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Wow, this is perhaps the single most ignorant article I have ever read about bitcoin, ever. There goes my respect for Charles Stross. Not a single point is act
by etherael 13y ago
Wow, this is perhaps the single most ignorant article I have ever read about bitcoin, ever. There goes my respect for Charles Stross.
Not a single point is actually true.
1) Compare the carbon footprint of bitcoin mining to the carbon footprint of all the industries it displaces.
2) and 3) are actually the same item, and both wrong because ASIC miners are absolutely dominating in the mining stakes now and for the foreseeable future, hacked bitcoin miners are ridiculously minor by comparison with almost zero returns.
4) There are already markets in drugs, assassination and child pornography. The currency most frequently used in crime is the USD. Quick, someone stop the printing presses and we'll bring crime to a screeching halt overnight.
5) If Bitcoin actually does manage to destroy the state, and that's a very big if, that is by far the absolute best thing that could ever happen in the entire world without a doubt. And it would imply it happened without bloodshed and because people chose it as a simply superior option, which if the negative scaremongering aspects of the disintegration of the state actually started to manifest, would not happen by definition. So even if you don't take it for granted the state is a shambling monstrosity that deserves a quick and merciful death, the very fact that Bitcoin ever gets to the necessary fraction of the global markets to kill it implies that people accept that and don't worry about it.