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Topic: [2013-12-05] Theres Nothing New Under The Sun Including Bitcoin [FT blog] (Read 1590 times)

hero member
Activity: 531
Merit: 501
I'm not going to register in order to read something so retarded.

Quote
Bitcoin enthusiasts believe that just because something is scarce and encrypted it has value. By that definition, an individual’s DNA cells should hold as much value as a Bitcoin because they’re equally scarce (linked to one individual) and uniquely coded to differentiate them from all other DNA cells. Yet, we don’t have a financial system that is backed by the physical toenails of specific individuals.

Who wrote that, Rawdog  Roll Eyes

With regards to there being nothing new under the sun could someone already registered comment that Bitcoin is a NEW approach to solving the Byzantine Generals problem.

legendary
Activity: 1092
Merit: 1001
Touchdown
http://ftalphaville.ft.com/2013/12/05/1714212/theres-nothing-new-under-the-sun-including-bitcoin/

Article number 27 in the "Bitcoinmania Series" (strongly against Bitcoin as a currency).

No paywall.

Can people please register and comment? Some of the arguments they make are absurd. For example:

Quote
Bitcoin enthusiasts believe that just because something is scarce and encrypted it has value. By that definition, an individual’s DNA cells should hold as much value as a Bitcoin because they’re equally scarce (linked to one individual) and uniquely coded to differentiate them from all other DNA cells. Yet, we don’t have a financial system that is backed by the physical toenails of specific individuals.
Roll Eyes

Quote
And it’s important to emphasise [Bitcoin] only replicates in a digital way what traditional money has always done.

For example, traditional money uses serial numbers, sophisticated printing techniques, watermarks and other forms of technology to ensure it is not forged.
Shocked
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