Homo Ludditus

Less is more and nothing is good enough


A Romanian “Bitcoin Tycoon”

I was stunned to read this headline on Slashdot: Romanian Bitcoin Entrepreneur Steps In To Pay OpenBSD Shortfall.

It’s about an old “enemy” of mine, a libertarian jerk called Mircea Popescu, the owner of Trilema, a blog on which you have to pay in order to read more than a few articles a month.

To pay, that is… in Bitcoins.

I won’t try to persuade the increasing number of idiots about why Bitcoin is unethical, evil and unsustainable. I’ll nevertheless add a few short phrases. Lack of any control and of any accountability. Bitcoins are “generated” in a process that’s lamentably trying to mimic a “harvesting”, but in a specific way: an enormous amount of CPU cycles is consumed for no usable purpose whatsoever, just to compute some useless nothings according to an elaborate algorithm. Electrical energy is consumed to “create” Bitcoins, and absolutely nothing useful comes from consuming that energy. Somehow, some idiots are trusting this “currency” as to have a value, a purely stock exchange value, as there is no economic, nor any kind of value behind it — not even trust based on something real, anything. Tulip Mania 1630s. Because of the algorithm, the number of issued Bitcoins is limited and will capsize, and scarcity is the only thing that is supposed to make its value increase. Just like that. And some dumb trust of the idiots who are only too happy that “oh, the governments cannot trace this currency and they cannot tax it!” Hipsters.

At the same time, this is a profitable business for those who totally lack ethics. The aforementioned Mircea Popescu also owns Polimedia.us, which has been lately transformed into a… Bitcoin Securities Exchange! Yup, he calls it MPEx — probably from “Mircea Popescu the Extortionist”.

You see, the FAQ has this little itty-bitty interesting mention in red: “Incoming Bitcoin that doesn’t exactly match a quoted sum will be simply kept, reported as profits and distributed to MPEx shareholders.” Simply put, if your payment order has anything wrong in it, the MPEx Bitcoin Securities Exchange will simply confiscate your money!

A true capitalist. A true libertarian. A true reason for Bitcoin to exist. Someone had to steal from you — because you like Bitcoin, the freedom from governments it offers, all that crap.

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