I'm with economist Michael Hudson on Bitcoin. It's not a currency but a market for speculation. Maybe in the future it might become a currency, but I think something less complicated might emerge, that doesn't depend on computation and virtual storage.
Plus, he said that if governments hamper the exchanges by applying taxes to conversion of coin to official Fiat, the market will crash.
Also, what kind of currency can bounce up and down on some dickhead like Elon musk throwing in money and pulling it? It's still based in a system that allows for huge hoarding and greed.
Dependence on computation is really just a pass through for dependence on energy. And ultimately, that's at the heart of all money---it takes work to create, protect, and store it. The question to be answered is, "what form of money is more efficient in that regard?" I think Bitcoin stands out as efficient because it doesn't require vast militaries dotting the Earth, which also reduces the net horrors of war as an externality.
I'm with economist Michael Hudson on Bitcoin. It's not a currency but a market for speculation. Maybe in the future it might become a currency, but I think something less complicated might emerge, that doesn't depend on computation and virtual storage.
Plus, he said that if governments hamper the exchanges by applying taxes to conversion of coin to official Fiat, the market will crash.
Also, what kind of currency can bounce up and down on some dickhead like Elon musk throwing in money and pulling it? It's still based in a system that allows for huge hoarding and greed.
Dependence on computation is really just a pass through for dependence on energy. And ultimately, that's at the heart of all money---it takes work to create, protect, and store it. The question to be answered is, "what form of money is more efficient in that regard?" I think Bitcoin stands out as efficient because it doesn't require vast militaries dotting the Earth, which also reduces the net horrors of war as an externality.