Quote from: cbeast on October 04, 2014, 05:47:38 PM

Quote from: David Latapie on October 04, 2014, 05:25:44 PM

I never understood why Proof of Work (or Proof of Stake, Transaction, Importance...) should make a crypto a commodity money. There is NO intrisic use of cryptocurrency tokens - even the most "intrinisically useful cryptos" (Primecoin and Riecoin) are still far from commodity money. So, if Proof of Work is not asset-based (commodity), then it is fiat. Period.

Tell that to the miners that invested small fortunes in mining equipment that their PoW is not asset based. That's like that song "Money for Nothing" by Dire Straits. Just because you don't understand how it works only makes you sound foolish.

Read my sentence again. I said that I never understood, not that I disagreed. Please refrain from making me say what I didn't, this is a sure-fire way to start ambiguity and flaming, which rarely leads to something productive.
Back to topic. So you are saying that Bitcoin is backed by mining rig? This is a honest question.

Quote from: Beliathon on October 04, 2014, 05:59:14 PM

Cryptofiat is a joke, it's not going to happen, even if it did, who would buy in?

Mmh, let me guess. The 98% of people who don't care about cryptocurrency and just want to continue using their credit card? They would not even know they are using cryptofiat, because it would be even less visible than a change of banknote.

Thanks for reminding us all the three uses of a money (medium of exchange, store of value and unit of account). But I profundly disagree that one cannot separate blockchain and Bitcoin. Even disregarding all altcoins (which are blockchains but not Bitcoin), there are a lot of non monetary uses of blockchain (voting, smart contracts, directory, etc... you know the drill).

As a final note (and this is not directed to someone in particular): please this thread free of "retarded", "moron" or other derogatory terms or sentences. I will not answer to such post, even if they are interesting.

I'm happy to see people are considering the option (since they reading). Discussion is mother of improvement.