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guy who might know suggests to run screaming from bitcoin (www.tbray.org)

submitted 4 years ago by [email protected] to c/[email protected]

18 comments fedilink hide all child comments

That feels a bit unfair as a headline since it's only a part of why the post is fun to read.

Now, why do I think this has some heft to it?

I’m a person who knows a lot about how computers and software work, is generally curious, and reads fast. I’ve been wrong about lots of things over the years.

I either fit this description, am certainly going to fit this description eventually, or will do whatever it takes to fit it, so we start out being pretty spiritually aligned. Plus, in addition to the credentials he points out here, the writer was a Distinguished Engineer at a place where that is No Small Potatoes, so I'm real inclined to give his words some weight.

Anyway, I recommend reading this even if you don't care a fig about cryptocurrency; it isn't long and the anecdotes are worth it.

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[–] [email protected] 2 points 4 years ago (1 children)

I think the game is over when most if not all Bitcoin is owned by institutions. Once all Bitcoins are minted the value that is left is using them as currency...which can't happen if they are locked up in corporate treasuries, ETF's or investment funds.

[–] [email protected] 3 points 4 years ago

I think you raise a good point, while its decentralised. If most of the bitcoin is owned by the finance firms and not spread around the public then really we are back to sqaure one with our current monetary system, as all the wealth is in one hands