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News Link • Bitcoin

Bitcoin Is Flawed, But It Will Still Take Over the World

• Wired.com
In some ways, this California-Mexican cafe — a hangout run by an American expatriate who believes in new ideas — sits at the center of the Bitcoin universe. The digital currency was created by an anonymous computer programmer who many assume is Japanese, and the first big Bitcoin exchange — the web service where so many people bought their first bitcoins — is operated out of a Tokyo office not far from this wonderfully quirky bar and restaurant in the city’s Roppongi district. But when the Tokyo Bitcoin Meetup Group holds one of its weekly gatherings at the Pink Cow — bringing together Bitcoin enthusiasts from across the city and beyond — only about a third of them actually pay for dinner and drinks with bitcoins.

2 Comments in Response to

Comment by Ed Price
Entered on:

By the way, somebody should tell the Bitcoin core programmers about Pyramidcoin so that they get to work on developing it. Why? Because there are some very smart people in Big Money and Big Government. If they are the ones who start Pyramidcoin (Bitcoin is the template), they just might maintain their rule of the world through it, when the dollar collapses.

Comment by Ed Price
Entered on:

Sure Bitcoin is a little flawed because of its limits. But the limits are less than you think. By the time that the 21 million bitcoins has been created - remember, each bitcoin can be divided into 100 million satoshis (Bitcoin pennies) - there will be other Bitcoin-like cryptocurrencies available.

For example. Consider a cryptocurrency that might be called Kidcoin. Why Kidcoin? Because any kid who can type can mine it. How will it be mined? The hashes in the Kidcoin client will produce a visible code that is only there if the client is running. All the kids have to do is type the code into the box to create a new kidcoin for themselves. The kidcoin will have the value of a satoshi, but there will be no maximum number of kidcoins that can be created. And if it has inflation problems in the future, they won't exist for a hundred years. Dad works on the job. Mom keeps house. The kids earn the money.

Or what about Pyramidcoin? You type in your sponsor's address, and wullah - you get a new pyramidcoin. However, half of it goes upline - half of the upline's half to your "sponsor," half of what he gets to his sponsor, half of what his sponsor gets to his sponsor, etc.

Sure, there are problems with these simple ideas as they exist. But the problems can be thought through and worked out. And the coins would be "mined" in radically different ways than Bitcoin or any of its spin-offs. In addition, they could be started from the "penny" (satoshi) end of the coin and graduate upwards.

If Pyramidcoin were brought into existence, it would break into the financial market so fast and powerfully that there would be no Government or laws that could ever stop it. It would be the death knoll of the world banking systems.
 


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