[Michael Havens]

<clap> <clap> <clap> <clap> <clap> <clap> <clap>

:-)~MIKE~(-:


On Thu, Mar 20, 2014 at 12:42 PM, Mike Bushroe <mbushroe at gmail.com> wrote:

> *"what good is it? "  *Finally, a useful comment on cryptocurrency. When
> all is said and done, it is just a pattern of magnetic fields in a thin
> film of magnetic material. Now, you can say the same thing for the work I
> do. Looked at in simplest, physical terms, I get paid to make patterns of
> tiny magnetic fields on films on disks. But that patterns that I help make
> reduce down to new programs or firmware to make our customer's equipment
> work better, designs for new, better hardware or equipment, instructions on
> how to use our hardware and/or software. In short, for our customers at
> least, the patterns do reduce down to something of real, intrinsic value,
> and the amount of value is determined by the quality of the pattern of
> magnetic fields.
>
> But in a bitcoin or other cryptocurrency, although the pattern of magnetic
> fields is designed so that no one else can copy it and claim whatever value
> it has for me, the pattern has no meaning, use, or value other than
> proclaim that it is. Bitcoins have value only because people think they are
> cute or fun or whatever, and are willing to trade things of real value for
> them. And even pieces of paper with patterns of ink on them have real value
> in this sense, because so many, many people will gladly trade them for
> items that are of intrinsic value. If suddenly people lost interest in
> buying bitcoins (fraud, scandal, etc), then there would be no bottom to the
> real world value of those patterns of magnetic fields, because they don't
> correspond to anything of intrinsic value. Accept maybe the ones where you
> generate special sequences of prime numbers to mine the coins. The sequence
> of primes may have some slight value to mathematicians. Or maybe not.
>
> So if you want to have fun with virtual money and have grown tired of
> playing with Monopoly money, then bitcoins may be something to play with.
> But you are not likely to see me exchanging real money for patterns of
> magnetic fields that do nothing more than proclaim that they are patterns
> of magnetic fields.
>
> [/soap box]
>
> Mike
>
>
>> From: Michael Havens <bmike1 at gmail.com>
>> To: Main PLUG discussion list <plug-discuss at lists.phxlinux.org>
>> Cc:
>> Date: Wed, 19 Mar 2014 17:04:38 -0700
>> Subject: Re: bitcoin mining
>>  never mind.... I just looked at their 'market place'. I think that it
>> probably is going nowhere. I mean if you can't buy food *what good is
>> it?*
>>
>> :-)~MIKE~(-:
>>
>>
>> --
> "Creativity is intelligence having fun." -- Albert Einstein
>
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