value is very subjective to people who disagree with IP.
why do you say that? Why is a hash different than words in a book?
quote:No, their value is influenced by confidence in the system, just like any other financial instrument. It just happens that at this point in time, there are relatively few websites that account for the majority of transactions, and the market itself is relatively tiny. Any disruption is expected to cause huge changes.
4.) Bitcoins value as a Cryptocurrency is entirely influenced by what are described as "simple" DDOS hacks on websites that deal in Bitcoins.
quote:No. Some sites (like Mt.Gox) are exchanges, and some store your wallet for you. The exchanges are necessary, but the wallet sites are most definitely not. Actually, storing your wallet on a website is probably the most risky thing you could possibly do. Neither, though, affect how "speedy" bitcoin is. Making purchases with bitcoins requires neither type of site.
5.) In order to be able to faciliate the "speedy" positive aspect of Bitcoin usage, one of these website establishments must be used.
quote:Paper, flash drive, cell phone, laptop, whatever. How, exactly, does this nullify the advantages of being decentralized, international, having low transaction costs, etc?
6.) If one of these websites isn't used, you must use long strings of printed paper or some sort've flash-drive dongle to keep your bitcoin info safe and secure. Which essentially nullifies the advantages of the currency on almost every level.
quote:But IP can be copied, and it only retains value through laws and artificial scarcity. Bitcoins are scarce through fundamental mathematical laws of the universe, and they have value as long as someone is willing to accept them.
IMO, IP like a book or even an idea has value because it entertains, instructs, and/or explains events that happened in the real world.
quote:That's kind of the point.
I can write a book from scratch (even a crappy one) that someone would possibly buy. If I use a random number generator to produce hash tags the network will reject them as worthless.
quote:NO, you brought up IP in an attempt to form a "gotcha'" moment.
I brought up IP in an attempt at getting Russian to see that a virtual currency/gold isn't as far out an idea as it initially seems.
NO, you brought up IP in an attempt to form a "gotcha'" moment.
But IP can be copied, and it only retains value through laws and artificial scarcity.
Bitcoins are scarce through fundamental mathematical laws of the universe,
quote:The fact that you think of opinions in terms of right and wrong says a lot.
If my opinion is ever wrong, I'll "budge."
quote:No? Your IP, which doesn't physically exist, has value. Yet you question the viability of bitcoins as a store of value because they don't exist in the physical world.
You have not done that that I've seen.
Think of bitcoin as the currency of a virtual nation