Bitcoin's value is decentralization

Paul Bohm's Blog

paulbohm.com 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...

Tweets

@nonlinear » 01 Nov '12, 4pm
Bitcoin as a means to make consensus in highly distributed large-scale systems. [link]
@anarchoantihero » 31 Oct '12, 2pm
RT @mbauwens: Paul Bohm: Bitcoin's Value is Decentralization [link] via @Diigo
@mbauwens » 31 Oct '12, 2pm
Paul Bohm: Bitcoin's Value is Decentralization [link] via @Diigo
@ResearchProcess » 24 Oct '12, 4am
very interesting take on bitcoin [link]
@Tuigen » 14 Oct '12, 1pm
via .@MADinMelbourne #bitcoin's intrinsic value is the freedom f/ possible manipulation of value. Paul Bohm explains [link] …
@MADinMelbourne » 14 Oct '12, 10am
@Tuigen - also good reading (for later) #Bitcoin's value is decentralization [link]
@andeggs » 11 Oct '12, 3am
But what is environmental cost of building an economy on unnecessary computation? Bitcoin's Value is Decentralization [link]
@syawal » 09 Oct '12, 5pm
RT @radar: "Bitcoin…makes it possible to decentralize services we couldn't previously decentralize" [link] @enkido on Bitc ...
@radar » 09 Oct '12, 5pm
"Bitcoin…makes it possible to decentralize services we couldn't previously decentralize" [link] @enkido on Bitcoin's value
@canadaduane » 09 Oct '12, 2am
Great write-up explaining how bitcoin is inherently valuable if decentralization is valuable: [link]
@Ryan_Singer » 08 Oct '12, 9pm
RT @damfino11: Bitcoin as a model for robust decentralized social and technological structures [link]
@damfino11 » 08 Oct '12, 8pm
Bitcoin as a model for robust decentralized social and technological structures [link]
@joelbush » 08 Oct '12, 2pm
"Is there value in Bitcoin? ...a counter question: Is decentralization valuable?" [link] cc @JasonStoddard @shloky @kkoym
@JadeRubick » 08 Oct '12, 1pm
Bitcoin solves one of the hardest problems of distributed systems. Interesting algorithm, and interesting implications [link]
@glassresistor » 08 Oct '12, 4am
RT @isislovecruft: RT @isislovecruft: On bitcoin as a solution to the Byzantine Generals and PKI problems: [link]
@isislovecruft » 08 Oct '12, 4am
On bitcoin as a solution to the Byzantine Generals and PKI problems: [link]
@StepOffTheEdge » 07 Oct '12, 9pm
Great article by @enkido about value of bitcoin is decentralization - [link]
@LeConteSpink » 07 Oct '12, 7pm
RT @Baneki: RT @Baneki: "@BitCoinReporter: Bitcoin's Value is Decentralization - [link] #bitcoin"
@Baneki » 07 Oct '12, 7pm
"@BitCoinReporter: Bitcoin's Value is Decentralization - [link] #bitcoin"
@mrmx » 07 Oct '12, 5pm
@ElBitcoin interesante reflexión en este artículo sobre el valor del Bitcoin [link] por si te interesa para el blog ;)
@mistermx » 07 Oct '12, 4pm
Bitcoin and decentralization [link] [link]
@AlfredoNarvaez » 07 Oct '12, 3pm
RT @ehooge: RT @ehooge: The value of bitcoin is decentralization: could help to tackle the challenges of the future [link] (HT @btincq)
@ehooge » 07 Oct '12, 3pm
The value of bitcoin is decentralization: could help to tackle the challenges of the future [link] (HT @btincq)
@mattb_stellar » 07 Oct '12, 1pm
RT @mikeloukides: RT @mikeloukides: Interesting idea: bitcoin as a protocol for agreement in massively distributed systems. [link]
@mikeloukides » 07 Oct '12, 12pm
Interesting idea: bitcoin as a protocol for agreement in massively distributed systems. [link]
@petervan » 07 Oct '12, 5am
#bitcoin 's value is decentralization > 2011 post by @enkido [link] > "Is decentralization valuable?" via @photomatt
@artved » 07 Oct '12, 1am
How Bitcoin solved Byzantine Generals' Problem - [link] #proof-of-work
@danielbachhuber » 06 Oct '12, 10pm
Bitcoin’s value is decentralization [link] via @photomatt
@TheEvertBopp » 06 Oct '12, 9pm
RT @leashless: RT @leashless: An exceptionally intelligent take on why #Bitcoin has actual value [link] @bendiken @smari @dymaxion I thin ...
@leashless » 06 Oct '12, 8pm
An exceptionally intelligent take on why #Bitcoin has actual value [link] @bendiken @smari @dymaxion I think this matters.
@ZuzanaUrbanova » 06 Oct '12, 7pm
RT @jurbed RT @newsycombinator: Bitcoin's value is decentralization [link]
@php_austin » 06 Oct '12, 7pm
Interesting! "Bitcoin also makes it possible to fully decentralize the DNS (Domain Name System)" [link]
@mykola » 06 Oct '12, 6pm
RT @PelleB: RT @PelleB: Bitcoin's Value is Decentralization [link] The implications are huge. May be more important than who wins the ...
@ecounysis » 06 Oct '12, 6pm
Bitcoin's value is decentralization #in #fb [link]
@btincq » 06 Oct '12, 6pm
Great post RT @ndebock: Brillant! Bitcoin’s value is decentralization [link] cc @sharedropis @zoupic @stanjourdan
@filesofnerds » 06 Oct '12, 6pm
Bitcoin's Value is Decentralization | Paul Bohm's Blog [link] via @kippt
@PelleB » 06 Oct '12, 6pm
Bitcoin's Value is Decentralization [link] The implications are huge. May be more important than who wins the election.
@sustrik » 06 Oct '12, 6pm
Thought provoking: What kind of new global scale decentralised applications can be bitcoin algorith used for? [link]
@tek_news » 06 Oct '12, 6pm
HNews: Bitcoin's value is decentralization [link]
@tek_fin » 06 Oct '12, 6pm
RT @ndebock: RT @ndebock: Brillant! +10000 RT @FintechBot: Bitcoin's value is decentralization [link] by @hnycombinator #FinTech
@ndebock » 06 Oct '12, 6pm
Brillant! +10000 RT @FintechBot: Bitcoin's value is decentralization [link] by @hnycombinator #FinTech
@msgbi » 06 Oct '12, 6pm
RT @newsycombinator: Bitcoin's value is decentralization [link] P2P everything @rszbt @TeraEuro
@lazylizard3 » 06 Oct '12, 7pm
Bitcoin's value is decentralization [link]
@gohsuket » 06 Oct '12, 7pm
RT @newsycombinator Bitcoin's value is decentralization [link]
@D_Genius » 06 Oct '12, 6pm
"@naval: "Bitcoin's Value is Decentralization" - brilliant! By @enkido [link]"
@adamnash » 06 Oct '12, 6pm
RT @newsycombinator: RT @newsycombinator: Bitcoin's value is decentralization [link]
@jurbed » 06 Oct '12, 6pm
RT @newsycombinator: RT @newsycombinator: Bitcoin's value is decentralization [link]
@bitcoins » 06 Oct '12, 6pm
RT @newsycombinator: RT @newsycombinator: Bitcoin's value is decentralization [link]
@BitCoinReporter » 06 Oct '12, 6pm
Bitcoin's Value is Decentralization [link] #bitcoin
@newsycombinator » 06 Oct '12, 6pm
Bitcoin's value is decentralization [link]