Re:Bitcoin now 'unit of account' in Germany
by justincormack on Tuesday August 20, 2013 @12:36PM
(#6244792)
I don't see that it represents a "claim on the issuer" though. Although you could claim it as issued by the entropy of the universe in a double entry system...
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Re:Bitcoin now 'unit of account' in Germany
by gioele on Tuesday August 20, 2013 @05:22PM
(#6246669)
issuer = miner
You bitcoins are accepted because they are recognized by others to be part of a block originally mined by someone.
Really not that different from how money is "printed" by central banks these days (somebody presses the "generate €1.000.000" key and that updates a value in a DB).
Re:Bitcoin now 'unit of account' in Germany
by justincormack on Wednesday August 21, 2013 @07:20AM
(#6249365)
Its not a liability of the miner though. I agree it is not much different from money printing, but there is still a balancing entry, so money is a liability of the central bank, although that is meaningless.