bitcoin as a global medium of exchange (was Re: Interesting take on Sanjuro's Assassination Market)

[Lodewijk andré de la porte]

2013/11/26 Jim Bell <jamesdbell8 at yahoo.com>

> At this point, how much real 'risk' would there be in a new digital
> currency?  Far less than BTC.


I think this is a very interesting question. You're still left with the
same problems though. Unless you can make the coin's real-life value
constant in some way. Best I can come up with is increasing mining payout
with the difficulty. That'll link the value of a coin to the cost of
mining, directly. Meaning you can turn electricity into coin, but not the
other way around. I suppose you'll need demurrage because else the coin
will inflate beyond making mining cost neutral, and the mining rates will
decline accordingly.

Actually.. Why isn't this how Bitcoin worked in the first place? Maybe it
just complicates things too much.
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