05 Apr '13, 9am

This 1998 Paul Krugman Column Perfectly Explains The Design Flaw At The Heart Of Bitcoin

This 1998 Paul Krugman Column Perfectly Explains The Design Flaw At The Heart Of Bitcoin

The Sweeneys tell the story of–you guessed it–a baby-sitting co-op, one to which they belonged in the early 1970s. Such co-ops are quite common: A group of people (in this case about 150 young couples with congressional connections) agrees to baby-sit for one another, obviating the need for cash payments to adolescents. It’s a mutually beneficial arrangement: A couple that already has children around may find that watching another couple’s kids for an evening is not that much of an additional burden, certainly compared with the benefit of receiving the same service some other evening. But there must be a system for making sure each couple does its fair share. The Capitol Hill co-op adopted one fairly natural solution. It issued scrip–pieces of paper equivalent to one hour of baby-sitting time. Baby sitters would receive the appropriate number of coupons directly from the b...

Full article: http://www.forbes.com/sites/pascalemmanuelgobry/2013/04/0...

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