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That’s right, autonomous corporations will be a new breed of corporations that act and behave, for all practical purposes, just like regular corporations. However, no one ‘owns’ them. Not the creator, not the customers, not the governments, no one really. Sound familiar?
Bitcoin can be thought of as the first real autonomous ‘corporation’ although you probably don’t see it that way. Think about it – it provides a payment protocol and employs miners to maintain that protocol. The employs are rewarded with ‘stock’ that is split at most into 21 million units. You don’t have to think of Bitcoin this way to get to autonomous corporations, though it will help.
reply to post by wasaka
Look at silk road. The government is now planning on "liquidating" the bitcoins seized.
It's really sad because of course that will cause the price of bitcoins to drop drastically. It will be interesting to see what happens to bitcoin when that happens. There's so many propaganda articles on silk road it makes me sick. It's so obvious what the feds are doing with this and WHY.
But what’s the message here? That bitcoin is a hugely valuable property, that it is hard for the government to rob, that it is the real thing and an authentic store of wealth, that it is a viable replacement for the dollar. These are the messages that are being sent by the government’s actions. The supreme irony: the Silk Road shutdown and looting might go down in history as the greatest boost to private currency ever. We could look back and see this as the event that finally unraveled the government
The most interesting aspect of the Silk Road case will most likely be the sweeping legal precedent set for compulsory key disclosure and the Fifth Amendment. If your online wealth cannot be robbed by common bandits or government officials, then the world truly has a digital money worth paying attention to.
...i wonder why you never see, anyone with signs that say, will work for bit coins.
One FBI agent did a simple Internet search and found a post from Jan. 27, 2011, on a forum for people who use magic mushrooms called "Shroomery" (www.shroomery.org) in which a user identified as "altoid" mentioned Silk Road under the guise of seeking information. The post explained that it's a Tor-hidden service and the address could be found at silkroad420.wordpress.com. "Altoid" posted about Silk Road two days later, this time at "Bitcointalk.org," an online discussion forum.
"Altoid" posted again Oct. 11, 2011, in "Bitcoin Forum," seeking "the best and brightest IT pro in the bitcoin community" to help develop a bitcoin start-up company. This time, the FBI caught a break: "Altoid" instructed potential candidates to reply to his Gmail address, email@example.com.
The FBI subpoenaed subscriber records from Google for the Gmail address, which was registered to Ulbricht and included a photo that matched a photo of Ulbricht on LinkedIn. His Google profile included YouTube videos from the Mises Institute, an Austrian economic think-tank.
In his postings on Silk Road's forum, the site operator "Dread Pirate Roberts' " signature included a link to the Mises Institute website. "Dread Pirate Roberts" often cited Austrian economic theory and the works of Ludwig von Mises as the philosophical underpinning of Silk Road.
The Google records showed every IP address used to access Ulbricht's Gmail account this year from Jan. 13 to June 20, court papers said. The IP address associated with the Gmail account led to a computer in an apartment on Hickory Street in San Francisco, where Ulbricht had moved in September 2012. The logs indicated Ulbricht accessed his Gmail account from a cafe on Laguna Street, less than 500 feet from the apartment, court papers say.
reply to post by wasaka
I want to be optimistic and I think bitcoins is a wonderful idea, but the fact is that governments can still shut down the internet. We have a very long way to go for true freedom.
reply to post by wasaka
It's interesting to see something like bitcoin because conceptually it is the first currency I have ever heard about that is pure. Never before has a currency existed in such a pure form. It is really amazing even if you look at it from a finance/economics perspective. It's possible it can't be counterfeited, it can't be stolen by thieves(governments), it can't be inflated because a limited number will exist. It is 100% fiat which means it is not dependent on any physical location or good. It is really really amazing.
Bitcoin (BTC) is a cryptocurrency first described in a 2008 paper by pseudonymous developer Satoshi Nakamoto, who called it a peer-to-peer, electronic cash system. Bitcoin creation and transfer is based on an open source cryptographic protocol and is not managed by any central authority.