[One of a series of articles.] So far I’ve talked about Bitcoin myths and how Bitcoin is in a speculative bubble. In this article I’m going to discuss Bitcoin’s future. My view regarding the long term future of Bitcoin is fairly simple: I maintain that it doesn’t have one. And not just because there are pre-existing superior digital cash systems. No, the fact that better digital cash systems were invented in the 90s points at the fact that there are specific reasons why they haven’t taken off, and that it’s not to do with technology.
In part 1, I enumerated the approaches to spam eradication I was aware of, and explained my conclusion that the only approach which will work is an economic approach. In part 2 I discussed various options for tackling spam economically, ending with the one I think would actually be acceptable and useful: attention bonds.
Now I’ll run through (and shoot down) a few of the objections commonly brought up when the possibility of involving actual cash in e-mail sending is raised.