[cryptography] Bitcoin observation

John Levine johnl at iecc.com
Fri Jul 8 12:05:56 EDT 2011

>> My impression is that it's not a problem, since I don't think there
>> are any significant governments so ignorant of macroeconomics to
>> confuse Bitcoins, which are commodities, with money.

>I seem to recall a problem with derivatives in the past, and we still
>have them. 

Sorry, I have no idea what this complete nonsequitur is supposed to
mean.  We've had a problem with E.Coli in bean sprouts, and we still
have those, too.

> I believe if wall street could figure out a way to make money on
> BitCoins, they would be legitimized and macroeconomics would be set
> aside again.

Bitcoins are way too small a market to be interesting to Wall St.

Really, they're pet rocks, worth a few dollars to anyone who thinks
they're cute.  Once you understand that, all of the "surprising"
characteristics become obvious.


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