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Topic: OMG! What has Satoshi created? He has opened Pandora's box - page 2. (Read 4490 times)

member
Activity: 84
Merit: 10
In a certain Japanese cartoon series, in the near future 300 years from now, Earth gets almost all it's power from the Sun through a ring of solar panels a few kilometers up above in the sky, around the planet.

I can imagine this will start with a few electric companies that decide to send a few dozen satellites into space. Then a few hundred later on. All orbiting our planet, and transmitting microwave energy into collection antennas on the surface.


That's a pretty common science fiction theme, but it's not going to happen.

Think about it:  if you were a sovereign nation, would you want some other nation (with whom you might have disagreements) putting a huge power beam transmitter into orbit that could have the capability of focusing its beam into a tolerably surgical death ray?

You almost certainly would care for that...
legendary
Activity: 3416
Merit: 1912
The Concierge of Crypto
In a certain Japanese cartoon series, in the near future 300 years from now, Earth gets almost all it's power from the Sun through a ring of solar panels a few kilometers up above in the sky, around the planet.

I can imagine this will start with a few electric companies that decide to send a few dozen satellites into space. Then a few hundred later on. All orbiting our planet, and transmitting microwave energy into collection antennas on the surface.

The real gold rush is not mining, but owning your own electric company, regardless of where you harvest the energy, from the sun, from the wind, from the heat of the earth, etc.
legendary
Activity: 1001
Merit: 1005
In the beginning, I'm sure Satoshi was like... "hmm p2p currency.. this is DEFINITELY not goint to work.. but I've spent 10 years of my life on this cr*p... so let me just get it over with."
legendary
Activity: 1078
Merit: 1003
I think the Pandora's box metaphor is accurate; you have opened this box, and you can never, EVER close it.  And it is perceived as evil by anyone with a huge stake in fiat--that is, nobody, except the men who designed and own all the fiat.  Now that's one hell of a card tower.
full member
Activity: 200
Merit: 104
Software design and user experience.
What do you mean by "backed by"?  When we say "paper receipt is backed by gold" it means you can get gold in exchange for receipt at any time. In case of Bitcoin, you are NOT getting back electricity in exchange for your bitcoins, blocks or transactions. Please clarify what you mean by this.

One definition of "backed by" is "guaranteed exchangeable for."

Another is "supported by."  As in 'Bitcoin is supported by the scarcity of energy available from natural resources.'

These are totally different definitions and the second one is made up. If you want to point out prerequisites to deal with Bitcoins, you don't need to redefine words. Bitcoins need the same modern capital structure that you also need for having dollars and modern banking. Namely, connectivity, electricity, equipment and many people employed in that area.

Back to the first definition (which is what most people use): what exactly and by whom is guaranteed to be exchanged for irrevocably spent electricity in case of Bitcoin?

legendary
Activity: 2114
Merit: 1040
A Great Time to Start Something!
This is entertaining, re: The Matrix http://www.youtube.com/watch?v=5zN-VKh7XgQ

BTW Max Min, your song is awesome! Great production on that video too!

Good so far, will watch the rest later, thanks.
legendary
Activity: 1764
Merit: 1007
Well Bitcoin IS mind-boggling, but it's not backed by natural resources. It is actually more accurate to say that Bitcoin is a natural resource itself... or more accurately a man-made resource.

Like gold, Bitcoin is not backed by anything because it is useful for certain purposes.

Sometimes I worry that I will wake up and Bitcoin will all have been a dream. I'll try to explain it to my friends and family, who will dismiss the silly dream as absurd. Of course you can't have secure decentralized digital money! Psssh!!

But yet, it seems real, and we're living it right now.

then you know what to do when you wake up.

(assuming the laws of math and 1 + 1 = 2 don't change one layer of reality above ours)

I mean don't try to persuade anybody first  Wink
hero member
Activity: 644
Merit: 500
Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.

