On 21/06/2011 16:58, Herbert Graf wrote:
> Umm, that happens ALL THE TIME with "normal" currency. Scam artists have
> been convincing people to let go of their money for as long as money has
> existed.
>

I agree roughly all you say. My point is that to be a competition=20
currency you must assume and survive with all those things. Including=20
speculation. Bitcoin is to naive.

A Currency that can't be exchanged to other currencies is useless unless=20
almost everyone accepts it. No-one outside Cuba or Zimbabwe WANTS to use=20
their currencies.

We have many currencies, plenty of competition. Cash can't be traced=20
(Cash is mysteriously separate to currency). However some people want to=20
abolish cash (a Debit card is not cash, it is cashless currency). I=20
don't agree with abolishing cash.

We may need a virtual cash for existing currencies as Debit cards are=20
not cash.

I can't see what bitcoin does usefully except be a vehicle for yet=20
another pyramid scheme, people are treating it (foolishly) as an=20
investment not a currency. It's an interesting experiment and computing=20
"toy". A real competing currency? no.
--=20
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