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I don't think the incentive structure of mining is fundamentally tied to a "currency", per se. A tradable asset of some sort, yes. But that's arguably a much lo
by semiel 12y ago
I don't think the incentive structure of mining is fundamentally tied to a "currency", per se. A tradable asset of some sort, yes. But that's arguably a much lower bar to reach. (For instance, a Starbucks gift card makes a perfectly good tradable asset, but not a fabulous currency.)
- jacquesm 12y agoI highly doubt bitcoin would be where it is today if the payout to the miners was in starbucks gift cards.
- TeMPOraL 12y agoWouldn't a Starbucks gift card be equivalent to currency in this case?
- Sanddancer 12y agoNot really. One of the things that defines a currency is near-universal acceptance. Starbucks fails this because a good number of people won't accept a Starbucks card as an equivalent to its cash value. Most stores won't accept it, my caffeine intolerant housemate won't accept it, etc. It has value, but it's not a ready means of exchange.