[silk] Bitcoin

Alaric Snell-Pym alaric at snell-pym.org.uk
Mon May 16 03:06:59 PDT 2011


What do you folks think about Bitcoin? It looks interesting, in that
it's a digital currency with no trusted third parties, and all the
"rules" (such as: you can't just print your own money) enforced by the
fact that only transactions which the majority of computers in the
system accept get considered "accepted" globally.

There's a process to create new money, which is basically allocated to
people via a lottery (and you increase your chances of winning by
contributing more CPU power to the algorithms that prevent people
cheating, so there's a nice feedback loop), such that the amount of
money in the system will, in the long run, tend towards a fixed amount,
that will just increases in value by deflating as the economy grows.

I've written some thoughts on the implications:

http://www.snell-pym.org.uk/archives/2011/05/12/bitcoin-security/

http://www.snell-pym.org.uk/archives/2011/05/16/lords-of-a-new-economy/

http://www.snell-pym.org.uk/archives/2011/05/13/aurum/

ABS

--
Alaric Snell-Pym
http://www.snell-pym.org.uk/alaric/

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