= Title =
Bitcoins, Money (and Credit)
= Date/Time =
Tuesday, 16.8.2011, 7pm
= Location =
LimaZulu
Unit 3J, Omega Works,
167 Hermitage Rd
N4 1LZ London
www.limazulu.co.uk
twitter: @limazululondon
reception@limazulu.co.uk
02088007428
= Content/Abstract =
Bitcoin is a virtual currency whose claim to fame is that some US
politicians became aware of its use to buy drugs on the
Internet. However, the Bitcoin project is much more ambitious than
merely providing a somewhat anonymous way to buy stuff on the
Internet. Bitcoins are meant as a new currency: a new money for the
Internet age. In fact, this new money is based on different
principles than all modern currencies, i.e., credit money.
Because of this ambition, the project provides splendid opportunity
to ask what money is. That is, we claim that Bitcoin reflects on
various qualities of money which are usually taken for granted by
addressing them as "technical challenges". In particular, the Bitcoin
design is an attempt to solve the "technical" problem of how to
exclude people from social wealth and how to maintain a permanent
conflict of interest. Hence, we want to present how Bitcoins work and
discuss what these technical innovations imply about the social
conditions known as the "free market".
Furthermore, the Bitcoin protocol is an expression of scepticism
against credit and credit money. For example, the total amount of
currency that can ever be created is fixed to the arbitrary magnitude
of 21 million. Hence, a lot of discussions about Bitcoin focus on the
imminent "deflationary spiral". On the contrary, if there is time
left, we want to discuss the question why all modern currencies are
credit money. That is, why does capitalism lead to the development of
a credit system and in the last instance credit money. Instead of
discussing the advantages/disadvantages of a new gold standard we
want to discuss why there is no gold standard any more.
No prior knowledge of computer science, finance or Bitcoin is
necessary to participate.
= Format =
London's Wine and Cheese Appreciation Society present an hour long breakdown
of the workings of the bitcoin phenomena, with a structured analysis of its
relationship to the gold standard and modern currencies. This will be followed
by a facilitated discussion on the implications and possible applications of
virtual currency exchange. We're not setting a time limit to the length of
discussion - if necessary we'll run till the early hours.
= Website =
LimaZulu set up a Facebook event page at
https://www.facebook.com/event.php?eid=245815378774307
See also:
http://limazulu.co.uk
http://www.junge-linke.org/en/bitcoins-money-and-credit
Cheers,