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It's a tech prototype that enabled large-scale gambling. It was an idea for a monetary revolution that got sidetracked by those with large enough capital. You
by thecupisblue 6y ago
It's a tech prototype that enabled large-scale gambling.
It was an idea for a monetary revolution that got sidetracked by those with large enough capital. You can barely buy bitcoin without an ID and a credit card these days except if you wanna do it insecurely via transacting with an unknown party that contains bitcoins via cash.
Why do people evangelize it that much?
1. They want the monetary gains.
2. They are deep into sunk cost fallacy.
3. It fuels their ego by letting them think they understand the topics of distributed computing, encryption and global monetary politics at the same time while.
4 and the rarest. They understand it and are still super delusional about its potential.
- drtillberg 6y ago>It's a tech prototype that enabled large-scale gambling. Worse than that. But there is a dimension hinted at in the article that makes this not a good asset either. That is, the fact that a dozen or two large syndicates have deployed specific specialized hardware located in Iceland, Iran, Venezuela, and China etc., is not a reasonable guaranty of the future security of compute and network power in the system. Simply having computer power now linked in a global Internet does not bestow real world power. The U.S., E.U., have strong currencies backed by real world strength. Bitcoin on the other hand is a commercial ledger for drug, fraud, gambling, extortion, and money laundering transactions. It's the modern day Barbary Pirates, or take your pick of any other geographically-centralized pirate community. As pirates learn, when they achieve a sufficient notariety, entity-decentralization ceases to be a true protection. It's been 10 years, Bitcoin still is as useless as it was in 2010, but it steadily is gaining notoriety.