[118335] in Cypherpunks
Re: A question about b-money... (fwd)
daemon@ATHENA.MIT.EDU (Jim Choate)
Sat Sep 25 08:39:19 1999
From: Jim Choate <ravage@einstein.ssz.com>
Message-Id: <199909251227.HAA25497@einstein.ssz.com>
To: cypherpunks@einstein.ssz.com
Date: Sat, 25 Sep 1999 07:27:25 -0500 (CDT)
MIME-Version: 1.0
Content-Type: text/plain; charset=US-ASCII
Content-Transfer-Encoding: 7bit
Reply-To: Jim Choate <ravage@einstein.ssz.com>
----- Forwarded message from lcs Mixmaster Remailer -----
Date: 25 Sep 1999 09:40:02 -0000
From: lcs Mixmaster Remailer <mix@anon.lcs.mit.edu>
Subject: CDR: Re: A question about b-money... (fwd)
...
You should read the actual description of b-money creation, from
http://www.eskimo.com/~weidai/bmoney.txt:
...
You have overlooked the fact that b-money is calibrated in terms
of the cost of computing cycles in terms of a basket of commodities.
This basket allows us to measure the decreasing cost of computing cycles
due to Moore's Law. As computing becomes cheaper, it takes more cycles
to generate an equivalent amount of b-money. The result is that speedups
in computing power do not make b-money easier to mint.
----- End of forwarded message from lcs Mixmaster Remailer -----
Not relevant to either to the point that is being made.
The point is that the 'basket of commodoties' is reducable in ALL cases to
W-s as a baseline measure (by doing this we even include the increase in
computing power you refer to automaticaly - I'll leave it as an exercise for
you to figure out why). This self-reference injects inflation if the W-s
value of a b-money token doesn't EXACTLY match the cost of the W-s
equivalent used to generate it. The reason is it's auto-catalytic.
____________________________________________________________________
Error of opinion may be tolerated where reason is left
free to combat it.
Thomas Jefferson
The Armadillo Group ,::////;::-. James Choate
Austin, Tx /:'///// ``::>/|/ ravage@ssz.com
www.ssz.com .', |||| `/( e\ 512-451-7087
-====~~mm-'`-```-mm --'-
--------------------------------------------------------------------
