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Bitcoin's intrinsic value is related to its ability to store a moderate amount of "debt" related data in an immutable way. What is this supposed to mean? It so
by danbruc 10y ago
Bitcoin's intrinsic value is related to its ability to store a moderate amount of "debt" related data in an immutable way.
What is this supposed to mean? It sounds a bit like carving IOUs in stone but that is probably not what you were hinting at.
- kordless 10y ago> carving IOUs in stone I would consider Rai Stones as a good analagy, given they also stored suffering in a trustworthy way: https://en.wikipedia.org/wiki/Rai_stones https://en.wikipedia.org/wiki/Rai_stones. When I say "suffering" I'm referring to the amount of causality associated with a given amount of value stored, not the human emotion attached to it.
- warbiscuit 10y agoIOUs that can't be repudiated, payments that can be cryptographically proven, payments that can have conditional logic attached (e.g. third party escrow, without third party having access to the money) -- and all without the need of a centralized authority or PKI system. Those are the real values of the bitcoin system. Mind you, there are a few downsides too - potential to create transactional race conditions if you control enough of the system; difficulty changing into other currencies; architectural decisions yet to be ironed out about how to scale to a mass audience. Lack of ability to reverse a transaction could also be seen as a negative in certain lights -- no "visa, cancel this charge, they scammed me".