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

Richard Chirgwin rchirgwin at ozemail.com.au
Fri Dec 16 10:21:26 AEDT 2011


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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