Should-Read: BitCoin has no good endgame: Charlie Stross: Unforeseen Consequences and that 1929 vibe: "We're going to run out of new BTC to mine... [then] the incentive for mining (a process essential for reconciling the public ledgers) will disappear...

...and the currency will... will what? The people most heavily invested in it will do their best to patch it up and keep it going, because what BTC most resembles (to my eye, and that of Jamie Dimon, CEO of JP Morgan Chase) is a distributed Ponzi scheme. But when a Ponzi scheme blows out, it's the people at the bottom who lose. The longer BTC persists, the worse the eventual blowout—and the more angry people there are going to be. Angry people who are currently being recruited and radicalized by neo-Nazis...

Comments