Written by security researcher Dan Kaminsky over 4 years ago, still very relevant and insightful today (the best kind of content, imo). Wired article. Some snippets:
Bitcoin’s a dollar bill, with a teleporter built in. We can just poke in a few coordinates and poof, off it goes, with the ease of posting to some forum somewhere.
There are a small number of choke points, which someday may be asked to honor these thefts. Will the currency translators accept the money? Will the mining pools? It’s really an open question.
Bitcoin miners could very well be doing useful work, same as the gold miners. That the work is pointless misses the point. Diamonds, for example, represent little more than millions of years of earthly labor making dull black coal into a shiny clear crystal.
Fighting over what’s “fiat” and what’s “real” is silly. It’s all fiat. Gold isn’t conscious; all value is belief. What’s fiat is who can change the supply and how. Nobody can just declare the existence of one million new bitcoin and start trading on it.
It would take a massive, society-rending effort against general purpose computing to really keep Bitcoin down.