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

[Kelly Anderson]

On Fri, Nov 8, 2013 at 2:35 AM, Mirco Romanato <painlord2k at libero.it> wrote:

>
>
>   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.
>

Ok, I get that part. But I don't see really what it has to do with the
Singularity specifically.


> 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.
>

Not good, of course.


> Governments or sociopathic AIs


Governments are just one type of sociopathic AI...


> 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.


I get all these advantages of Bitcoin. The question remains as to how this
specifically relates to the Singularity. Sorry if I'm being dense here, it
is late.

-Kelly
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.extropy.org/pipermail/extropy-chat/attachments/20131114/f4d09ea0/attachment.html>