[Cryptography] Satoshi's PGP key.

John Levine johnl at iecc.com
Sun Dec 13 20:47:39 EST 2015

>In other words: you don't think bitcoins are actually worth money - at
>least, not sizeable amounts of it?

Nobody knows.  The largest cash out of bitcoins I know of (ignoring
the early 10,000 btc pizza) is the 44,000 the US government
confiscated from Silk Road and then auctioned.  This is two orders of
magnitude more.

I think the security concerns are overblown, but the market for bitcoins
has always been thin.  Perhaps if the Winklevoss ETF or something like
it gets going there will be some liquidity but it's hard to see how
anyone could unload a million btc without cratering the market.

It's sort of like you were cleaning out your grandmother's barn and
found 100 large Jasper Johns paintings in pristine condition.  People
have paid $80 million for one of his paintings, but that's largely
because there aren't very many of them.  This would increase the total
by 50%.  What would they be worth?  Who knows, but it's a lot less
than $80M each.


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