Quote:
Originally Posted by Emil
What's the problem with mining? The currency needs to be distributed in some kind of "fair" and stable way.
As the number of users grow so does the rate of the currency (because of the CPU power). The person with the fastest CPU (or the biggest botnet) will benefit most but is there any better way to distribute the currency?
You can exchange from USD to bitcoin and from bitcoin to USD today if you want to. LibertyReserve works the same way and lots of people are using that.
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The base of all currency is gold. Civilizations have risen, dominated, expanded, collapsed, and died thousands of times and through it all gold has been the constant. Every real currency has to have a direct or one step indirect link to a real medium of exchange.
If bitcoin has a real rate, do yourself a favor and post it against 10 major currencies, then, have a list of every vendor that accepts it directly.
As for mining, one does not mine dollars or any other currency based on precious metals or based by governments with reserves. Bitcoin has no intrinsic value, so creating them in a manner not linked to a reserve currency only verifies the appearance of valuelessness or random valuation.
There are examples of "found" e-currency, such as MMPORG currencies, and one site (as MFC) instruments, but they all have a pretty clear peg to a backed currency.