Bitcoins: digital currency of the future?

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Stefan Molyneux explains what may become the currency of the future.

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Simon Cortez says:

The back of adams head has a v shape for volunarianism….lol…

mkmny2010 says:

bitcoin is better than fiat money because it isn't controlled by any government.  I'd rather have gold and silver.  But If I had to choose between the dollar and bitcoin I'd choose bitcoin.

RightCoin says:

>> Bitcoins = computer resources So what if technology gives from one day to the other new supercomputers? quantum or nanocomputers or whatever? All your old and costly bitcoins will worth nothing. What if a science labs guy, testing new supercomputers creates hundreds of anonimous bitcoins? That is absurd all about Bitcoins

It is not absurd, just because one day the same way the whole dollar could be replaced or something wrong with the government financial system can happen or competitive markets could offer new currency.  Good thing about technology is – that such things as super computers doesn't happen too often.

codergames says:

False. There is a central monitoring system, a network of computers, who keep track and maintain the distributed system. It keeps records and properties of all computers and users that are a part of the network, otherwise you wouldn't be able to be aware of the others and their accounts. It's made to record how many computers and users there are worldwide.

Avenida Gez says:

Bitcoins = computer resources
So what if technology gives from one day to the other new supercomputers? quantum or nanocomputers or whatever? All your old and costly bitcoins will worth nothing.
What if a science labs guy, testing new supercomputers creates hundreds of anonimous bitcoins?
That is absurd all about Bitcoins

Yaza Forreal says:

People who say that this currency is imaginary forget that ALL currency is 'imaginary'. The problem with the current currency is that it is CORRUPT. It can be printed/digitally created at will.
When you come to pick it up your money, they say "Whops, we don't actually have that money". Then they file for bankruptcy and get even more money from you through bailout.
Bitcoin already has footing and will make central banks obsolete. Which is why banks will do EVERYTHING to convince you otherwise

VanosEnigmA VideoMix Androgyny says:

If the #Sheople do Not #WakeUp #NWO will have more and more control by soon introducing #Rfid #VeriChip (#MarkOfTheBeast) and will be able to charge #Tax automatically for example
In order to find an alternative to that #BankingSystem we should get accustomed to a #DigitalCurrancy
How??? In a #VirtualWorld (e.g. #SecondLife) we can learn how a #VirtualEconomy can function
#Money and #investment is always a question of #Trust, but what do we do if we discover that we can´t trust …

Karla Vega says:

muy de acuerdo con Terry, si te convence adelante, si no, olvídalo y sigue tu camino. para los interesados en Bitcoin, hay una aplicación muy buena que encontré en internet, utilizaba BTCbalance pero tenia algunos problemas con la cartera, estas pequeñas imperfecciones las tienes cubiertas con bitbalance esta aplicación para android te permitirá seguir y gestionanr tus balances en tiempo real, es muy bueno.

portadorde nanismo says:

As we become more dependent of the internet in the future (Michio Kaku speaks on how internet will become "invisible" and "omnipresent" through widespread wireless conections and augmented-reality glasses/implants/lens.) internet will become more available everywhere. 20 years ago the idea of getting internet on a Café or Airport would be inconceivable, and today it is a reality. If you get disconected by the government, just drive to a Starbucks or use your phone's internet.

Alfie Scarborough says:

digital money is bad. the government could disconnect people, like pykies who do not have any national insurance numbers. You could do something wrong and just get disconnected, you would not be able to do anything!

Jimmy Valens says:

Game over man…Game OVER!

batmanthe says:

@chronikful You sound off your rocker; calling me an idiotic Neanderthal, then to justify this proposition you link future oil shortages with computer parts as a reason why bitcoin can't work.. I think it would be a good idea for you to seek out a therapist.

Terry Hamel says:

@RustyKalashnikov It's a voluntary currency. Don't like it? Don't use it. What's wrong with a competing currency? Especially in light of a coercive, monopolistic, inflatable currency by decree that enriches a select few?

Don't guess about me on that last statement – search. Warning: you'll eat crow.

Terry Hamel says:

@tangledweb79 Cashless society is dangerous only if a central authority coerces you to use it. Bitcoin is decentralized and voluntary. It as a competing currency whose value and use is determined by the "free market".

Terry Hamel says:

@salsa20 The transactions are anonymous if you keep your personal info separate from the public key associated with the transaction. If you have to expose your personal info – e.g. mail an item in exchange for Bitcoins – use a different public key for the transaction. If you want to keep your IP and thus, your ISP and personal info separate from the transaction, execute the transaction through a VPN or proxy service such as TOR.

Terry Hamel says:

@RustyKalashnikov There is no digital bank and no way to track transactions to tax. Your supply of bitcoins is simply a computer file. Like any other good, it's up to you to protect it – whether you store it encrypted locally or in a cloud. The exchanges are done p2p – no middleman, no central authority, no coercion. It's entirely decentralized and voluntary.

Mirage says:

@GeorgeeRobson are you blinded by your own arrogance? there is still opportunity cost, unless you got some time machine and a quantum matter generator that creates w/e you want out of nothing. economics only tried to understand phenomena like these, it doesn't create them…

Mirage says:

@GeorgeeRobson yeah that video doesn't say shit other than, we gonna use machines to make everything, and have everyone fill out a survey to see what they like best, and by magic engineers are going to determine the best way to make the machines and magically know the best way to make the machines do w/e they are supposed to do. Oh and ofc we can't use money, that is like some god awe full sin. seriously the video is nonsense empty rhetoric. The only thing they got right is its all voluntary.

Mirage says:

@GeorgeeRobson so the people decide? sounds like a market to me, but if they do it more directly, is everyone going to calculate opportunity costs? and you still haven't said how this is done, and without it you could be putting resources to bad use. How determines whats best for everyone? and by what standard? standardizing everything to equality doesn't even touch this issue.

Oh and everything has an opportunity cost, to eat you have to live with not helping starving people over seas.

Mirage says:

@GeorgeeRobson that is the opposite of what these guy propose, which is a freemarket, and in stephs case a completely free market. The only talk if resources here is their great their great stability in comparison to fiat currency.

Oh I would also invite you into answering some of my question about the Venus project which I don't see anyone giving answers too. Who decides how things are produces, how do they know the most economically viable way, and how do they measure opportunity cost?

Mirage says:

@GeorgeeRobson a resource-based economy? like Venus project stuff? lol

shelly8510 says:

I know that in Austrian economic theory a currency can't start out as worthless and gain worth. The theory goes that it first has to be a commodity with a value on the market, then that commodity can back a currency, and then the backing can slowly be taken away. So, maybe bitcoin is proving that theory wrong?

Hunter Fox says:

bitcoin is so hard to grasp how it works… but once you get it, you see the awesome in it

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