[hackerspaces] bitcoin

[Chris Hardee]

I read up a little on it and found someone selling a pcb board for bitcoins:
http://shrp.me/projects/apc/

So that was my goal, to mine enough to buy that. After leaving it running on
my computer for a week I had generated 0.05 bitcoins and gave up there.

It seems like a good idea, but the kind of people that would accept bitcoin
are the same that would hoard it like gold and it doesn't really work as a
currency unless it's being freely traded.

On Thu, Apr 7, 2011 at 3:03 AM, Yves Quemener <quemener.yves at free.fr> wrote:

> On 04/06/2011 11:20 PM, Justis Peters wrote:
>
>> On 04/05/2011 05:29 PM, Yves Quemener wrote:
>>
>>> If you don't know what bitcoin is or dismissed it like I did one year
>>> ago because it looked like a pyramidal scheme, look again.
>>>
>> This is exactly why I dismissed it. Can you make a further case as to
>> why we should look again?
>>
>
> The Ponzi part was actually a way of distributing the initial amount of
> wealth and giving people an incentive to participate so there is a
> ponzi-like part, but there is also another part : It is actually a good
> protocol to maintain a register of transactions that is 100% distributed
> with no single point of failure and that is resistant to counterfeiting.
> Also there will never be more than 21 millions bitcoins in circulation, that
> is an important characteristic : the value can go down because people do not
> trust it but not because a central authority hided the number of BTCs really
> in circulation.
>
> Most of the BTCs enthusiasts are now conscious that people "mining" BTCs
> and not using them are a danger to that economy and that the current rate
> (0.8$ for 1 BTC)  is probably way too high due to speculation.
>
> Now is a good time to begin using it as a currency to buy dematerialized
> goods : hosting, CPU cycles, development, web design, music, artwork,
> donations, etc... There are currently no legal framework for a small group
> of international enthusiast to exist and manage funds together. Bitcoin aims
> at doing that.
>
> There are currently 7 millions BTCs in circulation and that is supposed to
> be a $5.6 millions but I doubt that more than a few hundreds dollars worth
> are exchanged each day, so the value will probably go down dramatically. But
> even after that event, it will still be a transaction system that works and
> that allows micro-transactions (A BTC can be divided in 10e6 parts).
>
> I am willing to participate in this tentative economical hack and will
> begin to accept BTCs soon in my activity as a freelance developer.
>
> Iv
>
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