[cryptography] Bitcoin in endgame

James A. Donald jamesd at echeque.com
Fri Feb 24 14:08:44 EST 2012

If the users of bitcoin are primarily criminals, that is pretty much 
what the founders intended.  Every middle class man of affairs and 
business commits three felonies a day.

The paper presupposes that criminals are such horrible people that 
everything they touch turns to shit.

My experience is that ordinary unorganized criminals are anti social and 
need killing, but that organized crime is pretty good, or at least not 
nearly so bad police and regulatory authorities.

The converse of Olson's theory is that when a stationary bandit becomes 
too incompetent and corrupt, due to organizational decay and 
diseconomies of scale, to pursue his rational best interest, mobile 
bandits are a relief.

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