[cryptography] Bitcoin in endgame

Jeffrey Walton noloader at gmail.com
Wed Feb 22 21:22:03 EST 2012


On Wed, Feb 22, 2012 at 9:11 PM, ianG <iang at iang.org> wrote:
> On the crypto topic that everyone loves to hate, Bitcoin, the expected
> attack has begun.
>
> http://financialcryptography.com/mt/archives/001363.html
>
> Philipp Guering and I wrote a paper that explains how this will fall out.
>
> http://iang.org/papers/BitcoinBreachesGreshamsLaw.pdf
>
> Although in the big picture, this is more about finance not cryptography,
> there is an engaging question - can cryptography be used to control this
> sort of issue?  It didn't work for Bitcoin, but more judicious uses of
> crypto can do a lot better, and has done with other designs.  The challenge
> is to get the balance right.
Someone should have given Nancy Pelosi a chunk of BitCoin, or cut the
Wall Street bankers in on it.

The IPO offering/insider trading to Pelosi by VISA worked wonders when
legislation was on the floor to protect consumers. Pelosi happily
blocked the legislation, and the value of her stake in IPO skyrocketed
[1]. I would also argue the Wall Street Bankers would have been happy
to legitmize BitCoin if they got a cut (confer: derivatives).

Jeff

[1] https://www.google.com/#hl=en&sclient=psy-ab&q=nancy+pelosi+visa+insider+trading



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