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re: Bitcoins were hacked yesterday?
Posted on 4/4/13 at 4:13 pm to ZereauxSum
Posted on 4/4/13 at 4:13 pm to ZereauxSum
quote:Is the idea valuable, or the implementation? The implementation is clearly valuable, but the "idea man" only gets paid if he implements it himself, or collects royalties forced by law. Anyway, the point of bringing up IP was to show that non-physical or virtual "things" can have value. I think that fact is self-evident.
I disagree. If I figure out how to build a machine that converts air into food, that idea has value wether I patent it or not. It will help people regardless of what patent laws exist.
quote:The rules placed on it make them necessarily scarce. And the rules are necessarily arbitrary. Neither of those change the fact that bitcoins are scarce. Whether it's by design or "natural" doesn't matter.
But a bitcoin doesn't necessarily have to be scarce or finite. The person(s) who developed it could have just as easily said that every prime number is a bitcoin. It may be math but its still arbitrary.
2
Posted on 4/4/13 at 5:19 pm to Korkstand
quote:
Is the idea valuable, or the implementation?
I think both are. You can enter into agreements even in the absence of law that reward the idea man, but I digress.
quote:
The rules placed on it make them necessarily scarce. And the rules are necessarily arbitrary.
I thought I read somewhere that the rules can be changed if the majority of machines on the network agreed (maybe I misunderstood).
quote:
Whether it's by design or "natural" doesn't matter.
If the rules can be changed it definitely matters.
But whether or not the scarcity is permanent, that still really doesn't explain why a bitcoin has value. There are plenty of things in the world that are both scarce and worthless.
Posted on 4/4/13 at 5:25 pm to Korkstand
quote:
The rules placed on it make them necessarily scarce
quote:
rules are necessarily arbitrary
quote:except for the fact that
Neither of those change the fact that bitcoins are scarce
quote:
rules are necessarily arbitrary
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