Comment: bitman

(See in situ)


bitman

bitman • a day ago

Hey Jerry! I enjoy your videos but I think here you are leaving out some key features of bitcoin not shared by dollars - bitcoins are actually IMPOSSIBLE to counterfeit - because the asset that bitcoin is backed by is MATHEMATICS, the math of cryptography. This has lead to a means of exchange that provides for USER DEFINED PRIVACY in transactions - something unavailable to the use of credit/debit cards and paypal in online transactions. I see bitcoins more as tokens of a payment protocol which merges the traditional meaning of money, which is, as you have eloquently described, perhaps the first financial derivative product - representing the value associated with arbitrary barter exchange. ALSO: bitcoins cannot be seized - if a user's computer resources are seized - there are protocols for storing the generating seed for the private keys of a bitcoin wallet offline either on paper on in your brain (memorizing a phrase for example). In the 21rst century the most scarce commodity is PRIVACY but bitcoin provides a solution to this. As a payment protocol bitcoin i revolutionary because it can potentially remove counterparty risk and the need for trust in transactions - for more on this see the work of Mike Hearn regarding bitcoin enabled "smart property". Peace
http://www.thebitcoinchannel.com/archives/1688#comments

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
My ฿itcoin: 17khsA7MvBJAGAPkhrFJdQZPYKgxAeXkBY
http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...