[cryptography] Bitcoin, was Nirvana

James A. Donald jamesd at echeque.com
Sun Sep 25 23:39:11 EDT 2011


On 2011-09-26 9:35 AM, lodewijk andré de la porte wrote:
> I cannot see what you mean with the part of history
> you retold, and especially not how it maps to Bitcoin. You mention a
> commodity backed system but the reasons for it failing are not the fact that
> it's commodity based.

The problem was that in 1907 the banks were not bailed out, and you need 
the ability the print unlimited amounts of money to bail the banks out 
of unlimited losses.

Of course some might argue that the inability to bail out banks that 
engage in reckless gambles and make dud loans to politically favored 
groups, is feature, not a bug.




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