I think Bitcoin does not understand bitcoin. The four crossroads of "Why Bitcoin is Hard to Understand" is identical to physical currency: 1) Game theory. 2) Irreproducability 3) Secure transfer where the system needs it. 4) Economic and monetary theory (really part of #1) What bitcoin NEEDS TO DO is restrict itself to the Creative Economy (limit itself for purchase and exchange of purely informatic goods, like news, music, etc.) and THEN see how bitcoin translates into physical "real-world" currency. That is, it makes no sense to compare or exchange physical currency to bitcoin as bitcoin is not associated with actual real-world value (like oil, metals -- things that have intrinsic value and hard to reproduce). If bitcoin were to become THE only currency for informatic goods on the internet, exchanged predominantly *virtually*, then it doesn't matter the "exchange rate". because its value is entirely related to how people value the informatic goods online. Perhaps someone will give 1000 bitcoin for song A, while another will give 1 bitcoin -- the system will work to equalize and evaluate the virtual goods online. Here's how I solved this problem in the Pangaia system. Give 1 bitcoin for each vote given online for whatever 3rd party (not affiliated with bitcoin) website that allows you to express your opinion. UNDERSTAND THIS: Expressing your opinion is the ultimate unit of work in the virtual world. Distribute bitcoins on this basis. That devalues them, yes, but then you don't have to expend 100kW of energy to produce them, maybe call them nanobits. Then allow them to be traded freely as a neutral currency for the net. After this gets established, ONLY THEN can you really set a EXCHANGE RATE for bitcoin with physical dolllars -- because you've tied and anchored it to REAL WORLD VALUES. That's the only way to make it work. Marxos Expressing the ou could make the bitcoin like monopoly money and give 1 bit Marxos On 10/16/17, juan <juan.g71@gmail.com> wrote:
On Mon, 16 Oct 2017 13:53:32 -0400 grarpamp <grarpamp@gmail.com> wrote:
https://www.coindesk.com/nobody-understands-bitcoin-thats-ok/
uh oh - no, people not understanding the systems they use is not OK. Aa a matter of fact it is a serious problem.