published by matslats on Tue, 08/05/2014 - 18:31
There is much misunderstanding about the proper basis for issuing currency, especially with regard to somehow limiting the issuance to ensure that the issuers are not over-empowered and the currency tending to worthlessness. With Bitcoin we have a new expression in our vocabulary, 'proof of work'. This too is often misunderstood to mean that work provably done merits a currency reward, but if that were the case the amount of Bitcoin couldn't be fixed.