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presence
04-06-2013, 06:19 PM
Christopher Mims said (https://twitter.com/mims/status/320100864138309634) on Twitter,

“Imagine a future in which a handful of cryptocurrencies,
each headed by a different monetary philosophy, compete.”






Thoughts?


Could a "better" algorithm overtake bitcoin as the market leader in cryptocurrency?


socialist cryptocurrencies with built in taxation and benefits?
kpitcher
04-07-2013, 03:00 AM
Christopher Mims said (https://twitter.com/mims/status/320100864138309634) on Twitter,

“Imagine a future in which a handful of cryptocurrencies,
each headed by a different monetary philosophy, compete.”






Thoughts?


Could a "better" algorithm overtake bitcoin as the market leader in cryptocurrency?


socialist cryptocurrencies with built in taxation and benefits?

I don't think the algorithm behind it matters as much as a userbase matters. This is why I don't see the alternate bitcoin clones catching on as they don't offer anything significantly different. So far I have seen basically carbon copy clones, slap a new name on it, and off you go.

As to the built in taxes and benefits I don't see how those systems could co-exist. The advantage of bitcoins are they are worldwide and peer to peer with no central oversight. To have taxes and benefits there would have to be some centralized authority which gets you right back to the problem of banks and governments running the banking systems. Also as it's worldwide who would the taxes support or go to?
presence
04-07-2013, 06:43 AM
As to the built in taxes and benefits I don't see how those systems could co-exist. The advantage of bitcoins are they are worldwide and peer to peer with no central oversight. To have taxes and benefits there would have to be some centralized authority which gets you right back to the problem of banks and governments running the banking systems. Also as it's worldwide who would the taxes support or go to?

A currency could automatically inflate; add new coins... those coins could be used to fund global hunger for example; or buy gold to to distribute as dividends to coin holders...




mtgox USD is currently 154!!!!