“A man walks into a bank….” (A Bitcoin parable)

A man walks to a bank with a $1 million check.

Bitcoin check cropped 2018_03_25_17_07_38

M: I’d like to cash this check, please!

T: Sir, this check does not seem to be drawn on an account at this bank. In, fact it does not seem to be drawn on any account at any bank

M: No, I made the check myself. But I assure you it is authentic. Check the signature on the check!

T: But is it is signed “Anonymous”.

M: Yes, and I will happy countersign the back as “Anonymous” as well so you can verify that the signatures are identical. Additionally I can assure you that this check is original and not a copy of one that I have already cashed. Feel free to ask around and you will find that I have never cashed a check that looks exactly like this one before.

T: I have no doubt that this is an original, but if there is no account to withdraw the funds from then where should I get the money to give you?

M: Have some faith! If you are willing to give me money for this check, then certainly you can convince someone else in-turn to give you even more money for it!

One comment

  1. Olga Stachenkyo

    A fairly accurate description of the generic con pulled off by fiat issuers around the globe for the last 500 years. Thanks for that :).

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s