Bizcochín es bizcochable

De Brian P Hanley, un excelente fresco sobre bizcochín:

Abstract

Designed to compete with fiat currencies, bitcoin proposes it is a crypto-currencyalternative. Bitcoin makes a number of false claims, including: bitcoin can be a reservecurrency for banking; hoarding equals saving; and that we should believe bitcoin canexpand by deflation to become a global transactional currency supply. Bitcoin’sdevelopers combine technical implementation proficiency with ignorance of currency andbanking fundamentals.

Today’s bitcoin community tends to be insular, with active disinterest in entering themainstream[6]. Bitcoin has attracted popular attention and some academic interest,including technical, legal, and the rare economic scholar. The claims of this crypto-currency have virtually all been taken at face value, with little challenge to itsfundamental design. However, by examining the premises of bitcoin, it becomes clearthat virtually the entire enterprise is an intellectual house of cards.

The criticism herein is founded on fundamentals that have been almost completelyforgone in the academic and popular record regarding bitcoin. One would hope that theerrors discussed herein would be overwhelmingly obvious, but the publication recordshows otherwise. Consequently, there is an “Emperor’s New Clothes” cast to thiscritique, because bitcoin’s errors are so basic.