<nettime> Mute article on Bitcoin

[Dmytri Kleiner]

On 04.03.2012 16:50, Jaromil wrote:

> hi Josie,

>> The Wine and Cheese Appreciation Society and Scott Len take the
>> currency seriously but ask, how exactly does it differ from 'real'
>> money?

> A rather quick conclusion, comprehensible since it takes some
> knowledge of cryptography to understand that Bitcoin is less than
> what you are talking about, while what might come next is the most
> interesting part.

BitCoin is nothing more and nothing less than electronic specie.

Sure, the cryptography behind has some interesting possibilities,
like Namecoin. But BitCoin is like digital gold coins, it's main
advantage over gold is that it can be electronically transfered,
however, it also has disadvantages, it can't be made into a gold
tooth, and earring or a pimpin' belt buckle.

In terms of electronic commerce, this can be quite usefully, but
macroeconomically the significance of electronic specie seems
quite negligible, taking it place among various less interesting,
non-decentralized, exchangeables, including pre-paid telephone credit
and online shopping gift codes. It's main advantage over these is
it utility for unsanctioned economic activity, which certainly is
critical for some undertakings, but hardly disruptive to the economy
as a whole.

I'd very interested in a co-herent argument otherwise.

Best,

-- 
Dmyri Kleiner
Venture Communist




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