BitCoin has only one problem: maintenance of the relationship between unit BitCoin value and the material world (energy, as in KWh) is 'soft', it requires some sort of a volatile communal effort, which sets it for failure (as a counter example, the amount of Au atoms on this planet is rather independent from any communal effort.) The relationship between unit value and the material world needs to be fixed. It's just a matter of time. Then we may name it ButtCoin.
We expect money to be a store of value, among a few other things. BitCoin has nothing in it that speaks to that goal, that I can see [0]. This anti-property would however make it more ideal for a bubble [1].
Quite how to fix that and retain the decentralised control aspect, I'm unsure. The essence of a contract is that someone delivers something to someone else; without that first party (which speaks to centralisation at some level) it is hard.
cryptography mailing list cryptography@randombit.net http://lists.randombit.net/mailman/listinfo/cryptography ----- End forwarded message ----- -- Eugen* Leitl <a href="http://leitl.org">leitl</a> http://leitl.org ______________________________________________________________ ICBM: 48.07100, 11.36820 http://www.ativel.com http://postbiota.org 8B29F6BE: 099D 78BA 2FD3 B014 B08A 7779 75B0 2443 8B29 F6BE