[Chugalug] Bitcoin ... algorithms, and scams
cluon at geeklabs.com
Fri Sep 6 02:07:41 UTC 2013
On Sep 4, 2013, at 9:27 PM, Mike Robinson <miker at sundialservices.com> wrote:
> "The perfect currency unit" today is probably "the ACH wire-transfer data packet."
Oh dude.. you opened up a BIG can of worms. ACH is not the same as a Wire although they are similar.
They are fairly well controlled "file formats" that last I looked, were basically IBM punch card batch formats.
Although I see on http://www.nacha.org there are now XML variants of CCD/PPD, etc.. As a former member
of NACHA (as are some others on this list) and part of one of the few non-bank entities
to have an ABA routing number and a FedLine:
You are talking about a transport method, a file format, a set of rules for transferring the government issued and controlled currency we commonly call a "dollar".
Bitcoins have value because people agree that they do. Dollars have a value set by the government AND various entities (other governments for example) AND the general population reaching a consensus.
Gold has intrinsic value, Bullets have a more easily used by common people (that own guns) intrinsic value. A gallon of potable water has intrinsic value.. Food has intrinsic value.
Dollars and bitcoins, litecoins, and other "non-anchored" currencies have values that we, as a society mostly agree on. They are easily exchanged and transported.
If Bitcoin reaches critical mass for larger transactions it will change international commerce in interesting way.
-------------- next part --------------
A non-text attachment was scrubbed...
Size: 671 bytes
Desc: Message signed with OpenPGP using GPGMail
More information about the Chugalug