John Haltiwanger on Sat, 27 Oct 2012 01:52:26 +0200 (CEST)


[Date Prev] [Date Next] [Thread Prev] [Thread Next] [Date Index] [Thread Index]

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


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.



#  distributed via <nettime>: no commercial use without permission
#  <nettime>  is a moderated mailing list for net criticism,
#  collaborative text filtering and cultural politics of the nets
#  more info: http://mx.kein.org/mailman/listinfo/nettime-l
#  archive: http://www.nettime.org contact: nettime@kein.org