Silicon Valley Bitcoin

Silicon Valley Bitcoin Meetup - 6pm @ Plug and Play Tech Center

July 15, 2014 · 6:00 PM
Plug and Play Tech Center

This upcoming Tuesday, July 15th, at 6:00pm, the Silicon Valley Bitcoin Meetup is proud to present a number of speakers.

Jason Rumney of intelletec.com on "Hiring Trends in Bitcoin"

The Silicon Valley Bitcoin Meetup is hosted weekly, every Tuesday from 6:00pm to 8:00pm, at Plug and Play Tech Center's 2nd Floor Game Room.

Please join us and meet other Bitcoiners!

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Allan F.

Am not sure I can make it to the meetup, so am hoping someone can answer this question on the blog.
If the experts on bitcoin say, do not invest into bitcoin anymore than you can afford to lose, and also say that bitcoin can go to zero tomorrow. How does one justify saying that bitcoin is a great store of value?
While bitcoin does seem to provide a trustless means of transferring value ( like a vehicle) from one place to another, at minimal energy costs. It lacks what all currencies lack. That being a trustless system of value. I believe that is the holy grail of digital currency. Whichever, currency can come up with a trustless system of value, combined with an efficient means of transmitting that value. Will be the winner. Does anybody have any ideas on how this could be done in bitcoin? The question of value seems to be relative to the times one lives in. Tied to energy needed to produce the coin plus 20%, or simply agree to a value.
This is a tough question.

1 · July 12
- View all 4 replies
- Greg N.
  
  Allan, you bring up some plausible scenarios. In fact, I know several people who had their bitcoins stolen. Yes, there are safeguards and best practices, but it is a software protocol after all. Put it on paper and you may lose it. There are no perfect currencies, because they can all be stolen, some easier than others. A power grid fail, and access becomes problematic. Put gold in a bank safety deposit box, and you're subject to a raid. A safe at home isn't 100% safe either. Store it in a custody vault in Singapore or Switzerland, and it's probably the safest in the world, but then there's counterparty risk. One thing is certain, with the next banking crisis, a bail-in means depositors will get a haircut. Check the FDIC funding levels. It's below 1% coverage. By law, it should be 1.15%, which doesn't exactly give depositors the warm and fuzzies.
  
  1 · July 15
- Tabris C.
  
  'Whichever, currency can come up with a trustless system of value, combined with an efficient means of transmitting that value. Will be the winner.'
  
  The closest currency I could think of is gold backed currencies, which was what US was using before federal reserve started issuing federal reserve notes.
  
  1 · July 15
- Allan F.
  
  Thank you for the reply Chris and Tabris. Chris you might have misread my post. The idea of a trustless system of value. I feel would look something like a value that could not be manipulated. Currently values are either agreed upon or the market decides. I feel this is how it works in micro and macro.
  
  0 · July 16
- Allan F.
  
  Even the price of gold until Ford opened the gold market was an agreed upon value. Once the people break an agreement, such as we did by inflating our gold to dollars ratio. France seeing that inflation demanded it's U.S. holdings of gold back. We have a lot of smart people in this group. But we have to ask the right question. Can we come up with a trustless system of value? Tie that to bitcoin and bitcoin will never go away. If btc remains subject to market price. I don't think it will last long as a currency. Because I am asking this question you can bet a lot of others are too. Somebody will figure this it out. BTC needs to be the first. Value has been subjective and relative to the times one lives in, can this be changed? Solve this and you will solve one of humanity's oldest questions.
  
  1 · July 16
CryptoCoinUser

had to compete with other events in the building

0 · July 15
kt

I was hoping to attend this meetup. 2 of my friends are both IC designers and will be attending. Any people in this group into ASIC related bitcoin mining? Would love to connect. Cheers.

1 · July 15
John A.

When will you post the speakers for the next meetup?

John Armstrong
PayStand

1 · July 10
- Scott R.
  
  Just posted last night.
  
  1 · July 15
Jason R.

Really looking forward to meet you all next week. I'm currently at Coinsummit in London and have any new requirements for FT/PT roles based in SF and across the globe

3 · July 11