
Let’s destroy Bitcoin - jonbaer
https://www.technologyreview.com/s/610809/lets-destroy-bitcoin/?href=
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WheelsAtLarge
No, I don't think Bitcoin is going to be replaced or destroyed. There's
obviously a reason why it still works. It seems that there is a need for a
non-governmental e-currency that's available for people to use. That's a fact.
Yes, there's going to be other cryptocurrencies. There might even be bigger
ones run by big companies or the fed or just governments. But ultimately
Bitcoin is here to stay.

I'm not even a fan. I hate the wasted resources.

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rajacombinator
People (in general) have a poor understanding of the magnitude of resources
being wasted by fiat economies and malinvestment. The number could easily be
over 50% of the population working on economically unproductive activity due
to asset bubbles. The resources being used by crypto are absolutely nothing in
comparison.

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loceng
I believe inefficiencies caused by friction from control and industrial
complexes are certainly hurting productivity and growth, likely by more than
the 50% factor you mention, however I don't understand specifically what you
mean about "resources being wasted by fiat economies and malinvestment." Can
you provide some examples?

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pasabagi
I don't agree with GP that fiat currencies are part of the waste - but I think
it is obvious that an enormous amount of economic activity goes into asset
bubbles, even open and generally acknowledged ones, like the housing market -
or, in the most extreme case, bitcoin. I wouldn't be surprised if asset
bubbles accounted for the majority of investment, even.

This ultimately causes a massive waste of time and resources - in the case of
the housing market, it's resulted in young people paying far more of their
income in rent - and consequently not spending it on more interesting things,
like starting families or businesses.

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rajacombinator
Fiat currencies contribute largely to asset bubbles and malinvestment by
suspending market forces. The Fed is actually on record stating their desire
to create and reinflate asset bubbles, see Bernanke on “wealth effects.”

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loceng
Would this be possible if there was only a single, global currency, resulting
in part where no single nation can print money? It feels like it would solve a
bunch of major issues. It would obviously take a lot of delicate diplomacy to
reach that goal.

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he0001
I have one question regarding who is going to destroy Bitcoin. When the GDPR
is effective, financial transactions are, by at least European law, required
to be saved some x years, like 10 years. But when that time have expired it
falls under GDPR and should be ereased. Can the blockhain handle that?

