[Cryptography] Digital currencies

grarpamp grarpamp at gmail.com
Mon Jun 20 12:17:44 EDT 2016

On 6/20/16, Phillip Hallam-Baker <phill at hallambaker.com> wrote:
> Using as much
> electricity as the island of Malta does to distribute the ledger is an
> abomination.

Far less than all the electricity consumed by the fiat system
of the US alone... gov / fed reserve / bank buildings full of
offices / datacenters / networks / devices, hvac, payroll, healthcare,
vehicles, maintenance... all the electrons needed to make it go.

Bitcoin, and any other digital currency, is likely highly efficient
and becoming optimal implementations of whatever usable
monetary and other features they provide.

> Ultimately BitCoin is betting on the ultimate dotcom bubble,
> the only value in the currency is that people want the currency.

Someone have a rare known "thing" that others want, negotiate
and trade for it. You're correct, and nothing could be more pure.
The delusion that any fiat is backed by any "value" should end
the minute you try to trade it for something of value to you from
its issuer / participant brokers and discover them telling you
to get lost at gunpoint, thus establishing its exact and formal
value to both of you as zero. Particularly for any physical good.
Then when actually trading with others you must also evaluate
whatever issuer / broker party is doing with it, which at times in
history is difficult to do, and such doings not necessarily always
to your benefit.

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