Why do people want bitcoin? Techno-utopianism and distrust of banks and governments, argues Joakim Sandberg. But bitcoin is costlier than ordinary money, burns more electricity than all of Sweden, and empowers tech investors and criminals, not citizens. www.publicethics.org/post/bitcoin...
Bitcoin as a Sign of Our Times
Bitcoin is everywhere in the news, yet many people struggle to understand what it is or why anyone wants it. Joakim Sandberg argues that its appeal rests on two sentiments of our age: blind faith in technological progress and deep distrust of banks and governments. Both lead us astray. Bitcoin’s technology is more cumbersome and costly than ordinary money, with a carbon footprint larger than Sweden’s, and rather than empowering citizens it mainly empowers tech investors and criminals.
publicethics.org