In 2006 I read a paper about a cryptosystem for e-cash and it was way worse than BitCoin. When I read about BitCoin, I couldn’t believe how perfect the scheme was. It turns out there’s no “Arrow’s theorem” for e-coins—every desirable criterion can be satisfied at once.
The biggest doubt I had about BitCoin was that it would never gain social traction. But watching it increase 10x in 5 months has made that doubt way smaller in my mind.
And so I offer LW readers this applied-rationality suggestion: If you’re looking to make a high-risk investment, BitCoin seems like an overdetermined choice. I judge it to have a very high expected return—something like 2x in 1 year—and I’m investing today.
In 2006 I read a paper about a cryptosystem for e-cash and it was way worse than BitCoin. When I read about BitCoin, I couldn’t believe how perfect the scheme was. It turns out there’s no “Arrow’s theorem” for e-coins—every desirable criterion can be satisfied at once.
The biggest doubt I had about BitCoin was that it would never gain social traction. But watching it increase 10x in 5 months has made that doubt way smaller in my mind.
And so I offer LW readers this applied-rationality suggestion: If you’re looking to make a high-risk investment, BitCoin seems like an overdetermined choice. I judge it to have a very high expected return—something like 2x in 1 year—and I’m investing today.