[hackerspaces] bitcoin

[Yves Quemener]

On 04/07/2011 11:10 AM, Chris Hardee wrote:
> 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.

I got 50 bitcoins in a few weeks (you never get less than 50 and it 
takes a few weeks to probabilistically get there)

By the way, mining should not be the prefered way to get bitcoins, it is 
the same as thinking that when we had the gold standard, mining gold was 
the usual way to get money. There are at least two easy ways to get 
bitcoins :

- You can simply buy them, like you would buy yens or yuans : 
https://en.bitcoin.it/wiki/Buying_bitcoins

- You can earn them by selling goods or services : 
https://en.bitcoin.it/wiki/Trade

> 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.

I don't understand why you would believe that ? Why would people choose 
to just stockpile BTCs ? Why not convert them into your local money or 
spend it on things that are available on BTC markets ?

I think that many people are overestimating the value of BTCs and the 
speed at which this currency can get some value. I doubt that the rate 
will reach 2 dollars before ten years. I doubt it can replace the 
current monetary systems but I believe it can work as a parallel niche 
economy.