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The author may or may not know what he's talking about when it comes to money; that's not something I have more than a layman's understanding of and so I can't
by redthrowaway 13y ago
The author may or may not know what he's talking about when it comes to money; that's not something I have more than a layman's understanding of and so I can't judge his competence.
He doesn't know how Bitcoin works, though. Claiming it's an attempt to "privatize money" (huh?), or that governments will "take it over" (how? Building mining farms forever so as to maintain >50% of the network hashrate?) suggests he thinks there's someone in control of it. That's kind of like suggesting there's someone in control of TCP. There's a standard, sure, and there's people who develop and maintain that standard, but if their actions ever significantly diverged form the interests of users there'd be a brand spanking new standard pretty quickly.
- reginaldjcooper 13y agoA government with resources like the US or China could easily to a 51% attack on bitcoin and reject any transactions they didn't like. They could "take it over" and the cost to do so would be little more than a rounding error for them. How would you make a new standard if, say, Russia keeps jumping in and 51%ing your transactions? You would have to centralize the mining to be safe from them. This kills the bitcoin.