Introduction to $quid
I figured out that the user layer of my net2o peer to peer protocol needs some sort of asset transaction protocol (“cryptocurrency”), and when secure protocols meet money, it's not just technology that matters. This paper will therefore take both sides into consideration.
Here's the bingo chart for all valid critics on BitCoins:
| BitCoin | doesn't scale | is a snowball system | will be destroyed by China | is a plot to destoy capitalism | is used by drug dealers and terrorists |
|---|---|---|---|---|---|
| Bubble | busts next week | already is busted | inflated too much | deflated too much | is obviously a bubble |
| BitCoin is deflationary | The BlockChain is too big | Tulipmania! | blocks are too big | blocks are too small | |
| BitCoin is | unregulated | illegal | only an experiment and now ended | worse than Fiat because not backed by material things | worse than my fork |
| Too many digits behind the point | Too few dicits behind the point | BitCoin is not anonymous | BitCoin is used for money laundering | Told you so! |
The ideology behind BitCoins certainly is that of a libertarian cypherpunk, with no trust in the state, but a lot of trust in anarchic communities. With fear of inflation, offer the other disease of currencies, deflation, as “solution”. Plague is not a solution to cholera, either.
BTW: BlockChains cure cancer, protect you from evil eye, prevent flood, plague (though not cholera), and drought, and they can walk over water (even when not frozen).