[Cialug] OT: Bitcoin

[Scott Yates]

​​
One great point on Bitcoin from the previous article:


"Bitcoin is a digital bearer instrument. It is a way to exchange money or
assets between parties with
*​​no pre-existing trust*: A string of numbers is sent over email or text
message in the simplest case. The sender doesn’t need to know or trust the
receiver or vice versa. Related, there are no chargebacks – this is the
part that is literally like cash – if you have the money or the asset, you
can pay with it; if you don’t, you can’t. This is brand new. This has never
existed in digital form before."



On Mon, Aug 25, 2014 at 1:20 PM, Scott Yates <Scott at yatesframe.com> wrote:

> If I understand the underlying technology (and, like many others, that
> might not be guaranteed), a large part of the value of crypto currency
> stems from it being completely decentralized.  This means it is not
> "controlled" by a central bank in any way.
>
> This is a REALLY good article on "why bitcoin matters"
> <http://mobile.nytimes.com/blogs/dealbook/2014/01/21/why-bitcoin-matters/>
>
>
>
>
> On Mon, Aug 25, 2014 at 1:14 PM, Lee Henderson <leemhenderson at gmail.com>
> wrote:
>
>> Exactly. The U.S. dollar's (like many other currencies) value is based on
>> market forces. Namely demand. Bitcoin and other cryptocurrencies have
>> value
>> for the same reason. Right now I believe investment and rarity, rather
>> than
>> trade, keeps Bitcoin's value high. Understanding how cryptocurrency
>> relates
>> to physical currency is a key hurdle to get over when talking about wider
>> adoption.
>>
>> Lee H.
>>
>> On Mon, Aug 25, 2014 at 12:33 PM, Adam Hill <adam at diginc.us> wrote:
>>
>> > Just like real money, crytocurrency only has value because people
>> decided
>> > to attach value to it.
>> >
>> >
>> > On Mon, Aug 25, 2014 at 12:06 PM, Justin Richeson <
>> neomatrixjr at gmail.com>
>> > wrote:
>> >
>> > > I don't know of any, but if you find anything out please let me
>> know.  I
>> > > know I'd at least be interested in some education on the subject.  I
>> > still
>> > > can't wrap my head around the concept...and certainly not why it's
>> worth
>> > > anything.... :(
>> > >
>> > >
>> > > On Mon, Aug 25, 2014 at 11:39 AM, Lee Henderson <
>> leemhenderson at gmail.com
>> > >
>> > > wrote:
>> > >
>> > > > Good question. I suppose my expectations would encompass the
>> following.
>> > > >
>> > > > - Knowledge share and support among members
>> > > > - Cryptocurrency education and promotion in the community
>> > > > - Locate or develop resources for miners (e.g. power strategies,
>> colo
>> > > > facilities etc.)
>> > > > - Hardware group buys
>> > > >
>> > > > Lee H.
>> > > >
>> > > >
>> > > > On Mon, Aug 25, 2014 at 11:28 AM, Todd Walton <tdwalton at gmail.com>
>> > > wrote:
>> > > >
>> > > > > On Aug 25, 2014 10:33 AM, "Lee Henderson" <
>> leemhenderson at gmail.com>
>> > > > wrote:
>> > > > > >
>> > > > > > I don't believe I've asked this here before, but is anyone
>> aware of
>> > > any
>> > > > > > local Bitcoin / cryptocurrency groups or organizations? Anyone
>> > > > interested
>> > > > > > in such a thing?
>> > > > >
>> > > > > I am not. What would such an organization do?
>> > > > >
>> > > > > --
>> > > > > Todd
>> > > > > _______________________________________________
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