Bitcoin Releases Version 0.3

Teppy writes "How's this for a disruptive technology? Bitcoin is a peer-to-peer, network-based digital currency with no central bank, and no transaction fees. Using a proof-of-work concept, nodes burn CPU cycles searching for bundles of coins, broadcasting their findings to the network. Analysis of energy usage indicates that the market value of Bitcoins is already above the value of the energy needed to generate them, indicating healthy demand. The community is hopeful the currency will remain outside the reach of any government." Here are the FAQ, a paper describing Bitcoin in more technical detail (PDF), and the Wikipedia article. Note: a commercial service called BitCoin Ltd., in pre-alpha at bitcoin.com, bears no relation to the open source digital currency.

Comments

Re:kdawson strikes again!

[exley]

I've thought about doing that many a time, but Slashdot just wouldn't feel like Slashdot to me anymore without one dedicated troll editor. I know you can make that case for (m)any other editors, but kdawson is by far the king of schlock on here.

Re:Where does the value come from?

[DaveV1.0]

In fact, please list all places and sites where one can exchange bitcoins for U.S. dollars or Euros and what the current exchange rate is.

Re:Where does the value come from?

[DaveV1.0]

And, yet, there is no reason to accept for anyone bitcoins as currency. It is a unwanted solution in search of a problem.

Re:Ummmmmmm

[DaveV1.0]

Nickel and tin have an intrinsic value. The metal can be and is used for other things. Bitcoins have no intrinsic value and can be used for nothing else.

Re:Where does the value come from?

[DaveV1.0]

If it is a fiat currency, then you should have no problem buying a pint with it at the local pub. Let me know how that works out for you.

And, who sets the exchange rate? I have offered US$1.00 for all 21 million bitcoins. That is the exchange rate: 1 bitcoin = 1/21,000,000 of a dollar.

Re:Where does the value come from?

[DaveV1.0]

Bitcoins have no value, therefore I have made a generous exchange rate for something that has no value. In doing so, I have set the exchange rate for them.