[cryptography] (off-topic) Bitcoin is a repeated lesson in cryptography applications - was "endgame"

James A. Donald jamesd at echeque.com
Fri Feb 24 22:36:50 EST 2012

On 2012-02-25 12:53 PM, ianG wrote:
 > It is also a singular lesson in the emotive power of cryptography to
 > encourage large numbers of people to hash their intelligent thought
 > processes. What we are seeing is otherwise rational people invest much
 > time & effort into what amounts to a ponzi or bubble or pyramid scheme.

As Moldbug says, money is a bubble that never deflates.

Fact is, you can buy stuff today with Bitcoin.  Its value is not in that 
people hope that tomorrow they can exchange it for more, but that today 
they can exchange it for something.

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