[LINK] P2P banking? Ditch the bank – borrow from the crowd

[Richard Chirgwin]

At the risk of objects being thrown at me, Bitcoin is only given cred 
because it appeals to various warm fuzzies.

It's on the Internet, which makes it cool.
It's a maths function, which gives it geek-appeal.
It appeals to the anti-establishment feelings people have - including 
among the tinfoil types.

The various issues which arise make it clear that some kind of 
management is required, but users resist the idea.

Just because something is a cool and appealing idea doesn't mean it will 
actually work.

RC

On 16/12/11 9:59 AM, jim birch wrote:
> Give a man a fish and you feed him for a day.
> Teach a man to fish and you feed him for a lifetime.
>
> Give a man a gun and he can rob a bank.
> Give a man a bank and he can rob the world.
>
> -=-=-
>
> Banks were instituted as a mechanism to provide better, more secure lending
> and borrowing.  Better to clean up the banks than revert to some utopian
> dream.
>
> There's an interesting Wired piece on Bitcoin.  It seems fairly obvious
> that capacity for scams and Minsky moments are wired in and require ongoing
> management.
>
> http://www.wired.com/magazine/2011/11/mf_bitcoin/all/1
>
> Jim
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