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

James A. Donald jamesd at echeque.com
Sun Feb 26 20:11:06 EST 2012


On 2012-02-27 1:28 AM, Benjamin Kreuter wrote:
> If the US
> Dollar were to fail, Bitcoin would be the last thing on anyone's mind;
> we would probably wind up switching to some other government's currency
> while we sorted out the mess (Yuan perhaps), or we would just spend our
> time killing each other and not worrying too much about money.

There has never been a time when we were too busy killing each other to 
worry about money.

Even before the bronze age there were a curiously large number of 
carefully made stone axe heads that were never used for chopping anything.

> Perhaps you just need a short list of reasons why Bitcoin is not
> going to replace government issued currencies:
>
> 1. No offline transactions, which makes Bitcoin useless for a large
>     class of transactions.

Smartphones.

> 2. Fixed upper bound on the number of currency units, which creates
>     deflationary trends as economies and populations grow.

Deflation, oh the horror, the horror.  How did we ever survive during 
the several hundred years when deflation was normal?

> 3. No governments allow tax payments made using Bitcoin

Oh the horror.




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