The most dangerous idea in the world

by | May 17, 2011


[youtube]http://www.youtube.com/watch?v=Um63OQz3bjo[/youtube]

Have a look at this 2 minute video about bitcoins, a new peer-to-peer online currency. Seems innocuous? Jason Calacanis in Launch doesn’t think so:

A month ago I heard folks talking online about a virtual currency called bitcoin that is untraceable and un-hackable. Folks were using it to buy and sell drugs online, support content they liked and worst of all — gasp! — play poker.

Bitcoin is a P2P currency that could topple governments, destabilize economies and create uncontrollable global bazaars for contraband. After month of research and discovery, we’ve learned the following:

1. Bitcoin is a technologically sound project.
2. Bitcoin is unstoppable without end-user prosecution.
3. Bitcoin is the most dangerous open-source project ever created.
4. Bitcoin may be the most dangerous technological project since the internet itself.
5. Bitcoin is a political statement by technotarians (technological libertarians).*
6. Bitcoins will change the world unless governments ban them with harsh penalties.

 Read the whole post for an excellent FAQ. Their predictions:

We are 100% certain that governments will start banning bitcoins in the next 12 to 18 months.

Additionally, we’re certain bitcoins will soar in value and a crush of folks will flood the system and start using them. Currently there are 6M coins at $6.70 each for a total economy of about $40M. Bitcoin speculation and hoarding will also cause a massive spike in bitcoin value. For example, if 10M people find out about bitcoins in the next year and want to buy $100 worth, $1B will be infused into the bitcoin economy.

Finally, there will be massive breakage in bitcoins. If your laptop crashes and you didn’t back up your bitcoins, well, you’re SOL [Shit Out of Luck]. If someone steals you laptop that has 10,000 bitcoins on it you won on Bitcoin Poker, you’re SOL. Lost your USB drive with 500 bitcoins on it after a night out on the town? You’re SOL. Sites like 99designs, eLance and oDesk will start accepting bitcoins for payment. If they don’t, they will face competition from folks who do.

Bottom line: The world is going to be turned over by bitcoins unless governments step in and ban them by prosecuting individuals. This is about to get really interesting, everyone.

See also this for a sceptical view.

Author

  • Alex Evans

    Alex Evans is founder of Larger Us, which explores how we can use psychology to reduce political tribalism and polarisation, a senior fellow at New York University, and author of The Myth Gap: What Happens When Evidence and Arguments Aren’t Enough? (Penguin, 2017). He is a former Campaign Director of the 50 million member global citizen’s movement Avaaz, special adviser to two UK Cabinet Ministers, climate expert in the UN Secretary-General’s office, and was Research Director for the Business Commission on Sustainable Development. Alex lives with his wife and two children in Yorkshire.

    View all posts

More from Global Dashboard

Let’s make climate a culture war!

Let’s make climate a culture war!

by | Sep 29, 2021

If the politics of climate change end up polarised, is that so bad?  No – it’s disastrous. Or so I’ve long thought. Look at the US – where climate is even more polarised than abortion. Result: decades of flip flopping. Ambition under Clinton; reversal...