Since penning a post on the libertarian ideology of Bitcoin, and the inherent unfairness of a deflationary currency (Bitcoin is the thin end of a far-right libertarian wedge), I’ve come across more articles on the subject that articulate the problems with crypto-currencies far better than I every could.
First up, the Folding Ideas video Line Goes Up – The Problem With NFTs, is a must-watch for anyone remotely interested in the space, or considering an investment in any form of crypto. Despite the headline being NFTs (you thought crypto-currency was bad? wait till you see this dumpster fire), it goes fairly deep into crypto-currencies and blockchains in general. At 2 hours and 18 minutes, it’s a very long video by YouTube standards, but the presentation is excellent, the research solid, and it never drags. Since it was posted 5 days ago, it has racked up 2 million views, so it’s certainly having an impact.
If two hours is too long though, I strongly recommend reading The Case Against Crypto, by software developer Stephen Diel. He nicely summarises the anti-crypto argument under 4 headings:Continue reading