Electricity comes from natural resources like wind, hydro, solar, nuclear, and hydrocarbons.

Thus, our new Joule Standard is backed by natural resources.

Prepare to meet your doom, central bankers!  The era of cryptodollar hegemony is upon us!
I guess the more costly electricity goes the more bitcoins go. With that said how will that effect electricity rates globally if one country supplies power at a substantial difference.

Interesting to discuss
legendary
Activity: 1330
Merit: 1000
I expect your friends and family think you really a major drug dealer, and that this 'bitcoin' thing is just a way for you to avoid admitting it to them Grin

I'm guessing that Erik's family knows a little more about Bitcoin than he has let on.
legendary
Activity: 2156
Merit: 1072
Crypto is the separation of Power and State.
What do you mean by "backed by"?  When we say "paper receipt is backed by gold" it means you can get gold in exchange for receipt at any time. In case of Bitcoin, you are NOT getting back electricity in exchange for your bitcoins, blocks or transactions. Please clarify what you mean by this.

One definition of "backed by" is "guaranteed exchangeable for."

Another is "supported by."  As in 'Bitcoin is supported by the scarcity of energy available from natural resources.'
full member
Activity: 200
Merit: 104
Software design and user experience.
Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.

What do you mean by "backed by"?  When we say "paper receipt is backed by gold" it means you can get gold in exchange for receipt at any time. In case of Bitcoin, you are NOT getting back electricity in exchange for your bitcoins, blocks or transactions. Please clarify what you mean by this.

full member
Activity: 154
Merit: 100
Well Bitcoin IS mind-boggling, but it's not backed by natural resources. It is actually more accurate to say that Bitcoin is a natural resource itself... or more accurately a man-made resource.

Like gold, Bitcoin is not backed by anything because it is useful for certain purposes.

Sometimes I worry that I will wake up and Bitcoin will all have been a dream. I'll try to explain it to my friends and family, who will dismiss the silly dream as absurd. Of course you can't have secure decentralized digital money! Psssh!!

But yet, it seems real, and we're living it right now.
I expect your friends and family think you really a major drug dealer, and that this 'bitcoin' thing is just a way for you to avoid admitting it to them Grin
legendary
Activity: 2156
Merit: 1072
Crypto is the separation of Power and State.
Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.

Electricity comes from natural resources like wind, hydro, solar, nuclear, and hydrocarbons.

Thus, our new Joule Standard is backed by natural resources.

Prepare to meet your doom, central bankers!  The era of cryptodollar hegemony is upon us!
hero member
Activity: 700
Merit: 500
This is entertaining, re: The Matrix http://www.youtube.com/watch?v=5zN-VKh7XgQ

BTW Max Min, your song is awesome! Great production on that video too!

Oh thanks, glad you like it!
legendary
Activity: 1540
Merit: 1029
It most certainly is revolutionary.
sr. member
Activity: 406
Merit: 250

Crypto-Anarcho-capitalism



Hear! Hear!

my catchphrase = anarchy is underrated
legendary
Activity: 1001
Merit: 1005
Bitcoin is the first few of a series of events that will lead us to the next level of cryptoanarchy.. And its kind of scary too at the same time.... Im one of those who does not like to rock the boat too much when the waters are calm.
full member
Activity: 154
Merit: 100
What we need now is a Bitcoin style Secure Voting system for a Primary / Direct democracy- so everybody can vote on every piece of legislation and can put forward their own legislation.


Or

Crypto-Anarcho-capitalism

Or

just back to our old values and constitutions with our Liberties being respected and taking priority.


Any of the above has to be better than the Corporate bought puppet Governments we have now




legendary
Activity: 1001
Merit: 1005
Is Satoshi "the one"?
sr. member
Activity: 406
Merit: 250
This is entertaining, re: The Matrix http://www.youtube.com/watch?v=5zN-VKh7XgQ

BTW Max Min, your song is awesome! Great production on that video too!
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