Bitcoin And The Electronic Frontier Foundation
hal.finney at gmail.com
Mon Nov 15 13:10:08 PST 2010
I thought bitcoin had a lot of promise and ran a client/"miner" for a
few weeks when it first came out, but then lost interest. I heard
about the EFF thing a few days ago and took a look at bitcoin.org. I
was amazed to see that bitcoin is thriving! Not only can you buy and
sell coins for real money, there is a lot of demand for them, and
speculators are hoarding coins in the expectation of price increases.
Back at the beginning Eugen and I were playing with it and I sent him
1000 coins as a test, and he sent them back. That would be worth $250
now, pretty amazing.
This is the first time I recall that a currency with no intrinsic
value has become this popular. It's uncharted ground, with many open
questions. What value will bitcoins settle on? Will there be a fork
with perhaps more attractive rules? Will scammers (who love
transactions that can't be reversed) taint the currency? And the big
question, what happens when bitcoin comes to the attention of
governments? Can it win?
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