[Cryptography] Standards Trolls: Re: Bitcoin is a disaster.

[jrzx]

> Gold was unique among the metals they were capable of refining
> at the time, not really for its considerable rarity, but for
> its durability.
>
> Gold doesn't oxidize, rust, or tarnish the way almost all other
> metals do. And this virtue was seen as very important in
> something which was among other things supposed to be a store
> of value. It wouldn't do to have coins made of iron and lost a
> significant fraction of your fortune to rust and the need to
> polish rust away.
>
> As you say, a historical accident and a fairly arbitrary
> characteristic
>
> -   but not quite a random one. Not a property we think of
>     today when we consider the value of gold.
>
>     I can't think of any similar virtue that would distinguish
>     one cryptocurrency from the next, in principle.

Number one:  Scalability - which is related to the cost of transactions.

It is inevitable that sooner or later a crypto currency will replace the US$.  Bitcoin is already making a significant dent in it.   We will need a crypto coin than enables seven billion people to buy a lollipop.

Number two.  Fungibility.  We don't want a repeat of the blood diamonds disaster.  And the way the wind blows, we are heading into a repeat of that disaster with bitcoin.  Uncut diamonds got demonetized because one diamond is distinguishable from another.  A blood diamonds style attack on bitcoin is the most likely way it will die.
>
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