I freely admit I still don't understand crypto currencies but this is the one point I cannot get my head around. People who advocate replacing our current corrupt system controlled by governments, banks and big business want to replace it with a better system controlled by a small number of people.

That just seems to me replacing a flawed system with another flawed system, but then I don't understand it.

One more point

Yes I realised after I posted.

I did ask him this once before, governments may control the currency but they are accountable to the voters and try and protect the economy. Nobody really knows who owns these crypto currencies and do they really give a damn about being responsible?

For all it's faults I prefer our current system. I can see in the future that there will be a government / bank backed global crypto currency but that is not what Tux wanted.

I'm sorry he's gone but it was an obvious transgression.

One more point

On a serious note - I’d really suggest reading the above link - posted by someone who appears as pro - crypto as him but with a rational mind. Helps gain an understanding of where it all might go long term

Did you know? 98.0000001% of people are morons.

Thanks that was a really interesting article.

I still don't understand what a crypto currency is probably never will, however it did highlight many of my assumptions, dangerous I know because I don't have a full grasp.

Anything that is successful eventually the authorities will regulate it e.g. pirate radio, so if this scales up that is bound to happen and the best way to do that is create your own government backed version. As the author suggest this will also be a way that governments can track what people are doing.

He also used my favourite phrase "killer App". Right now for Joe public there is no killer app for crypto currencies. I don't like government interference in our lives but I don't see the point in Bitcoin for legal usage.

At some point somebody will create that killer app and then the rest of us will go "okay I get it now yup I need that".

When the internet first started I was working in an IT department in a bank we had a discussion as to what would the internet be used for. The consensus was that the internet would create new types business which we could only guess at. A colleague refuted that idea and said "no what will happen is that existing business's will adapt to it". He of course was largely correct for every Google and Facebook there are tens of thousands of conventional business' who had simply added an internet presence.

I can see a global crypto currency backed by SWIFT or VISA being used by multinationals for buying and selling goods across the world but it has to be stable currency.

The questions the author posed was why or how could someone buy a cup of coffee with one? Answer that and you will be a rich man.

One more point

Shame, I would’ve liked his input on this one

Vive le Roy!

TUX has been banned? What the actual f*ck?