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Beware of the Bitcoin

Alex Payne on Bitcoin, Magical Thinking, and Political Ideology:

“In Bitcoin, the Valley sees another PayPal and the associated fat exit, but ideally without the annoying costs of policing fraud and handling chargebacks this time around. Bankers in New York and London see opportunities for cryptocurrency market-making. International investors see the potential for arbitrage and are taking advantage of cheap electricity, bringing the environmental destruction of real-world mining to the brave new world of digital money.

In other words: Bitcoin represents more of the same short-sighted hypercapitalism that got us into this mess, minus the accountability. No wonder that many of the same culprits are diving eagerly into the mining pool.”

The poverty-perpetuating, self-aggrandising techno-libertarians strike again…

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  • Howard Harkness

    “The poverty-perpetuating, self-aggrandising techno-libertarians strike again…”

    Huh? I’m a Libertarian myself, but I have have no difficulty seeing that the Bitcoin phenomenon is basically a modern-day tulip mania. Such manias play out to an inevitable conclusion as soon as the pool of fools is exhausted.