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Topic: The "Last Coin" problem. (Read 605 times)

X68N
hero member
Activity: 672
Merit: 500
The "Last Coin" problem.
July 01, 2015, 06:53:27 AM
#7
Offcourse i understand, but we are discussing about the average joe.
Average Joe usually never makes buckups until his first harddiskcrash Smiley

Backups are good, but also a possible attacking point.
If one of the 2 backups get stolen the value can be transfered.
Yes encryption exist, but againt average joe never heard about it ;-)

My point was that the benfits of bitcoins dont magically wipeout all real world problems,
and they have their own probelms too.

greetings
earthpet
newbie
Activity: 42
Merit: 0
Re: The "Last Coin" problem.
July 01, 2015, 02:23:19 AM
#6
Quote from: X68N on June 30, 2015, 01:35:18 PM
Quote from: earthpet on June 28, 2015, 08:23:24 AM
Quote from: forlackofabettername on June 28, 2015, 07:48:45 AM
Not practical. Why not as a collector go with physical bitcoin? You know, the shiny ones.


The shiny physical ones that can be destroyed in a fire? Stolen by a burglar? Lost while moving? Forged or faked?

The whole point of cryptocurrencies was to address and minimize those issues. Physical collectibles are not practical. Ask anyone with a house full of Beanie Babies. Ask anyone storing piles of gold or warehousing art work. A cryptocurrency would EXACTLY be the practical solution.

Didn't you realise that all problems which exist for FIAT money there is a digital twin of that problem?
Destroyed by fire -> harddisk crash/failure or real fire
Stolen by a burglar -> Hackers, Phishers, Trojans and so on.
Lost while moving -> overwritten wallet , filesystem cooruption , lost medium (external hardisk, chipdrive,DVD-Roms, and similar stuff)

greetings


Bitcoins are not limited to a harddrive. You can make a backup of your wallet. You can make a backup of your password. You can access your Bitcoins by installing a new wallet on a new computer. If a thief steals my harddrive and then sets it on fire I haven't lost anything except a harddrive! It is not clear if you understand that.
X68N
hero member
Activity: 672
Merit: 500
Re: The "Last Coin" problem.
June 30, 2015, 01:35:18 PM
#5
Quote from: earthpet on June 28, 2015, 08:23:24 AM
Quote from: forlackofabettername on June 28, 2015, 07:48:45 AM
Not practical. Why not as a collector go with physical bitcoin? You know, the shiny ones.


The shiny physical ones that can be destroyed in a fire? Stolen by a burglar? Lost while moving? Forged or faked?

The whole point of cryptocurrencies was to address and minimize those issues. Physical collectibles are not practical. Ask anyone with a house full of Beanie Babies. Ask anyone storing piles of gold or warehousing art work. A cryptocurrency would EXACTLY be the practical solution.

Didn't you realise that all problems which exist for FIAT money there is a digital twin of that problem?
Destroyed by fire -> harddisk crash/failure or real fire
Stolen by a burglar -> Hackers, Phishers, Trojans and so on.
Lost while moving -> overwritten wallet , filesystem cooruption , lost medium (external hardisk, chipdrive,DVD-Roms, and similar stuff)

greetings
earthpet
newbie
Activity: 42
Merit: 0
Re: The "Last Coin" problem.
June 28, 2015, 08:23:24 AM
#4
Quote from: forlackofabettername on June 28, 2015, 07:48:45 AM
Not practical. Why not as a collector go with physical bitcoin? You know, the shiny ones.


The shiny physical ones that can be destroyed in a fire? Stolen by a burglar? Lost while moving? Forged or faked?

The whole point of cryptocurrencies was to address and minimize those issues. Physical collectibles are not practical. Ask anyone with a house full of Beanie Babies. Ask anyone storing piles of gold or warehousing art work. A cryptocurrency would EXACTLY be the practical solution.
ed_teech
hero member
Activity: 508
Merit: 500
Jahaha
Re: The "Last Coin" problem.
June 28, 2015, 08:14:57 AM
#3
Where is the value of money ? Any currency built on this is not a currency.
forlackofabettername
full member
Activity: 150
Merit: 100
Re: The "Last Coin" problem.
June 28, 2015, 07:48:45 AM
#2
Not practical. Why not as a collector go with physical bitcoin? You know, the shiny ones.

earthpet
newbie
Activity: 42
Merit: 0
Re: The "Last Coin" problem.
June 28, 2015, 07:32:13 AM
#1
Coin developers are missing the point. If a currency fails to gain acceptance then it seems it disappears utterly. But if the currency was made so that even the very last holder of that currency has a collectible artifact, then it can still have value right down to the last coin.

Nobody seems to be making their coins collectible which is a shame as there are so many collectors out here who would get these coins just for the collectible factor. Also, I understand why these currencies are made to be spent in fractions, but a currency doesn't have to be. It would be nice to have coins that cannot be divided, are numbered, can be verified without sending "pieces" of it, can be traded even if it is all owned by one person who can still share a wallet if they wish to sell them.

There are so many coins making microscopic tweaks thinking they are improving on Bitcoin. Please stop lamely remaking Bitcoin and make a collectible currency with long-term value.

Thank you!
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