Why Bitcoin is heading towards a huge mining problem
Nicholas Weaver on Cryptocurrencies
This is well-worth reading (non-paywalled version). Here's the opening:
Cryptocurrencies, although a seemingly interesting idea, are simply not fit for purpose.
They do not work as currencies, they are grossly inefficient, and they are not meaningfully distributed in terms of trust. Risks involving cryptocurrencies occur in four major areas: technical risks to participants, economic risks to participants, systemic risks to the cryptocurrency ecosystem, and societal risks.
I haven't written much about cryptocurrencies, but I share Weaver's skepticism.
EDITED TO ADD (8/2): Paul Krugman on cryptocurrencies.
Tags: bitcoin, cryptocurrency, risk assessment, risks
Posted on July 24, 2018 at 6:29 AM • 60 Comments