4 ms·
I’ve accidentally made a fortune on Bitcoin when, for a while, I had set up a small e-commerce payment flow to accept BC and forgot about it. I noticed when it
by IAmEveryone 6y ago
I’ve accidentally made a fortune on Bitcoin when, for a while, I had set up a small e-commerce payment flow to accept BC and forgot about it.
I noticed when it broke because transaction fees at some point escalated to €50 or so. Looked up the address and there had been a few dozens transactions on it over the years, paying €100 with 20 BC or something like it. The total was a little over 900 BC. I found the private key in an email I had sent to myself.
So trust me when I write, from a beach on a Corona-free island in the Atlantic: Taleb is right. BC sucks. The only thing worse than BC are the greedy halfwits promoting it.
As an experiment in economics, Bitcoin is pure genius. The inventor quite obviously deserves a Nobel. Due to two flaws (its inability to seamlessly scale and its environmental impact), and due to its community which specifically failed to fix those issues and just generally failed in life, Bitcoin ended up as the red-hot carcass of a spent star it currently is.
- jacquesm 6y agoLucky you! I wished I'd been half as dumb, instead I've been working hard. As for Bitcoin's design: I actually think it is amazing. It managed to scale across many orders of magnitude and is simply a victim of its own success. It has held up amazingly well given the amount of attacks leveled at it. It's not perfect, but that is mostly because the designers never really foresaw it achieving this level of adoption this fast, and if that's failure I hope to fail at that level one day. Enjoy your beach.
- HeadsUpHigh 6y agoI don't think you can judge something that is the first of it's kind for technical failures. The most genius part of btc is the halving cycles that draw an ever increasing amount of attention to the project and crypto in general.