Eric Posner is a legal scholar and frequent media commentator, having written op-eds and columns for a number of national publications including the Wall Street Journal and Slate. He is currently the Kirkland and Ellis Distinguished Service Professor of Law at the University of Chicago. Posner is the author of several books, including “Radical Markets: Uprooting Capitalism and Democracy for a Just Society,” which will be published in May. Posner is a fellow of the American Academy of Arts and Sciences and a member of the American Law Institute.
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Europe is ahead of the United States in repairing the damage to privacy the Internetand especially Googlehas wrought.
Eric Posner argues, “Bitcoin will collapse when people realize that it can’t survive as a currency because of its built-in deflationary features, or because of the emergence of bytecoins, or both. A real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion.”
Eric Posner argues, “Bitcoin is not completely autonomous. It actually has its own central bank in a way. The people who maintain the Bitcoin network can change the money supply through a majoritarian process. And that means that the supply of bitcoin is a function of what the majority of these people think at any given time.”
Eric Posner argues that bitcoin can and will be regulated.
“Bitcoin might weaken banks (because people wouldn’t need check-writing services and credit cards), but it also might strengthen banks or bank substitutes (because people need a service to keep track of their bitcoin transactions, and to insure them against mistakes and fraud).”
Eric Posner explains how bitcoin relies on trust.
Eric Posner argues, “The key security problem introduced by bitcoins is that bitcoin makes a huge amount of money available to people on devices that they carry around with them or leave unsecure in their homes and offices, and thus makes those people juicy marks for criminals.”