[p2p-research] Page "7 June 2010" sent from OrganicDesign Wiki

[Michel Bauwens]

Thanks Aran, I will publish it on our Ning site,

Michel

On Wed, Jun 9, 2010 at 1:46 PM, Aran <aran at organicdesign.co.nz> wrote:

>   Bitcoin: Open Source P2P eCash is here!
>
> Bitcoin <http://www.bitcoin.org/> is an open source<http://en.wikipedia.org/wiki/Open_source>
> peer-to-peer <http://en.wikipedia.org/wiki/Peer-to-peer> (a.k.a "p2p")
> electronic cash system that's completely decentralised, with no central
> server, trusted authorities or middle men. The availability of bitcoins
> can't be manipulated by governments or financial institutions. Bitcoin
> already has a number of exchanges for converting to and from other
> currencies; BitcoinFX <http://www.bitcoinfx.cz.cc/>, New Liberty Standard<http://newlibertystandard.wetpaint.com/>,
> Bitcoin Exchange <https://www.bitcoinexchange.com/> and Bitcoin Market<https://www.bitcoinmarket.com/>.
>
>
> Bitcoin may last for years and become a popular global currency, or it
> could be just a flash in the pan, but either way I think this is an
> important sign of the times to come. This is one of the first truly
> decentralised currencies and has paved the way for hundreds more to compete
> together in the new arena of Cipherspace<http://en.wikipedia.org/wiki/Cipherspace>over the coming years. This is one of the key factors in the transition of
> global society into the post-nation-state economy talked about in The
> Sovereign Individual<https://www.organicdesign.co.nz/The_Sovereign_Individual>.
>
>
> In a p2p computer network there are no servers, the entire network is
> composed of users running instances of the application on their computers.
> Each running instance offers a small amount of processing and storage
> resource to the network so that it can deliver the services it was designed
> for such as redundant storage, anonymity or voice-over-IP applications.
>
> In the case of a p2p currency system, some of the services the network is
> designed to offer are privacy, verification, authentication, currency
> creation and transfer of ownership. To ensure a reliable and tamper-proof
> system requires a lot of resource, and that amount is proportional to the
> amount of coins in the network. The network is able to pay the users for the
> resource they offer by making the coin-creation process part of the network
> protocol itself instead of being handled by a central trusted authority.
> This creates a natural and incorruptible link between the supply of currency
> in the network and the demand for it.
>
> Even aside from the ability to exchange bitcoins for other currencies, it
> still makes a very useful tool for independent organisations and groups
> because it allows them to trade and settle accounts amongst themselves
> independently and privately. It effectively gives them a "bank" that has a
> trustworthy system of accounts that can't be tampered with and requires no
> corruptible central authority to operate. See the Bitcoin Whitepaper<http://www.bitcoin.org/sites/default/files/bitcoin.pdf>for more detail about how it works.
>
> To try Bitcoin, download the Bitcoin software<http://newlibertystandard.wetpaint.com/page/Getting+Started>,
> then once it's running, click 'Generate Coins' which will pay you bitcoins
> in exchange for your computer working to validate bitcoin transactions.
> Check the exchange rate<http://newlibertystandard.wetpaint.com/page/Exchange+Rate>to calculate how many bitcoins need to be sent. The payer can
> purchase <http://newlibertystandard.wetpaint.com/page/Exchange+Rate>additional bitcoins if needed. The payer's previously generated bitcoins
> allow for a lower out of pocket payment. The payer then sends the bitcoins
> to the receiver using the Bitcoin software. The receiver can then sell<http://newlibertystandard.wetpaint.com/page/Exchange+Rate>their bitcoins for dollars. The receiver's previously generated bitcoins
> allow a higher dollar payout.
>



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