Re: [projectvrm] Bitcoin + Swift

[Kevin Cox < >]

From a technical point of view bitcoin looks attractive as a currency. Unfortunately bitcoin tokens have value in and of themselves.  Tokens for currencies should be zero value.  Read Zaralenga's book "The Science of Money" to see the history of currencies where the tokens have value in and of themselves.  What we want are tokens that are trusted to represent value reliably.  Currencies are a social construct and trust comes from the trust one party has in the other party to a transaction.  Personal Clouds are about trust in the Identity of the other party.  Payment Systems work because of trust - not because we give  money tokens value.  Giving money tokens value means we have to worry about the trust in the token as well as the trust in the parties.  Trust in the transmission of a token can be handled quite adequately with our current encryption technologies.

Kevin

On Thu, May 23, 2013 at 11:20 AM, Mark Jeftovic < " target="_blank"> > wrote:

Joyce Searls wrote:

Appears to be a bad link. This should be it. http://www.forbes.com/sites/jonmatonis/2013/05/20/bitcoin-comes-to-swift/

On May 22, 2013, at 5:25 PM, Doc Searls< " target="_blank"> .harvard.edu>  wrote:

 From Forbes:

http://www.forbes.com/fdc/welcome_mjx.shtml

For those of us who have an interest in bitcoin (a form of fungible data) and SWIFT. Interesting stuff.

Doc

I've been meaning to post here about bitcoin for awhile because I think there is a natural alignment with VRM.

A guy named Joe Cascio is working on a concept called "collateralized identities" or as some call it "bit ID" - but it's basically imbuing a bitcoin address with value as a method to vet an identity.

http://joecascio.net/joecblog/2013/03/25/collateralized-identity-using-bitcoin-to-suppress-sockpuppets/

But in my opinion the big idea to come out of his work is using bitcoin to transmit meta data about identities, reputations and other scoring systems, and it would be completely under control of the end user.

- mark

--
Mark Jeftovic < " target="_blank"> >
Founder & CEO, easyDNS Technologies Inc.
+1-(416)-535-8672 ext 225
Read my blog: http://markable.com