[tor-talk] US Senators Seek to Crackdown on Bitcoin

[Ted Smith]

On Thu, 2011-06-16 at 15:21 +0200, Eugen Leitl wrote:
>
> Bitcoin fails on point 2 above as someone will be able to figure out how
> to counterfeit a digital quantity.  Let's see you counterfeit a 1 ounce
> Gold or Silver piece.

     1. Take rock
     2. Paint gold
     3. Sell to "Anon Mus" <my.green.lantern at googlemail.com>, who almost
        certainly is not capable of detecting whether or not something
        is actually gold or silver on their own

Alternatives to steps (1) and (2) include:

      * Buy pyrite
      * buy any silverish metal
      * buy plastic, form around weight

The moral here is, it's almost certainly not the case that a piece of
gold or silver can be verified cheaper than the Bitcoin block chain can
be verified.

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