[Cryptography] The Bit Short: Inside Crypto’s Doomsday Machine

[jrzx]

> While the nominal value of crypto is enormous, the actual amount of cash that has flowed in is much, much, less

Nuts

Extraordinary claims require extraordinary evidence.

On the face of it, looks like the center of mass of the world financial system is starting to tilt to crypto.

> At the end of the day, that is the difference between BitCoin and Gold or USD. There are tens of thousands of people who are convinced that BTC has value, there are 5 billion who believe Gold and USD have value.

My cleaning lady sold me some BTC, which has appreciated considerably in the last five years. My brother in law wanted to buy some cryptocurrency two years ago, but I told him to forget it because he does not have enough computer know how to keep the underlying secrets on his own hardware.

If my cleaning lady is into cryptocurrency, if my brother in law who is computer illiterate would be into cryptocurrency had I not talked him out of it, it is rather more than tens of thousands.

When I want to transact with some random person on the internet for a bet or something, and propose bitcoin, I have never yet received the reply "Ah, I don't have a bitcoin wallet."
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <https://www.metzdowd.com/pipermail/cryptography/attachments/20210119/bc532c7c/attachment.htm>