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

Jayvan Santos jayvansantos at
Tue Nov 26 15:16:23 PST 2013

Looking into primecoin I came across a hard fork called [datacoin]( Same PoW method and has tooken
off in China. 1 DTC = 1 CNY.
On Nov 26, 2013 7:01 PM, "Bill Stewart" <bill.stewart at> wrote:

> At 05:43 PM 11/25/2013, David Vorick wrote:
>> Bitcoin has a lot of problems.
>> 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.
> Satoshi gave us the technology and got people to start using it.  If he
> gets fabulously wealthy by owning 5% of it, I'm not jealous (well, ok, a
> bit jealous, but I'm not going to contend that he shouldn't have it just
> because of jealously.)
> The Winklevossen are just speculators; I don't particularly like using a
> currency whose value is mostly from speculation, but experimentation is a
> critical part of rolling out something like a new type of currency, so
> whatever.  At least they pumped some cash into the system early on.
> And that guy in Norway who was an early experimenter, then kind of forgot
> about his bitcoins until he suddenly noticed they were worth $800K?  Cool,
> good for him!
> It wouldn't be surprising if the first people to do GPU-based mining also
> got a large pile of bitcoins compared to the CPU-based miners.
>  I'm working on one right now. It's not built but the idea is to use
>> proof-of-contribution instead of proof-of-work, where contribution is disk
>> storage contributed to a distributed network.
> I think "proof of useful contribution" is a much better thing than "proof
> of wasted electricity"; good luck getting it off the ground.
> I'd recommend reading all of Zooko's Tahoe-LAFS work for getting some
> ideas about privacy and reliability issues, both of which are harder than
> they look.
> The other catch is that storage costs do keep decreasing, and storage in a
> cloud is always a lot slower than local storage, so you'll have to think
> hard about business models.
> One of the cool things Bitcoin did was created a way to have the
> proof-of-work turn into currency without needing a banker in the middle;
> that means that users and miners don't have to worry (much) about the
> creator absconding with the value or being shut down, and there's built-in
> protection against hyperinflation, unlike some of the dotcom silly
> currencies like Beenz and Flooz that appeared and vanished along with the
> dogfood-on-line dotcoms.  It's been interesting to watch Bitcoin's value
> surviving after the loss of the Silk Road site (which got around the
> "Nothing To Buy With It" hurdle that helped kill the original Chaumian
> Digicash.)
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