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Bongo comments on General Bitcoin discussion thread (June 2011) - Less Wrong Discussion

4 Post author: SilasBarta 10 June 2011 11:21PM

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Tags: bitcoin cryptography money

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Comment author: mutterc 11 June 2011 03:20:39PM *  0 points [-]

I do not understand why people are especially excited about bitcoin.

My understanding:

  • It's not under the control of any particular government, which excites people who view governments as evil mutants
  • It has a fixed upper quantity, which excites people who understand macroeconomics little enough that they think that's a good idea for a medium of exchange

Or in two words: techno-libertarian porn.

EDIT: It occurs to me the fixed upper quantity is necessary given de-centralized production.

It also occurs to me to wonder if there are any reasons to advocate Bitcoin other than those two - anyone want to help me update?

Comment author: Bongo 15 June 2011 04:08:05AM *  2 points [-]

It's not under the control of any particular government, which excites people who view governments as evil mutants

Or with different connotations: it's not under the control of any particular person or group, which excites people who think power corrupts.

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