> I would also argue the Wall Street Bankers would have been happy > to legitmize BitCoin if they got a cut (confer: derivatives).
Hmmn. You know how painful it is when finance types pontificate about cryptography that they don't understand? Well, ... Let me just say that it is not a bug in the US financial system that there are provisions for unwinding bank transactions, nor that there is a central bank with the authority and ability to increase and decrease the money supply. We spent several centuries doing it the other way before Bagehot wrote Lombard Street. The crypto model of Bitcoin is extremely clever, but the financial model would have been state of the art in about 1500 AD. The collapse due to external attacks, both the botnet mining, and the various well-publicised thefts of bitcoins and the failures of various bitcoin markets was utterly predictable. As I said a while ago, they're not money, they're pet rocks. R's, John _______________________________________________ cryptography mailing list [email protected] http://lists.randombit.net/mailman/listinfo/cryptography
