Ideal Properties of Digital Commodities - Revision history

DanielH: Pointed out minor additional notes for some attributes.

2012-08-27T17:57:11Z

Pointed out minor additional notes for some attributes.

← Older revision		Revision as of 17:57, 27 August 2012
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	\| Scarce \|\| required to be a reasonable store of value \|\| A.		\| Scarce \|\| required to be a reasonable store of value \|\| A.
	\|-		\|-
	\| Divisible \|\| should be as close to infinitely divisible as possible \|\| B. \|\| 2,100,000,000,000,000 individual units (2.1 Quadrillion)		\| Divisible \|\| should be as close to infinitely divisible as possible \|\| B. \|\| 2,100,000,000,000,000 individual units (2.1 Quadrillion); if necessary this could be increased with the agreement of miners and clients.
	\|-		\|-
	\| Storage \|\| actual commodity should be cheap and easy to physically store securely \|\| A.		\| Storage \|\| actual commodity should be cheap and easy to physically store securely \|\| A.
	\|-		\|-
	\| Irreversible Transactions \|\| transactions should be irreversible \|\| B. \|\| irreversible after an hour, often not acceptable wait time		\| Irreversible Transactions \|\| transactions should be irreversible \|\| B. \|\| irreversible after an hour, often not acceptable wait time. Mostly irreversible even before then, especially with the right precautions.
	\|-		\|-
	\| Anonymous \|\| untraceable transactions (if desired) \|\| C. \|\| currently requires some trusted third party to obsfucate transactions		\| Anonymous \|\| untraceable transactions (if desired) \|\| C. \|\| currently requires some trusted third party to obsfucate transactions
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	\| Unique Use-Value? \|\| ideally a commodity should have a unique non-monetary use-value \|\| D \|\| BTC is the only currency that can be used to pay for storing data in the block chain, which is useful for secure timestamping. Competing block chains would probably not have the required incentives for generating that Bitcoin does.		\| Unique Use-Value? \|\| ideally a commodity should have a unique non-monetary use-value \|\| D \|\| BTC is the only currency that can be used to pay for storing data in the block chain, which is useful for secure timestamping. Competing block chains would probably not have the required incentives for generating that Bitcoin does.
	\|-		\|-
	\| Offline Transactions \|\| ideally two participants should be able to safely transact without requiring internet access or trust of one another (like normal cash) \|\| C \|\| Bitcoin can be used in off-line transactions using physical representations, like [[Casascius physical bitcoins]] and [[Bitbills]], that give parties an assurance, through producing tamper evidence upon redemption, that the bitcoins they represent have not been spent		\| Offline Transactions \|\| ideally two participants should be able to safely transact without requiring internet access or trust of one another (like normal cash) \|\| C \|\| Bitcoin can be used in off-line transactions using physical representations, like [[Casascius physical bitcoins]] and [[Bitbills]], that give parties an assurance, through producing tamper evidence upon redemption, that the bitcoins they represent have not been spent. With computers but no internet access, transactions can be constructed for publication when either party gets online.
	\|-		\|-
	\|Speed \|\| ideally transactions would be instantaneous \|\| B \|\| For large values, bitcoin is fast enough only for shipments; anything faster than an hour on average requires compromising security. For small transactions, bitcoin can be practically considered instantaneous since the security risks from an unconfirmed transaction are low		\|Speed \|\| ideally transactions would be instantaneous \|\| B \|\| For large values, bitcoin is fast enough only for shipments; anything faster than an hour on average requires compromising security. For small transactions, bitcoin can be practically considered instantaneous since the security risks from an unconfirmed transaction are low

Sgornick: Add to category Marketing.

2012-07-09T20:37:53Z

Add to category Marketing.

← Older revision		Revision as of 20:37, 9 July 2012
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	[[Category:Economics]]		[[Category:Economics]]
			[[Category:Marketing]]

Luke-jr: "A" would be infinitely divisble at least

2012-01-16T17:07:03Z

"A" would be infinitely divisble at least

← Older revision		Revision as of 17:07, 16 January 2012
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	\| Scarce \|\| required to be a reasonable store of value \|\| A.		\| Scarce \|\| required to be a reasonable store of value \|\| A.
	\|-		\|-
	\| Divisible \|\| should be as close to infinitely divisible as possible \|\| A. \|\| 2,100,000,000,000,000 individual units (2.1 Quadrillion)		\| Divisible \|\| should be as close to infinitely divisible as possible \|\| B. \|\| 2,100,000,000,000,000 individual units (2.1 Quadrillion)
	\|-		\|-
	\| Storage \|\| actual commodity should be cheap and easy to physically store securely \|\| A.		\| Storage \|\| actual commodity should be cheap and easy to physically store securely \|\| A.

