[Cryptography] Krugman blockchain currency skepticism

grarpamp grarpamp at gmail.com
Sun Aug 5 00:52:00 EDT 2018


> makes it easier for perpetrators of ransomware to get paid without getting caught. ;-)
> expecting an answer that had a positive societal benefit, were you? Because I can't think of one.

Spending infracoin, onboarding outside the box into
infosec, accomplishing general education...
(of course you were "secure" before those "bad dudes"
came along and scuttled those glossy inflated reports...)
sounds like a fine positive benefit and byproduct,
after all, can't claim those things weren't needed beforehand.
Now that vector is closed against more sinister ventures.
And hey, it's glossy all over again, kudos bitcoin ;-)

What of when ransom and prediction markets enable and force
disclosure of some other society things, say cancer cause / cure
coverups, corp/gov corruption, mkultra, govt murder, war.

Kudos again.

Cryptocurrency is cash is agnostic tool, use it at will.

> the transaction cost of crypto-currencies is much higher than
> the transaction cost of credit cards or cash.

The hidden costs and cost layers involved with those two
are monumentally higher. That inefficiency and taxing
needs to be driven out of the market for good.

> unlike gold, if Bitcoin's value dropped to zero, the
> Bitcoins would disappear.

No. If either were disadopted to zero, it'd be slowly rendered down,
one back to dust, one back to bits... neither being cared about.

> What happens, exactly, when you want to move those wads of
> cash or piles of ingots across borders?

https://www.youtube.com/watch?v=kWp6hZ-5ndc

> the future is in individually issued real bills of exchange

Was done for hundreds of years until the govt's and banks
floated everything and banned them for their and friends gain

> pegging

Decentralized cryptocurrencies are not pegged or peggable,
they are the pegs. This is intentional.

21M to represent the planet's entire voluntarily assignable networth
and economy, pretty kinky huh.

> crypto currencies are currently too volatile for savings

Take 1 BTC... all the fiats are highly volatile and have been dropping
long term in comparison over any 1y or longer period since genesis...
"only morons would ever invest, save, or use and transact with"... fiat.

> Basically, there is no intrinsic value for a Bitcoin.

Or any fiat, product, shiny metal, rock, dirt, water, air... except that
for which people choose to use it for. As long as it's holdable,
transferable, nonprintable... any of the common properties... it
will be found an eligible choice.

> It is purely what people want to pay for it, and if too few people
> wanted to buy it the value could drop to zero,

People have an innate desire to not accept less value, therefore their
entry and last prices are self supporting, and with no real print inflation,
demand pressure from growing adoption float creates natural uptrend,
and markets once established hardly shrink, so it's steps to the moon
until adoption naturally levels off for good decades from now.

> because it is not tethered to anything.

Blah blah blah... turtles all the way down.


All these things are well explained...

https://www.youtube.com/results?search_query=bitcoin+documentary

And simple Fermi Problem says there's at least another 100x out there
that cryptocurrency will absorb before steady state is reached...

What's in your wallet?


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