[ExI] What happens when Bitcoin goes to a million bucks?

[Mirco Romanato]

Il 08/11/2013 01:44, Kelly Anderson ha scritto:

>     Bitcoin allow unlimited payment to unlimited number of entities.
>     Any AI doing something useful will be rewarded using bitcoin where any
>     AI doing something harmful will be not. Just like humans are.
>     So we have a way to select for useful AI: we pay them for doing
>     something useful. And they pay us back if w do something useful to them.
>     And if we are useful to them, they will not think about recycling us as
>     Grey Goo.

>   I can see the possibility for money surviving the Singularity. It may
> not be 100% necessary, but it may be helpful. I can't see the future of
> money past the Singularity, so I really can't say.

>   That being said, what does Bitcoin specifically (or cryptocurrency in
> general) add to the scenario that isn't provided by government backed
> currencies?

Bitcoin add trust because it is trustless.

Fiat currency (but also gold and silver) can not add trust because they
can be debased, payment reversed, fund seized at the source bank, in
transit and at the receiving bank and from the hand of the payer and the
payed.

Governments or sociopathic AIs could and would exploit the weakness of
the system like sociopathic speculators and politics exploit the system
now. Given their time preferences and limited resources they could not
even understand the scope of the damage they are doing to others and
themselves in the present and future.

Mirco