James Bowery <jabow...@gmail.com> wrote: What I expect to happen next is a new cryptocurrency protocol will be put > in place that distributes the network effect along with the underlying > cryptocurrency protocol. >
So not only will be it be God-knows-what algorithm, it will be stored God-only-knows where. My guess? The servers will all be found in Russia. Bitcoin was developed by a person (or group of people) named Satoshi Nakamoto. No one has met him. It is probably a pseudonym. I suppose the code is in the public domain, but seriously, why would anyone trust a system developed by someone who wants to remain anonymous?!? It seems like the extreme opposite of what you look for when you want to entrust large sums of money to an institution. At that point it is going to be impossible to regulate without driving ever > more of the cyber economy underground and expanding the black markets. > So, more fools will parted from their money. If people want to put their money into fake banks, or cash stored under the mattress, that's their business. As long as they do not demand the government reimburse them it is okay with me. You can also cut out the middleman, go to a Los Vegas casino, and hand your money to the criminals directly. There are plenty of ways to throw away money, hide money, or evade taxes already. I don't see why we need a new one. This does not seem to be more of a threat to the establishment than previous versions. It does seem to be more idiotic than most Ponzi schemes. It has set a new record for bank robbery, as I said. It combines the greater fool theory with amateur, do-it-yourself banking and cybersecurity, and the most tempting target for criminals ever devised: huge sums of money that no one can trace. - Jed
