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Bitcoin Is A Bit Late — The ‘Scissors Economy’ Got There First

Todd Buchholz

By Todd Buchholz (original source Investor’s Business Daily)

“The postman rang once and unknowingly delivered the blackmail message. It was a letter from some creepy guy who claimed he had tripped upon my “secret” while working in my neighborhood.

At first, I thought, “Darn, he saw me throw the milk carton in the nonrecycling bin! I could get in big trouble with my kids!” But I skipped the nonsense to get to the money talk. The blackmailer demanded $4,500 to keep quiet about my alleged and unspecified sins.

But here’s what really rubbed me wrong, beyond his sordid fiction — he wanted his fee in Bitcoin. Even worse, he appended his letter to twenty paragraphs of dense lines of instructions explaining how exactly to pay the protection money. It was like Tony Soprano got mixed up in a kid’s coding class gone wrong. That’s when I knew that cryptocurrencies have a problem: The transaction costs are too high.”

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