Sunday, April 18, 2010

Let me explain what it is I'm trying to achieve, but first of all, let me summarize what I believe.  I do not believe in the intrinsic value of material things.  A ton of gold is worthless to a starving man who can't find a farmer.  In other words, "intrinsic value" is a human invention.  The value of something is determined by what another person is willing to pay for it

So what am I trying to do?  I am trying to create a market where people determine the value of Bitcoins when they buy and sell them with one another.  A classical market.  Unfortunately, it is unrealistic to have a centralized system for trading.  A centralized system requires a centralized account, whether PayPal, a bank, or other.  A centralized account is a bad idea.  This is why I'm creating a system that allows people to trade cash directly with one another.  At the same time, I want to retain the basic elements of a classical market.  This will not be easy.

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