Friday, June 17, 2011

The Question of Bitcoin

I've been watching this one closely. The question of Bitcoin is being considered more frequently and publicly by economists, politicians, technologists, and more and more users.

To me, from my layperson point of view, economies are one part math, one part sociology, one part psychology, and many parts luck. Bitcoin seems to be behind the 8-Ball on all of those factors. It will be interesting to see how it all works out.

Bitcoin, Bitcoin,
What are we to do?
They wanted a revolution,
Created a new solution.
An economy built for me and you.

But me and you have bills to pay.
And mining coins won't be a way
To pay a mortgage,
Settle a loan,
Buy an apple,
Recharge a phone.

But if you wanted some crazy drugs,
Or asked a hooker for more than hugs,
Or wanted to purchase endangered pets,
Or wanted to place some baseball bets,

My Uncle couldn't track me.
That's happy freedom, baby!

No, wait, it's not about that.
Open source is where it's at!
Power to the people!
Down with the State!
We can engineer any problem.
Algorithms are great!

It's peer-to-peer
It's in The Cloud
Not valued by fiat,
Sourced by the crowd.

The crowd that's learning to game the system.

Mine the coins in someone's browser
While they're streaming Doogie Howser.
Hack a computer, a server or two,
Those stolen cycles are free to you.
Or find a way to steal a wallet.
If unencrypted, "wide open" you'd call it.

All investment has some risk
Those on the ground floor hold most of it.
But is that risk worth the gain?
Is this new system really sane?

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