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Currents 094: Matthew Pirkowski on Blockchain Consensus Mechanisms

The Jim Rutt Show

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The Limits of Bitcoin

The only reason Bitcoin isn't worth a tenth of a cent today is the collective hallucination aspects that have occurred, which could easily go away. You know, how many people actually bought something with a Bitcoin? A few people probably have. But again, it's maldesigned transaction costs or too high. So long as everybody designs to go to that club every Thursday night, the moment they stop going to that clubevery Thursday night, it's back to a 10th of a cent. It's a curiosity item; so is our concept of time. And so are our concept of calendars. We bootstrap around some regular phenomena.

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