Bitcoin is often promoted as the antidote to the madness of fiat irredeemable currencies. It is also promoted as the replacement. Bitcoin is promoted not only as money, but the future money, and our monetary future. In fact, it is not. Why not? To answer, let us start with a look at the incentives offered […]
Tag Archive for: perverse incentive
A month ago, we wrote about the bitcoin fork. We described the fork: Picture a bank, the old-fashioned kind. Call it Acme (sorry, we watched too much Coyote and Road Runner growing up). A group of disgruntled employees leave. They take a copy of the book of accounts. They set up a new bank across […]
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