Bitcoin, so yesterday

I have never had a high esteem of bitcoin, a “crypto-currency” based on pseudo-economic woo. In practice bitcoin is mainly popular among die-hard criminals and paranoid folks. Not because those think bitcoin is any better than non-cryptic money, but because the anonymity it provides. Unfortunately, scientists from the University of Luxembourg have demonstrated that with 1,500 Euros and some computing power, one could trace 60 percent of the IP addresses used in bitcoin transactions. 1,500 Euros is of course nothing for the intelligent services of our world.

Now that this is known, criminals will look for other methods to hide their criminal activities and hence drop bitcoin as a too great risk. Consequently bitcoin will collapse and over a few years it will be almost be forgotten.

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3 responses

  1. This generation of online currency will disappear, I agree, but there will be other generations. I’m sure Google has plans, but even they might recognise the concept of Google Money would be unpalatable to consumers.

    1. Of course, there will be new ones. Maybe things that actually work – bitcoin is heavily flawed, not to speak of its huge impact on the environment. Though Google might have such plans, I doubt they would actually introduce it, at least under their own name.

      1. Exactly. “Do no evil” is hard to maintain if you’re THAT BIG

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