[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.
More information about the cryptography