Tom Ritchford
1 min readFeb 13, 2020

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Thanks for your very polite answer!

The point is not, however, that some of cryptocurrency transactions is to some degree criminal. It’s that, a decade and changed after it started, it is still that the only application people have for cryptocurrencies is in fact law-breaking.

Because each transactions has to live on each node, cryptocurrencies are inherently quadratic — they consume resources proportional to the square of the number of transactions.

That means when you double the number of transactions, everything tends to slows down by two everywhere — modulo some wiggle room but if you tried to put all the world’s transactions on Bitcoin it would consume far more electrical power than the entire United States!

And you can’t just wave that away — this is intrinsic to the “trust-free” model.

The whole “trust-free” thing is an indication of the level of alienation we have reached. People no longer trust human institutions or laws — they trust weird equations they themselves could never understand, written by people much like myself, people who on an average day probably don’t fully understand even the tiny parts of these weird equation things that they themselves created, let alone the big picture.

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