Phantomcircuit at 11:02, 9 January 2012

2012-01-09T11:02:47Z

← Older revision		Revision as of 11:02, 9 January 2012
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	\| Scarce \|\| required to be a reasonable store of value \|\| A.		\| Scarce \|\| required to be a reasonable store of value \|\| A.
	\|-		\|-
	\| Divisible \|\| should be as close to infinitely divisible as possible \|\| C.		\| Divisible \|\| should be as close to infinitely divisible as possible \|\| A. \|\| 2,100,000,000,000,000 individual units (2.1 Quadrillion)
	\|-		\|-
	\| Storage \|\| actual commodity should be cheap and easy to physically store securely \|\| A.		\| Storage \|\| actual commodity should be cheap and easy to physically store securely \|\| A.

Amincd: updates in light of developments since 01/2011

2012-01-09T09:28:54Z

updates in light of developments since 01/2011

← Older revision		Revision as of 09:28, 9 January 2012
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	\| Unique Use-Value? \|\| ideally a commodity should have a unique non-monetary use-value \|\| D \|\| BTC is the only currency that can be used to pay for storing data in the block chain, which is useful for secure timestamping. Competing block chains would probably not have the required incentives for generating that Bitcoin does.		\| Unique Use-Value? \|\| ideally a commodity should have a unique non-monetary use-value \|\| D \|\| BTC is the only currency that can be used to pay for storing data in the block chain, which is useful for secure timestamping. Competing block chains would probably not have the required incentives for generating that Bitcoin does.
	\|-		\|-
	\| Offline Transactions \|\| ideally two participants should be able to safely transact without requiring internet access or trust of one another (like normal cash) \|\| F \|\| ~~Not securely possible with~~ Bitcoin~~: double~~-~~spending is ''always'' possible without Internet access~~		\| Offline Transactions \|\| ideally two participants should be able to safely transact without requiring internet access or trust of one another (like normal cash) \|\| C \|\| Bitcoin can be used in off-line transactions using physical representations, like [[Casascius physical bitcoins]] and [[Bitbills]], that give parties an assurance, through producing tamper evidence upon redemption, that the bitcoins they represent have not been spent
	\|-		\|-
	\|Speed \|\| ideally transactions would be instantaneous \|\| D \|\| ~~currently~~ bitcoin is fast enough only for shipments; anything faster than an hour on average requires compromising security		\|Speed \|\| ideally transactions would be instantaneous \|\| B \|\| For large values, bitcoin is fast enough only for shipments; anything faster than an hour on average requires compromising security. For small transactions, bitcoin can be practically considered instantaneous since the security risks from an unconfirmed transaction are low
	\|-		\|-
	\|Scalability \|\| usable for every transaction everywhere in the world \|\| C \|\| ~~currently there is a lack~~ of lightwieight and offline ~~bitcoin clients~~ (~~if such a thing is even possible~~) to replace the need for conventional cash		\|Scalability \|\| usable for every transaction everywhere in the world \|\| A \|\| The existence of lightwieight and offline transactions (e.g. Casascius Coins and Bitbills) can replace the need for conventional cash
	\|-		\|-
	\|Stability \|\| value in the future is predictable, within reasonable bounds \|\| F \|\| Bitcoin value is highly volatile, with no mechanisms to encourage stability or avoid bubbles.		\|Stability \|\| value in the future is predictable, within reasonable bounds \|\| D \|\| Bitcoin value is highly volatile, with no mechanisms to encourage stability or avoid bubbles. Supply is pre-determined, which eliminates some uncertainty from future value.
	\|}		\|}
	\**May not be a necessary property. Thinking it would be cool if a known address could be audited via a tool like blockexplorer.com but if the coins are moved from that address, they are untraceable.		\**May not be a necessary property. Thinking it would be cool if a known address could be audited via a tool like blockexplorer.com but if the coins are moved from that address, they are untraceable.

	[[Category:Economics]]		[[Category:Economics]]

Jarpiain: Forum moved to bitcointalk, update link

2011-09-12T17:13:48Z

Forum moved to bitcointalk, update link

← Older revision		Revision as of 17:13, 12 September 2011
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	Inspired by the thread: http://~~www.bitcoin~~.org~~/smf~~/index.php?topic=2966.0		Inspired by the thread: http://bitcointalk.org/index.php?topic=2966.0

	'''Ideal Properties of Decentralized Digital Commodity'''		'''Ideal Properties of Decentralized Digital Commodity'''

Homunq: stability

2011-06-18T17:19:18Z

stability

← Older revision		Revision as of 17:19, 18 June 2011
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	\|-		\|-
	\|Scalability \|\| usable for every transaction everywhere in the world \|\| C \|\| currently there is a lack of lightwieight and offline bitcoin clients (if such a thing is even possible) to replace the need for conventional cash		\|Scalability \|\| usable for every transaction everywhere in the world \|\| C \|\| currently there is a lack of lightwieight and offline bitcoin clients (if such a thing is even possible) to replace the need for conventional cash
			\|-
			\|Stability \|\| value in the future is predictable, within reasonable bounds \|\| F \|\| Bitcoin value is highly volatile, with no mechanisms to encourage stability or avoid bubbles.
	\|}		\|}
	\**May not be a necessary property. Thinking it would be cool if a known address could be audited via a tool like blockexplorer.com but if the coins are moved from that address, they are untraceable.		\**May not be a necessary property. Thinking it would be cool if a known address could be audited via a tool like blockexplorer.com but if the coins are moved from that address, they are untraceable.

