Skip to content

Fictional Currency and Ramifications

March 12, 2014

Alright, here I have no moral point or logical attack on doublespeak.  There is no implicit criticism, and only the obvious implication following.  Mostly I post this because it amuses me.

I found an article regarding the recent bitcoin theft (found at <http://www.scmagazine.com/mt-gox-ceo-lied-about-massive-bitcoin-theft-according-to-alleged-hackers/article/337613/&gt;).  This interests me because I find it hilarious bitcoins- an online form of currency composed entirely of computer code, whose value seems to be determined by the same methods as cause stock market booms and crashes- are considered to be worth money.

People reportedly spend cash or credit on these insubstantial strings of digits.  Money is symbolic for your work- for example, grain you might have grown with your own hands and livestock, furniture you built yourself from wood you carved, or whatever- and something expected to barter food, or rent, or something else tangible.  In exchange you may as well trade your work for a box of air, all because someone said it’s worth the work you invested.  The fun part is you find another person with a box of air slightly smaller and you both agree the volume of your box is more valuable, and you agree on how much.

As of Monday, 10 March 2014, this source says a single bitcoin is worth $620.  I can’t get over how binary code is valued so highly, and how anyone could use it as currency when it cannot be secure.  The very nature of bitcoin is digital.  There is no impregnable defense against theft if the object of theft its itself the same material as its container.  Yet, people smarter than me trust it and seem surprised at their vulnerability.  Really?

Someone else sees the humor in this.  <http://www.gocomics.com/scottstantis/2014/02/26#.Ux_D0s7DWdV>  Is this not perfect?  😀

 

** And the first provided link is invalid.  What is is with online articles disappearing?  Explain to me again why cyberspace is superior to hard copies… **

Advertisements

From → finance

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: