Re: <nettime> The Monetary Future: How Bitcoin Is Being Destroyed

[John Haltiwanger <john.haltiwanger@gmail.com>]

On Fri, Oct 26, 2012 at 1:40 PM, Nick <nettime@njw.me.uk> wrote:

> Interesting read.  That said, I would love to read more about the
> interplay of traditional capitalist power structures and bitcoin.

Bitcoin is fundamentally flawed as an emancipatory currency due to it's
reliance on processing cycles. When I first heard about it, I eagerly
downloaded the client to begin mining. With my (relatively, at the time)
powerful desktop, it was something like 2 years until I had my first coin.
There are also a limited total number of bitcoins, which from my point of
view can only lead to the exact same zero-sum situation we have with
state-coerced currencies: if I am going to be rich, it is at the expense of
others having the same opportunity.



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