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There are two sides to that answer. One is the software and technical side. The problem was a creating a scarce digital commodity which can be securely transf
by rkeene2 8y ago
There are two sides to that answer.
One is the software and technical side. The problem was a creating a scarce digital commodity which can be securely transferred without a cooperating central authority. I judge us successful here.
The other is the the ability to change the world. The software and ideas may be successful, but if adoption is infeasable then we cannot succeed overall. The project is relatively new, but the community support leads me to believe that we are successful to a large degree here as well, relative to the ability of any newcomer to enter the market.
- TheSpiceIsLife 8y ago> day-to-day money ... ... creating a scarce digital commodity Why would you want day-to-day money to be scarce? Is not one of the benefits of cash the knowledge that you can go to an ATM and withdraw way more than your day-to-day needs.
- rkeene2 8y agoIn general, you want money to be scarce so that it does not devalue wildly. Money in Venezuela recently started lacking scarcity, to the detriment of those who tried to use it as money. An interesting debate that I found recently on which is the better money, cryptocurrencies or gold-backed notes goes into this: https://youtu.be/q8R71WGO3qU https://youtu.be/q8R71WGO3qU
- TheSpiceIsLife 8y agoThe supply of cash notes in Venezuela wasn’t / isn’t the problem. It’s that no-one has faith in the value of those notes. > which is the better money, cryptocurrencies or gold-backed notes goes into this This is a false dichotomy.
- rkeene2 8y ago> This is a false dichotomy. Nevertheless, it is the subject of the debate and the debate also goes into why you would want scarcity as the basis of a money.