	[[Category:Economics]]		[[Category:Economics]]

Luke-jr at 17:26, 11 March 2011

2011-03-11T17:26:01Z

← Older revision		Revision as of 17:26, 11 March 2011
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	\| Offline Transactions \|\| ideally two participants should be able to safely transact without requiring internet access or trust of one another (like normal cash) \|\| F \|\| Not securely possible with Bitcoin: double-spending is ''always'' possible without Internet access		\| Offline Transactions \|\| ideally two participants should be able to safely transact without requiring internet access or trust of one another (like normal cash) \|\| F \|\| Not securely possible with Bitcoin: double-spending is ''always'' possible without Internet access
	\|-		\|-
	\|Speed \|\| ideally transactions would be instantaneous \|\| B- \|\| currently bitcoin is fast enough for ~~most things, too slow for others (vending machine)~~		\|Speed \|\| ideally transactions would be instantaneous \|\| D \|\| currently bitcoin is fast enough only for shipments; anything faster than an hour on average requires compromising security
	\|-		\|-
	\|Scalability \|\| usable for every transaction everywhere in the world \|\| C \|\| currently there is a lack of lightwieight and offline bitcoin clients (if such a thing is even possible) to replace the need for conventional cash		\|Scalability \|\| usable for every transaction everywhere in the world \|\| C \|\| currently there is a lack of lightwieight and offline bitcoin clients (if such a thing is even possible) to replace the need for conventional cash

Luke-jr: fees are certain, not uncertain

2011-03-11T17:24:30Z

fees are certain, not uncertain

← Older revision		Revision as of 17:24, 11 March 2011
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	\| Storage \|\| actual commodity should be cheap and easy to physically store securely \|\| A.		\| Storage \|\| actual commodity should be cheap and easy to physically store securely \|\| A.
	\|-		\|-
	\| Irreversible Transactions \|\| transactions should be irreversible \|\| A.		\| Irreversible Transactions \|\| transactions should be irreversible \|\| B. \|\| irreversible after an hour, often not acceptable wait time
	\|-		\|-
	\| Anonymous \|\| untraceable transactions (if desired) \|\| C. \|\| currently requires some trusted third party to obsfucate transactions		\| Anonymous \|\| untraceable transactions (if desired) \|\| C. \|\| currently requires some trusted third party to obsfucate transactions
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	\| Verifiable Funds** \|\| publicly auditable balances, with account holder's permission, to verify funds before making a transaction or make sure that a third party has not moved your funds \|\| C. \|\| since permission is not required		\| Verifiable Funds** \|\| publicly auditable balances, with account holder's permission, to verify funds before making a transaction or make sure that a third party has not moved your funds \|\| C. \|\| since permission is not required
	\|-		\|-
	\| ~~Free~~ Transactions \|\| transactions should be ~~free~~, or nearly ~~free~~, forever \|\| B \|\| bitcoin future tx fees are ~~a big unkown right now~~		\| Gratis Transactions \|\| transactions should be gratis, or nearly so, forever \|\| D \|\| bitcoin future tx fees are certain, but could remain low
	\|-		\|-
	\| Unique Use-Value? \|\| ideally a commodity should have a unique non-monetary use-value \|\| D \|\| BTC is the only currency that can be used to pay for storing data in the block chain, which is useful for secure timestamping. Competing block chains would probably not have the required incentives for generating that Bitcoin does.		\| Unique Use-Value? \|\| ideally a commodity should have a unique non-monetary use-value \|\| D \|\| BTC is the only currency that can be used to pay for storing data in the block chain, which is useful for secure timestamping. Competing block chains would probably not have the required incentives for generating that Bitcoin does.

Luke-jr: Really, it isn't divisible enough

2011-03-11T17:22:29Z

Really, it isn't divisible enough

← Older revision		Revision as of 17:22, 11 March 2011
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	\| Scarce \|\| required to be a reasonable store of value \|\| A.		\| Scarce \|\| required to be a reasonable store of value \|\| A.
	\|-		\|-
	\| Divisible \|\| should be as close to infinitely divisible as possible \|\| B.		\| Divisible \|\| should be as close to infinitely divisible as possible \|\| C.
	\|-		\|-
	\| Storage \|\| actual commodity should be cheap and easy to physically store securely \|\| A.		\| Storage \|\| actual commodity should be cheap and easy to physically store securely \|\| A.