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I'm not saying Bitcoin doesn't have its uses, but most techies working on monetary solutions seem to think that the ideal currency is a global, frictionless unit in which transactions are quickly settled, perhaps between anonymous users.

However this comes from limited understanding of money as a commodity, and drawing analogies from the bastardised form of money we use today.

by Terence on Mon Jan 7th, 2013 at 08:06:55 AM EST
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by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jan 7th, 2013 at 08:29:41 AM EST
[ Parent ]
the ideal currency is a global, frictionless unit in which transactions are quickly settled, perhaps between anonymous users

That's ideal for organized crime.



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by Migeru (migeru at eurotrib dot com) on Mon Jan 7th, 2013 at 08:36:12 AM EST
[ Parent ]
And indeed, that is the main current use of Bitcoin. Organised crime.
Alongside a few faithful supporters of the system, who try to use if for things like web hosting and other small items.

I say main use for a reason, because the estimate is that most Bitcoins are not being used, but hoarded as the owners hope that the limited number means their value will appreciate.

by Metatone (metatone [a|t] gmail (dot) com) on Mon Jan 7th, 2013 at 12:08:22 PM EST
[ Parent ]
Metatone:
And indeed, that is the main current use of Bitcoin. Organised crime.

That looks reasonable. Has anyone had a look at it or is it just assumed?

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by A swedish kind of death on Mon Jan 7th, 2013 at 02:34:58 PM EST
[ Parent ]
There have been some informal studies, nothing published yet, but by the middle of the year some studies should be out.
by Metatone (metatone [a|t] gmail (dot) com) on Mon Jan 7th, 2013 at 03:19:17 PM EST
[ Parent ]
I don't think Bitcoin is advertised as providing anonymity. And efforts to move towards that (using multiple addresses, multiple deposits & withdrawals, etc.) add friction to transactions. Plus, who knows what actually goes on inside the Mt.Gox computers?

For criminal activity, the good old $100 bill is still the best option.

by asdf on Wed Jan 9th, 2013 at 12:58:40 PM EST
[ Parent ]

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