[cryptography] Bitcoin in endgame

lodewijk andré de la porte lodewijkadlp at gmail.com
Fri Feb 24 12:24:54 EST 2012


2012/2/23 Moritz Bartl <moritz at hackerbus.eu>

> On 23.02.2012 10:24, Eugen Leitl wrote:
> > In general so far I fail to see the validity of most criticisms
> > against BitCoin. So far I see the only real problem is government
> > crackdown on exchanges, which only makes BTC free-floating
> > and slows down the growth of the underlying economy.
> >
> > Sorry if this is off-topic to cryptography. We can take the
> > thread offlist at any time.
>
> This was an offtopic discussion from the start. The original paper does
> not include anything about crypto.
>
> Anyway, the problem you mention is exactly the one described in the paper.
>
> "Using Mancur Olsen's rationale that a prince is a bandit that stops
> roving, the notion of the mining franchise being captured by the botnets
> might have been an acceptable compromise to the economy growing up
> around bitcoin mining, if it went no further [Olsen].  However,
> criminals are rarely satiated.  Several things happen: (a) incentives
> for easy money naturally cause an increase in criminal participation at
> all levels, such as direct theft of bitcoins.  This increase across the
> board encourages (b) honest users to pack up and leave.  Both of these
> effects combine to create rising criminality, and (c) at some stage the
> Feds get involved.  Finally, (d) the system collapses."


So "criminals" exist and they want to make money (which they already could
but now they want more).  Now something happens that summons an unbeatable*
nemesis/third party and everything goes to hell.
Nice line or reasoning. Very certain, unbiased, etc.
Funny thing is that everyone believes them because they can use LaTeX, put
references (to websites, most of which are bullocks themselves) and call it
a paper. It's just another rambling about something that could but really
won't happen.

Don't forget to put things into perspective.

*can't really beat anything, they can only make it crime-exclusive. (you
make it illegal and only those that don't care about the law can use it.)
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