Re: <nettime> Fwd: Stephen Foley: Bitcoin needs to learn from past e-currency

[Doug La Rocca <douglarocca@gmail.com>]

I don't know how you figure bots will "suck all the money". Bots are made by humans necessarily, and I can assure you they are quite difficult to make profitable (unless they directly steal).

The beauty of Bitcoin's "complicated" mining system is that it fixes the quantity of money in circulation to NATURE in a predictable manner. Gold is similarly fixed to nature but the earth is comparably capricious in how much it yields and where.

-dl

> On Dec 4, 2013, at 7:46 AM, olivier auber <olivierauber2@gmail.com> wrote:
> Let me know if I'm wrong: one individual may own two or more bitcoin
> wallets. And this individual may be a robot or a weird mixture of
> flesh and silicon, let say a dog which constantly "shift" its
> identities and deals its bitcoins with some high frequency trading
> system. So, obviously "cydogs" will suck all the bitcoin market at the
> expense of regular human beings. Bitcoin: a good money for bots, isn't
> it?
 <...> 


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