I know I keep hammering at Bitcoin in this blog. My big beef
is that it is subject to being attacked by people that have the power to
disrupt it. http://www.scmp.com/business/banking-finance/article/2129645/pboc-orders-banks-halt-banking-services-cryptocurrency
offers an example. China has now made it illegal for banks to deal with
crypto-currency businesses. Effectively, if someone wants to sell bitcoin for
cash, neither buyer nor seller can do it through a bank account. What will they
do? Send cash through a courier? I don’t know, but it greatly increases the
transaction cost and the ability to match buyers with sellers. In short, it
destroys the market.
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