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

James A. Donald jamesd at echeque.com
Sun Feb 26 20:14:03 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.

 > 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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