[Chugalug] Bitcoin ... algorithms, and scams

Mike Harrison 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. 


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