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Re: <nettime> Fwd: Stephen Foley: Bitcoin needs to learn from past e-cur
olivier auber on Thu, 5 Dec 2013 06:36:05 +0100 (CET)


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Re: <nettime> Fwd: Stephen Foley: Bitcoin needs to learn from past e-currency


On Wed, Dec 4, 2013 at 5:38 PM, Doug La Rocca <douglarocca {AT} gmail.com> wrote:

> I don't know how you figure bots will "suck all the money". Bots are made by humans necessarily, and I can assure you they are quite difficult to make profitable (unless they directly steal).

I guess that as far as the "value" of bitcoin will increase, more and
more big players will be interested and will put financial,
mathematical and technical resources to maximize their investments.
Will follow a sort of arms race: normal humans will not measure up to
their robots.
Florian is considering a hell for privacy, I guess instead that will
end with what could be the first non-human bubble.

> The beauty of Bitcoin's "complicated" mining system is that it fixes the quantity of money in circulation to NATURE in a predictable manner. Gold is similarly fixed to nature but the earth is comparably capricious in how much it yields and where.

Of course, bitcoin is very nice as a technical system. This is an
excellent proof of concept on the scale of the entire planet. But I do
not think we will stop there.

Olivier

> -dl
>
>> On Dec 4, 2013, at 7:46 AM, olivier auber <olivierauber2 {AT} gmail.com> wrote:
>>
>> Let me know if I'm wrong: one individual may own two or more bitcoin
>> wallets. And this individual may be a robot or a weird mixture of
>> flesh and silicon, let say a dog which constantly "shift" its
>> identities and deals its bitcoins with some high frequency trading
>> system. So, obviously "cydogs" will suck all the bitcoin market at the
>> expense of regular human beings. Bitcoin: a good money for bots, isn't
>> it?
 <...>


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