Post
Topic
Board Economics
Re: Regression theorem & Bitcoin revisited
by
notme
on 31/01/2013, 02:34:09 UTC
Randomly select: You can find randomness in bitcoins, but all of it comes eventually from the randomness generator in your computer, so it would be even easier to just grab an octet from /dev/urandom. The blockchain is novel, and the invention itself is valuable and other useful systems could be built on the same idea. Still, it hardly is intrinsic value to a bitcoin.

It's a bit off topic, and I agree with the on topic points in your reply, but I just wanted to clarify what I meant:
With the blockchain you can agree use a future block as the random source with a published method of determining the "winner" or whatever you are using it for.  When the block comes along, the operator can pay out the winner and everybody can verify that they did the right thing.

This is an intrinsic value of the blockchain that does not exist in any other form (other than altchains), but I will concede that it the value of Bitcoin, not a bitcoin.

Bitcoin, the network adds lots of value not only to bitcoin the currency, but for other uses as well.