Thursday, April 13, 2023

crypto

I've been dubious of cryptocurrency.

Aside from its volatility--which makes bitcoin pricing unpredictable ("Nope, the price is now .00457 bitcoin. Plus the tip.")--it wasn't obvious that the tools for manipulating things were either as bulletproof or as anonymous as advertised. The link doesn't quite describe how the feds rolled up bitcoin networks, or under what circumstances they can trace transfers now, though it says some private companies can do some of the work.

But I wonder what happens if some obscure number theorist (e.g. working for the NSA) discovers a new algorithm that, as an unexpected side effect, makes blockchains easier to maliciously manipulate.

If our government endorses a cryptocurrency, I'll be certain that they have backdoors to it. Why would they otherwise? Seriously. The value of the dollar is in the monopoly of its production by and the trustworthiness of the US government. Without ways of verifying that monopoly, it loses a good deal of its value.

1 comment:

Assistant Village Idiot said...

My only wish is that I had believed in crypto on 1/1/17 and stopped believing in it a year later. Which is easy in retrospect.