[cryptography] Bitcoin, was Nirvana

John Levine johnl at iecc.com
Sat Sep 24 13:22:58 EDT 2011

>> Yet Bitcoin, nonetheless, works.
>How's BitCoin doing?

As well as ever.  If you want an economy based on pet rocks, which is
what bitcoins are, it works fine.  If you want an economy where people
do the kinds of transactions they do with real money, not so great.

Bitcoin's problems aren't the crypto, which as far as I can tell is
quite sound.  Bitcoin has all the economic problems an 18th c. gold
standard has, except that it's a lot easier to steal bitcoins than to
steal gold bars.


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