[ExI] How can people be so blind about Bitcoin and the future?

[Brent Allsop]

Transhumanites,

Check out this (admittedly now a few months old) article criticizing 
Bitcoin:

http://www.technollama.co.uk/we-need-decentralized-cryptocurrencies-we-just-dont-need-bitcoin


The best part is where he says:

"In one of the *best pieces* that I've read about the instability of 
Bitcoin, Matthew Yglesias argues that it is possible that it will 
continue to go up and down in price forever."

And then he quotes it saying:

"The problem is that if the price of a bitcoin is on a steady upward 
trajectory, then nobody's actually going to want to /spend/ a Bitcoin on 
anything. And if everyone's hoarding their Bitcoins, then the network is 
actually useless. Then, since it turns out to be useless, you get a crash."


I mean, obviosly this guy is a few french fries short of a happy meal.  
I thought the people that fought to destroy the sewing machine, because 
they would destroy the jobs of all the seamstresses were dumb.

Every argument I've seen, to date, against Bitcion seems to me to be 
almost equally mistaken, or at best near a zero possibility.  So why are 
people so compeled to bleat, believe, and act according to this kind of 
stuff?  I can't wait till all the wealth drains out of the pockets of 
people that think this way, and into the pockets of people with a little 
more intelligence than this.  The singularity must truly be near.

By the way, does anyone want to work for the now funded startup 
Canonizer.com?  We're hiring.


Brent Allsop



-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.extropy.org/pipermail/extropy-chat/attachments/20131123/414d5153/attachment.html>