06 Oct '12, 5pm

Bitcoin's value is decentralization

Recently I've read a lot of claims that Bitcoins don't have intrinsic value. I've come to a different conclusion. Bitcoins have intrinsic value if they enable desirable interactions that are not possible without them. Bitcoin is a theoretical and practical breakthrough that makes it possible to decentralize services we couldn't previously decentralize. To elaborate: Bitcoin isn't just a currency but an elegant universal solution to the Byzantine Generals' Problem[1] , one of the core problems of reaching consensus in Distributed Systems. Until recently it was thought to not be practically solvable at all, much less on a global scale. Irrespective of its currency aspects, many experts believe Bitcoin is brilliant in that it technically made possible what was previously thought impossible. The Byzantine Generals' Problem roughly goes as follows: N Generals have their armies ...

Full article: http://paulbohm.com/articles/bitcoins-value-is-decentrali...

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Bitcoin's value is decentralization

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