#Bittercoin September 20 2013
Truly the idea of Bitcoin is a brilliant one. Issue your own currency with no centralized control.
When you consider the global issues facing us, centralized control of debt based currency has a distinct lead as culprit. So, take away the centralization and give the issuing power to the people and you start to turn the money supply on it's head. If this new decentralized currency starts to fall into the control of those with the biggest and fastest computers, or it falls under the regulatory control of existing banks so that you can exchange your fiat currency for Bitcoins, the battle has been lost.
An unshackled currency has to exist outside of the current structure of control. Does that mean that the currency has to be more complex? I don't know. If cryptographic strength resides with those controlling the largest computers then stronger cryptography and greater complexity probably isn't the answer.
Is a simplified form of monetary exchange the answer? I don't know that either. Ideally an unfettered currency could be created by anyone. Granted this doesn't address devaluation through over production or gauging value. Perhaps part of the answer isn't a standardized universal currency but creating numerous regional currencies.
When you consider the global issues facing us, centralized control of debt based currency has a distinct lead as culprit. So, take away the centralization and give the issuing power to the people and you start to turn the money supply on it's head. If this new decentralized currency starts to fall into the control of those with the biggest and fastest computers, or it falls under the regulatory control of existing banks so that you can exchange your fiat currency for Bitcoins, the battle has been lost.
An unshackled currency has to exist outside of the current structure of control. Does that mean that the currency has to be more complex? I don't know. If cryptographic strength resides with those controlling the largest computers then stronger cryptography and greater complexity probably isn't the answer.
Is a simplified form of monetary exchange the answer? I don't know that either. Ideally an unfettered currency could be created by anyone. Granted this doesn't address devaluation through over production or gauging value. Perhaps part of the answer isn't a standardized universal currency but creating numerous regional currencies.