09 Aug '12, 1pm

This Is What's Really Going To Happen To Bitcoin #cryptocurrent

Every time I bring up Bitcoin, it tends to draw ire for how dismissive I am of it. So I thought I’d take a moment to explain why Bitcoin is a fad. And it is a fad. Here is what will happen, and sooner rather than later, to Bitcoin: Law enforcement will figure out a way to track it. And, more importantly, somebody will breach the program in some fashion. And this will completely destroy Bitcoin’s value. Anybody who thinks otherwise needs to consider the economics of the situation. There is the potential to make a lot of money, or at least steal a lot of drugs. So there are a lot of people working on compromising Bitcoin and eventually somebody’s going to pull it off. I should note here I’m not questioning the basic principles or technology behind Bitcoin. In fact I think it’ll be pretty useful and even more common as time goes on. You’ll never get a paycheck in Bitcoins, bu...

Full article: http://www.uproxx.com/technology/2012/08/this-is-whats-re...

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