Loved this article... "Hey, Canada has this new digital currency, but wait, Bitcoin is already better" lol. Sorry Canada, perhaps you should fork Bitcoin into CanCoin and give that a try.
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Derric Atzrott's profile photoJulian Tosh (AgentZeroM)'s profile photoIrdial Discs's profile photo
6 comments
 
It certainly sounds like they got the idea from us.
 
No amount of paid for PR can turn a turd into a chocolate ice cream. The Canadian Mints centralized fiat money is garbage in terms of its dependence on hardware and the design of the network within which it resides. The only way it will be taken up is if it adopting it is incentivised, and making merchants pay for the privilege of having to install their hardware is a disincentive.
 
Bitcoin is secure, and its getting more and more usable by the moth. In my view, the chosen solution should not be chosen by the State, or its agents. It needs to serve the users as its first priority. Bitcoin does this, Mint Chip does not.

As for the Mint experimenting, if its being done on behalf of the government it is immoral on its face. The State has no right to steal money for experiments in money, or anything for that matter, and true to form, their experiment is a centralized messy mixture of hardware and obscurity.

The race is on. I hope that Bitcoin starts to spread like wildfire so that no challenger can beat it. Certainly, if someone is going to beat Bitcoin, they are going to have to improve on it, and not offer a cut down version. This will be good for everyone, and by design, cannot possibly aid the State, by default.
 
There is no need for 'society' to accept Bitcoin. All that is required is for a percentage of internet users to adopt it. There is no need for a major financial organization or a government to have anything whatsoever to do with it either:

[...]


There are 2,095,006,005 people on the internet. That is 30.2% of all the people on earth and an increase of 480.4% in ten years.

If only ten percent of all people use Bitcoin. No. Lets say five percent. That is 104,750,300 future users of Bitcoin. There is no reason why this number cannot not be achieved, and of course we are working only with today’s assumptions

[...]

http://irdial.com/blogdial/?p=3135

If you replace the word 'Bitcoin' with 'Facebook' you begin to see how it will work.

No government had anything to do with the development of Facebook, MySpace, instagram, Flickr or any of the huge web properties, and yet, they have become a boon to hundreds of millions of people. Bitcoin is no different to any of these services. Government is not needed in any way to make it work, or to guarantee any aspect of its operation.

There is no reason whatsoever that 15% of all transactions on the internet could not be done with Bitcoin, without any government anywhere having anything to do with it. I have no problem imagining this, and the developers of the emergent Bitcoin services do not either. They are simply getting on with the software development.

As you can read above, I hold that Bitcoin is not money, but is in fact a way to transmit money from place to place without any intermediaries. Others believe that it is money, and that is fine. No matter what anyone thinks Bitcoin is, if you can be quoted a number of Bitcoins for a good or service and can have that good or service sent to you or performed on transmittal of the Bitcoins, that is all that matters. The more people adopt Bitcoin, the stronger the network will become, until it becomes an integral part of the net, like SSL, that people take for granted.

That example of Dexit is fascinating. Its another chip based e-money system starting in Canada... sounds familiar ay? You would have thought that the Canadian Royal Mint would have taken a lesson from Dexit and built a system that did not involve physical chip tokens. Absolutely incredible!
 
+John Markh All money is an IOU. Bitcoin is an unforgeable, digital, fully transferable IOU. It has additional properties that are set in stone, agreed upon by the users, and not changeable at the whims of central banks or politicians. Because it is digital, it can be backed up and duplicated so it cannot be destroyed. It is deflationary. Truly deflationary unlike any IOU system ever created. These are all the reasons it is set apart from fiat and current electronic payment systems. I LOVE Bitcoin because it is beyond the control of out-of-control governments.
 
+Julian Tosh Agreed save one point; all money is not an IOU. Gold and silver are not dependent upon any issuer for their value. Their value is inherent. This is why they are money by definition, and an IOU is not. Money is a good, not a promise to deliver a good.