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Let’s destroy Bitcoin (technologyreview.com)
14 points by jonbaer 9 months ago | hide | past | web | favorite | 9 comments

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.

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.

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?

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.

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.”

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.

Indeed, for-profit industrial complexes are designed to perpetuate themselves, ever-increasing their prices, putting a constant negative pressure on the quality of life of everyone. These complexes or asset bubbles are easy and lazy investments for banks to make as well.

Personally I think BTC will be on top at least in the next few years. Many people have realized that investing in crypto could be quite profitable. I read at https://www.valleygames.ca/cryptocurrency-casinos/ that casinos started accepting crypto. It could be a good sigh. I started gambling on crypto not so long ago, hope the lady luck will be on my side.

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?

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