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> To be fair, it is a historically significant motivator in the adoption of new centralized currencies. Historically, a new monetary base needed significant p
by zanny 14y ago
> To be fair, it is a historically significant motivator in the adoption of new centralized currencies.
Historically, a new monetary base needed significant printing infrastructure, law enforcement to prevent its counterfeiting (if it is a paper and coin currency, which is effectively every currency ever) and you needed to artificially control its reproduction. That requires a government. That usually is associated with taxation.
I think you are looking at the causal relationship in the wrong way. Old paper money required artificial limiters to prevent anyone from printing it and using it. With bitcoin, the trust system of the block chain means to "counterfeit" bitcoins you need as much computational power as a majority of the swarm.
- contingencies 14y ago> to "counterfeit" bitcoins you need as much computational power as a majority of the swarm. Actually, to the same effect you could use a bug in bitcoind, control of the view-of-the-swarm (network access) by the processing merchant, an implementation issue, or a careful double spend. Bitcoin is exceptionally hard to implement well for merchants, particularly those with near real-time requirements, and it's not getting any easier.