Re: Crypto was a great idea ... when it was just an idea.
Algorithmic bottom-up currency might be a good idea. Bitcoin is a largely shit design for that problem space. It's not particularly novel, hugely inefficient, and deflationary. It doesn't scale. Pretty much all of the claims made for it fail frequently under real-world conditions, such as anonymity, partition robustness for consensus, resistance to double-spending, and so on.
I am not a fan of cryptocurrencies, but I'm particularly not a fan of Bitcoin. It's an ugly, broken design.
Biting the hand that feeds IT
