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> an unhackable* protocol * unhackable except for the 51% attack. Decentralized does not mean invulnerable. > ...solves the double spend problem has no value

• carlmr 9y ago
  Like you I believe it's a pump and dump. I still believe we're discovering valuable technology. This is like the first motor-drawn-carriage that went at nimble walking speed. It led to proper cars about 20 years later. I think we'll see a lot of iterations and people losing their money in the next few years, until we've figured out how to make the currency slightly inflationary. Which is what is needed to actually make it a currency that people use. Pretty much every government knows that deflation is bad for spending, because hoarding means making money. Too much inflation and people don't want to save for big purchases because they're losing too much. Slight inflation (e.g. 1%) is the golden middle. We could maybe have an algorithm that achieves this somehow by regulating the crypto supply to make it grow at a rate of 1% (+ the losses in crypto going out of circulation via people losing their private keys).