I think to do a full philosophical exposition of cryptocurrency philosophy we need a list of attributes and features that they have, by coin. An understanding of the semantic/pragmatic distinction is also helpful here (what something means theoretically / what it means practically ). I've written up some starter points below (please feedback and add, I am so open to discussion
)Decentralized: (semantic) There is no single controller of the currencies volume or value. The risk of corruption by financial agencies / central authorities (by corruption I am happy to systemic corruption i.e. policy that enables tax avoidance on behalf of the global financial cartel) is dependant on the integrity of the central controllers and related agencies (corruption is enabled by design) thus without an inherent central controller, there are fewer powers by which elite groups can 'monopoly' the market. (p) Whilst there is no inherent central controller, the computational control of mining and access to the exchanges (local proximity to an exchange increase the speed at which an order is received by the exchange) enables some power elites to control variables like volume and price (enabled by collusion with other rich/powerful traders, I'm thinking pump&dump here).
Finite: (semantic) There is a limit to the currency that cannot be extended. This prevents planned inflation and malevolent volume control. [insert something about 'inflationary /deflationary' but I am unsure, if someone could give a clear statement about this I will edit it in] (pragmatic) Despite the finitude, the divisibility of each unit somewhat counteracts the [inflationary/deflationary] problems of finite currency supply.
Transparent: (semantic) The public ledger enables all transactions to be scrutinised and examined. Despite the anonymity of the ledger entry, pay outs to fiat currency accounts can be be used to identify persons. (pragmatic) The sale of illegal goods/services will be pushed out of cryptocurrencies (and the image of cryptocurrencies in the public hivemind) as it begins to be regulated by the financio-government cartel.
Regulation: JPMorgan plan to trade in BTC in 2014, so you can bet there will be documents that allow the trade of crypto-currencies for legal corporate entities in the states at least. Sweden have said they will treat it as an asset and as such it will be subject to capital gains tax (as have Canada have too I think) for business traders, but the Acts and Laws have yet to be written in most nations.
Let's get talking cryptofriends 8-)
