[Cryptography] What has Bitcoin achieved?

[ianG]

On 16/07/2014 23:41 pm, dan at geer.org wrote:
> 
> A bit tangential, but see last paragraphs in this CNBC item:
> 
> =========
> 
> http://www.cnbc.com/id/101841875
...
> Breyer also predicted big things for digital currencies.
> 
> He said the leader in the field may not end up being bitcoin, which
> is the most prominent name now but has faced price volatility, theft
> and scandal over the past year. Other providers will emerge.
> 
> "I have zero doubt in the next five to seven years that we will see
> at least half a dozen multibillion dollar digital currency companies,"
> he said.


Yep, I'd say so.  Bitcoin has broken the drought of respectability for
these efforts, and VC money is pouring in.

But, if any VCs are reading today, do the opposite of what crinkle did.
 And google:

http://www.nytimes.com/2014/07/16/world/africa/transit-cards-to-replace-cash-on-kenyan-minibuses-a-hard-sell.html

A problem with financial cryptography is that it is too easy to make a
huge belief play.  And belief plays lead to disaster.  Huge cap can make
huge plays on huge beliefs, and nobody can tell them otherwise.  In this
case, even a NYT journo can spot the mistake google made.



iang