Any crypto-currency people around here?

Welsh General / Questions
#21

True, but there is an agreed value exchange model there, i.e. things from a shop for a certain monetary value. Cash value is not the issue, cash itself is an arbitrary currency. For a new currency, you would need a model of what value it can represent. Not impossible, but it would need to be agreed with the participants in the currency.

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#22

Thatā€™s where crypto-currency gets interesting, as it requires and ever increasing amount of fuel (electricity to power the computers) to discover the crypto ā€˜goldā€™ or ā€˜oilā€™. Itā€™s just like the oil price goes up as it becomes increasingly difficult to find new sources of oil and increasingly difficult to extract the resource.

Fun times ahead :slight_smile:

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#23

Sorry I havenā€™t been following up on this yet - will go next week - away at the moment helping my mother move (to live with us!)ā€¦

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#24

Looks like we are preparing discussion points for when you get back :slight_smile: Anyway, Iā€™m getting ready for bwtcamp on the 23rd. Yay!

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#25

Oh, awesome! Thatā€™ll be another huge step forward for you - youā€™re going to flourish in that environmentā€¦ :star: :star2:

#26

In case anyone is interested, I came across this little tutorial yesterday regarding how blockchain works. Yn ddiddorol iawn.

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#27

Possibly the most promising local currency Iā€™ve heard about for a whileā€¦

Also, open source software which I guess (Iā€™ve not looked in detail) you could use to replicate this type of systemā€¦

https://www.cyclos.org/

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#28

That does look interestingā€¦ :slight_smile:

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#29

Makes a fair point about trusting internet startups with this sort of thing, though. Thereā€™s a danger that they might either suck all of the value out of the system or simply disappear without trace. I wonder if thereā€™s scope for open-sourcing something like this from beginning to end (soup to nuts as some software architects like to say) in order to avoid these risks. :thinking:

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#30

It is a good point about the risk. I wonder whether this could provide a starting pointā€¦

But as I mentioned, I havenā€™t looked into it in any detail.

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#31

The article I linked to before (https://www.fastcompany.com/3025700/how-to-create-your-own-cryptocurrency1) explains that ALL the crypto-currency stuff is open source already. The challenge is getting the miners and infrastructure. :slight_smile:

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