Why I want Bitcoin to die in a fire by Charles Stross
"Mining BtC has a carbon footprint from hell (as they get more computationally expensive to generate, electricity consumption soars).... Bitcoin mining software is now being distributed as malware because using someone else's computer to mine BitCoins is easier than buying a farm of your own mining hardware.... Bitcoin violates Gresham's law: Stolen electricity will drive out honest mining.... Bitcoin's utter lack of regulation permits really hideous markets to emerge.... It's also inherently damaging to the fabric of civil society. You think our wonderful investment bankers aren't paying their fair share of taxes? Bitcoin is pretty much designed for tax evasion. Moreover, The Gini coefficient of the Bitcoin economy is ghastly, and getting worse, to an extent that makes a sub-Saharan African kleptocracy look like a socialist utopia.... BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks, with a Libertarian political agenda in mind.... Which is fine if you're a Libertarian, but I tend to take the stance that Libertarianism is like Leninism: a fascinating, internally consistent political theory with some good underlying points that, regrettably, makes prescriptions about how to run human society that can only work if we replace real messy human beings with frictionless spherical humanoids of uniform density.... The current banking industry and late-period capitalism may suck, but replacing it with Bitcoin would be like swapping out a hangnail for Fournier's gangrene."------------------------------
*Also known as Dunning-Kruegerrands
see Dunning-Kruger_effect
(via DeLong)
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