Wednesday, December 27, 2017

mikey's Bitcoin Rebuttal

Last week, I posted a scathing bit about Bitcoin, which raised the ire of bloggerhood stalwart mikey, who has posted a detailed rebuttal to my post. I make it a point not to substantially alter my posts, and I am still skeptical about Bitcoin, given its volatile nature- while the concept of cryptocurrencies may be sound, I am of the opinion this particular one has been implemented in dubious fashion.

At any rate, I am not the sort of person who shies from controversy, and, if I need to take my lumps, I will take them. As I indicated in my previous post, I have a close personal friend who has been involved in the scene for a long time, and has enough confidence in the currency that he used it to pay tournament prizes a few years back. At any rate, please read mikey's detailed analysis of Bitcoin.

1 comment:

davidly said...

In spite of all the lesser evil differences between the currencies, I am fascinated by what they have in common: the rubes are too stupid to understand the complexity until some gooder doyen advocate happens along to 'splain how much simpler it is with superior metaphors that beg the recurring similarities, and self-styled men of oh-so above it all intellect, and men of means who literally own the manufacturing process, not always one and the same, of course, but even the smartest in the room don't seem to tire extolling the virtues of exploitation. Blockchain or no, these currencies will continue to have manipulable value. Who that serves I'm not qualified to say. Just as I am sure I can be said to be entirely unqualified to comment on the current currency.

I rather like your Bitcoin pieces, but I'm one of the ignorant rubes, an analog kid, not a digital man. Speakin' o' which, regarding the mining: It's not the energy usage — which, spun to be negligible, for me somewhere here or there, but not central — but who has the access to the energy to use.

As a rube I don't put much value into things I cannot have access to for an entirely unpredictable amount of time. It follows the basic technological trend: first it's something "you don't have to use, so stop bitching about it" until it becomes a standard, then you either use it or live under a tarp between two trees in the woods.

Happy New Year triple B.