Bitcoin Schadenfreude

If you want to see a bunch of butthurt Libertarians, read the comments:

Like all currency systems, Bitcoin comes with an implicit political agenda attached. Decisions we take about how to manage money, taxation, and the economy have consequences: by its consequences you may judge a finance system. Our current global system is pretty crap, but I submit that Bitcoin is worst. [...]

It's also inherently damaging to the fabric of civil society. You think our wonderful investment bankers aren't paying their fair share of taxes? Bitcoin is pretty much designed for tax evasion. Moreover, The Gini coefficient of the Bitcoin economy is ghastly, and getting worse, to an extent that makes a sub-Saharan African kleptocracy look like a socialist utopia, and the "if this goes on" linear extrapolations imply that BtC will badly damage stable governance, not to mention redistributive taxation systems and social security/pension nets if its value continues to soar (as it seems designed to do due to its deflationary properties).

Also, this: @cstross: "Hacker News as a news site clearly lies somewhere on the Asperger's spectrum."

If you'll excuse me, I'll be on a leaky barge counting my bullets.

Previously, previously, previously, previously, previously.

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6 Responses:

  1. King Mob says:

    "Butthurt Libertarians?" You misspelled "Libertarians."

  2. Daniel Thompson says:

    I just saw the best tweets about ultranerd butthurt:

    ‏"@caylenb i really wish I could RT this right now but i'm still blocked, but remember when the head bitcoin trading site threatened to assassinate me"

    And the later-linked tweet:

    "@BitcoinOz @caylenb you do realize you are messing with people who own vast amounts of anonymous currency dont you? Probably not a good idea."

    Bitcoin nerds are kids and they prove it with playground threats. Priceless!

  3. Jeremy Wilson says:

    I'm still up by 1000% on my bitcoins, I don't know what all the fuss is about!

    • Yeah, not much opportunity for schadenfreude yet. In fact, most of the points made are "why I don't like bitcoin" and not much of "why bitcoin will fail". Deflation might do terrible things (like make us buy fewer christmas presents), but that it's not a reason why people won't want to buy more bitcoins.

  4. Patrick says:

    I was amused by the driveby troll who attempted to suggest that Charlie wasn't up on the technology since he's merely an author and not a techie.