eggboard (315140) writes "Marc Andreessen wrote an essay in the New York Times that appeared today, in which he tried to make the case for Bitcoin going mainstream for payments, if not as a currency. After comparing Bitcoin to the rise of personal computers and the Internet, he tries to explain how it eliminates fraud and will solve global money transfers and the plight of the unbanked. I wrote a critique of these and other points in his essay:
Bitcoin doesn’t eliminate fraudulent transactions; it only eliminates counterfeit payments. This can, of course, save many tens or hundreds of billions of dollars a year globally and translate to more efficiency in commerce. But removing the intermediary also removes recourse outside of courts, and the cost and nature of that can’t be determined."
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