So, your comment isn’t about the article but about the people who will actually comment about the article.
Interesting.
https://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm
18 June 1996
CONTENTS
INTRODUCTION
1. WHAT IS ELECTRONIC CASH?
1.1 Electronic Payment
1.2 Security of Electronic Payments
1.3 Electronic Cash
1.4 Multiple Spending
2. A CRYPTOGRAPHIC DESCRIPTION
2.1 Public-Key Cryptographic Tools
2.2 A Simplified Electronic Cash Protocol
2.3 Untraceable Electronic Payments
2.4 A Basic Electronic Cash Protocol
3. PROPOSED OFF-LINE IMPLEMENTATIONS
3.1 Including Identifying Information
3.2 Authentication and Signature Techniques
3.3 Summary of Proposed Implementations
4. OPTIONAL FEATURES OF OFF-LINE CASH
4. 1 Transferability
4.2 Divisibility
5. SECURITY ISSUES
5.1 Multiple Spending Prevention
5.2 Wallet Observers
5.3 Security Failures
5.4 Restoring Traceability
CONCLUSION
REFERENCES
If I were younger and more energetic, I’d be tempted to go into competition with Bitcoin. I would market Sphinx Karma Credits, which are as securely backed as Bitcoin.
I promise to be honest and reliable and to hide all transactions from the government, so my guarantees are as solid as Bitcoin’s. Double pinky promise. Cross my heart and hope to die.
Now all I have to do is get enough willing “investors” to buy in. I still can’t figure out how Bitcoin managed that.
Replace? Short answer …. No!
The wheels of all of this began turning in '71 when the US dollar, THE global currency, was no longer backed.
I want my electrons and I want them now!
Only about 8% of the “dollars” out there in the economy are physical entities, the rest are virtual.
Bitcoin has few if any physical manifestations, it is a chiefly virtual entity.
Bitcoin *has the ability* to replace the dollar as the reserve currency of choice, but that is wholly dependent on the world’s economic drivers accepting, promoting, and bringing to fruition this event.
he makes some good points. Of course, bitcoin is a trading vehicle. But, if you think about it, so is every currency....what makes bitcoin unique is that there is a finite supply. In that regard it is unlike every other currency in the world. Every one of them.
Even so, it is true that for now it is a bit too volatile to be a true store of value....but....so is every other asset. There is no true store of value. That’s sort of part of the human condition.
But bitcoin has now been above $100K for like 2% of its life. For many of us, especially those who got in early, it has functioned nicely for us - as a store of value and a creator of wealth.....
Bitcoin?
I’m still waiting for ANYONE to show when/how A1S10 was Amended that gold/silver was lawfully superseded by fiat paper ala non-govt entity known as Federal Reserve
Now, if anyone wishes to take Bitcoin, that’s outside of any govt purview
Just because it has the word Coin in it doesn’t mean it’s Real Money ,LOL
Bitcoin’s value comes from the widespread trust in its security, scarcity, and predictability. ROFL
Why does bitcoin have any intrinsic value?
I ask this but never get an answer. I do get why people who own bitcoin promote it so hard, they are looking to drive up the value of their investments.
A gold or silver coin has value because of the precious metal they contain.
A Gold backed security has value because in theory you could exchange the paper for a certain amount of gold.
Even a fiat currency like the dollar has value because it is backed by the most powerful military in the world and the taxing and legal authority of the Government.
However crypto-currency seems to have value because they claim that it is anonymous from the government. Honestly I doubt that, but even if it is currently true as technology advances it that value will likely disappear.
So what is the value of bitcoin? I ask this in all sincerity.
I believe bitcoin has the power to unite people and create whole new communities that are hybrid.
This is simple. The US government will never give up its monopoly on money no matter what form it takes.
“There are many reasons to suspect Bitcoin is not what the herd thinks it is. Armstrong haters hate due to his not so good forecasts for Bitcoin. Watch the replies……”
In 2018 when Bitcoin was less than $5 you issued a get-out-bitcoin warning.
Same a few months ago with bitcoin about $85k.
You are a laughing stock on bitcoin forums.
The present federal government can't roll-out a simple website without botching it. I'd be shocked if some government agency did this AND kept it a secret.
That said... I've come to the same conclusion as Mr. Armstrong. Bitcoin isn't a currency for everyday use... but it might be a sort of reserve currency.
“In 1966, investors bid the mutual funds up beyond net asset value, so during the crash, people lost everything when they thought it was a secure investment. The net underlying assets may have dropped 20%, but they paid 20% over the net asset value and then sold at 50% of the net asset value. Many mutual funds crashed 70-90%, whereas the Dow drop was 26.5%. Ever since mutual funds have no longer been allowed to be listed.”
LOL! No wonder the SEC banned you! You are full of fake BS.
NO, Bitcoin won’t replace the dollar.
But I fear that some sort of “Fedcoin’ digital ‘currency’ will.
No way the Feds will ever allow some sort of independent ‘monetary’ exchange system to replace their fiat.