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

David Vorick david.vorick at gmail.com
Mon Nov 25 23:10:47 PST 2013


I have faith that additional cryptocurrencies will be launched/released
that are substantially better and different from bitcoin. Bitcoin is just
the beginnning, and ultimately I don't think it will make more than a few
years farther before there is an unquestioned replacement.


On Tue, Nov 26, 2013 at 1:53 AM, James A. Donald <jamesd at echeque.com> wrote:

> On 2013-11-26 11:43, David Vorick wrote:
>
>> Andy, the problem isn't the denomination, the problem is that Satioshi
>> has 5% of all the currency, and the Winklevoss twins have another 0.5%.
>> If bitcoin becomes worth 100 trillion dollars, they've got a solid 500
>> billion for being nobody and doing nothing. That's a problem to me.
>>
>
> Five hundred billion for freeing the world financial system from US
> domination without bloodshed.  Sounds mighty cheap to me.
>
> I am, however worried that bitcoin can be dominated by a small group. As
> the total transaction volume increases, the number of people that are full
> and equal participants in recording and facilitating transactions must
> diminish.
>
> This was my original objection, scaling failure, way back in the
> beginning, and it is now coming true.
>
> But even if my worst fears are realized, that is still a whole lot better
> than what we have now.
>
>
>
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