept it in trade for anything.
So far, I am convinced that the BTC that you pay me with can only be used once by you, and that there isn't a trivial way for someone to inject unlimited BTC into the system. That's sufficient to represent debts to me. But I am perhaps a fool.
If prime numbers were currency... We know there are actually an unlimited number of them. There are some that are easy to "mine"... But then they require further and further investments of energy to "mine". Assuming a way to make sure only one person at a time can "own" a given prime number, it would work just fine for the functions of currency: Giving some fluidity to trade. That's all I use Bitcoin for. That's all I use USD for, too. My wealth is stored in either more tangible things (land, house, vehicles, etc) or far more intangible things (stock, 401k, etc).
So far, I am convinced that the BTC that you pay me with can only be used once by you, and that there isn't a trivial way for someone to inject unlimited BTC into the system. That's sufficient to represent debts to me. But I am perhaps a fool.
If prime numbers were currency... We know there are actually an unlimited number of them. There are some that are easy to "mine"... But then they require further and further investments of energy to "mine". Assuming a way to make sure only one person at a time can "own" a given prime number, it would work just fine for the functions of currency: Giving some fluidity to trade. That's all I use Bitcoin for. That's all I use USD for, too. My wealth is stored in either more tangible things (land, house, vehicles, etc) or far more intangible things (stock, 401k, etc).