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wow it's frigthening! it's the dream of every anarchist, every drug, arm, human dealer! the world made as a global fiscal paradise... the idea is clever however it will not replace real money because 1 - no one will build a fortune on bitcoin if a technological breakthrough can ruin them 2 - government never allowed parallel money to flourish on their territory, so it will be almost impossible to change bitcoin against euros or dollars

interesting stuff anyone read cryptonomicon by neal stephenson? similar theme.

:) yes. One of the comments on reddit was precisely drawing the parallels with Neal Stephenson's Snowcrash / Diamond Age / Cryptonomicon. Interesting stuff indeed. It has a lot of potential for misuse, but also opens up new possibilities. We've discussed recently how emerging technologies will drive social change. Whether it's the likes of NSA / CIA who will benefit the most from the Twitters, Facebooks and so on, by gaining greater power for control, or whether individuals are being empowered to at least an identical degree. We saw last year VISA / PayPal censoring WikiLeaks... Well, here's a way for any individual to support such an organization, in a fully anonymous and uncontrollable way...

One of my colleagues has made a nice, short write-up about BitCoin: http://www.pds.ewi.tudelft.nl/~victor/bitcoin.html

very nice analysis indeed - thanks Tamas for sharing it!

mmm I'm not an expert but it seemed to me that, even if these criticisms are true, there is one fundamental difference between the money you exchange on internet via your bank, and bitcoins. The first one is virtual money and the second one aims at being real, physical, money, even if digital, in the same way as banknotes, coins, or gold.

An algorithm wanna-be central bank issuing untraceable tax free money between internet users? not more likely than the end of the world supposed to take place tomorrow, in my opinion. Algorithms don't usually assault women though !:P

well, most money is anyway just virtual and only based on expectations and trust ... (see e.g. http://en.wikipedia.org/wiki/Money_supply) and thus if people trust that this "money" has some value in the sense that they can get something of value to them in exchange, then not much more is needed it seems to me ...

@Leopold: ok let's use the rigth words then. Bitcoin aim at being a currency ("physical objects generally accepted as a medium of exchange" from wikipedia), different than the "demand deposit". In the article proposed by Tamas he compares what cannot be compared (currencies, demand deposits and their mean of exchange). The interesting question is wether one can create a digital currency which is too difficult to counterfeit. As far as I know, there is no existing digital currency except this bitcoins (and maybe the currencies from games as second life and others, but which are of limited use in real world).

Perhaps some of ACTers will find this conference interesting... One of the talks: "Would Einstein be on Twitter? Exploring the potential and limits of Web 2.0 in science & science communication" [Edit] Oh, I see someone has already posted this link... a year ago. Anyway, if anyone of you plans to go, let me know - I'll be around ;-)

Just came back from ESOF 2010... I was on look for ACT agents undercover, but either they were not there or the cover was good enough... Anyway here's a few remarks from me (I could write a nice report... if you paid): 1) In general, to say that ESA was underrepresented on the conference as a whole is not enough (I guess ESA just failed to notice the event taking place). For instance, on the GMES presentation, ESA as such was not mentioned at all... at some point I started to wonder if ESA is actually involved in the project, but now I checked the website and apparently it is. On the other hand, GMES presentation was crap anyway, as after 1:15 of talking, I didn't gain any knowledge of what GMES is and what its contributions to the EU community will be. 2) There was a lot of talk about LHC and particle research (well, at least among those that I attended). Some of them were very good, some of them rather crap... 3) "Would Einstein be on Twitter? Exploring the potential and limits of Web 2.0 in science & science communication" talk - quite interesting, but focusing mainly on Science-to-Wide Public and Science-to-Journalists communication. Not really on Science-to-Science (as in Ariadnet). There was quite an extensive discussion with the public. You may be interested that Nature is trying to stimulate Web 2.0 communication, running blog service, but also I think a kind of social network - perhaps you'd like to have a look. In general the conclusion was that Web 2.0 is not so useful for scientific communication because practising it requires TIME (blogs, etc.) and often some professional skills (podcasts/videocasts, etc.), and scientists have neither of these. This can be run on corporation level (like ESA does actually), but then it looses the "intimate" character. 4) "How much can robots learn?" talk... very nicely presented: understandable by the wide public, but conveying the message... which is something like "we can already make the robots do stuff absolutely imp

Well, my comment was cut in half, and I don't feel like typing it again... the most important highlight from the rest is that the only presenter from ESA (ESTEC) did not show up on his talk because his department was undergoing some sort of audit on the same day :)

Fantastic comment - or better report!! thanks very much Marek! Who was the supposed no-show speaker from ESA?