[untitled]

5 comments

> Summary > > 1. Like the gold standard, a successful bitcoin would send our economy back into the dark ages.

Well, this is not actually an argument why bitcoin will fail, just a prediction what will happen if it succeeds :D

> 2. Even if it became popular, governments would squash it because of #1 and because they like being in power.

It is not proven that goverments are able to destroy bitcoin even if they will.

> 3. A single mathematical or other error in the cryptosystem would cause instant, unresolvable, worldwide hyperinflation. After hundreds of years of analysis, there are no known flaws in the current financial system that could lead to that. (Other than the known causes of hyperinflation of course, ie. total gross mismanagement of the entire country.)

Currently the bitcoin system is working and no errors have emerged. Of course no one in the world can be 100% sure that the bitcoin system will be functioning always, but currently it's working pretty well. I'm willing to take the risk of mathematical/programmatical error, and I bet that so are many others.

> 4. It's not even useful except as an online-only addition to normal currency, and my normal currency already works fine online.

OK, it is the writers personal preference to favour traditional fiat currency for some personal reasons. Many people don't agree.

Summary: the article is bullshit, don't bother reading. Maybe for entertainment reasons :)

rheidevor 15 Jahren

As much as I love bitcoins, I think the author is quite right. Which makes this a sad sad world we live in. As paradoxical as it may sound, bitcoins are against capitalism and against governments. And I think that's exactly why bitcoin has gained so much popularity.

paulnelliganvor 15 Jahren

This article is making the assumption that there is absolutely nothing wrong with capitalism and the current economic system, when in fact the whole financial system is teetering on the brink of destruction. Many people far more qualified are saying that coming off the gold standard was actually a really bad idea.

mklappstuhlvor 15 Jahren

Where is the original post w/ comments?

torsteinvor 15 Jahren

Here: http://news.ycombinator.com/item?id=2527746

olalondevor 15 Jahren

Oops, I submitted hoping to find the original submission but it was killed apparently.

zyfovor 15 Jahren

If it was killed there was probably a reason for it.

olalondevor 15 Jahren

When I can't find a comment thread on HN I usually just submit the article again and it brings me back to the comment thread. I didn't know it had been killed, otherwise I wouldn't have done that...