This is just wrong. The analysis he links to on the profitability of mining is based on litecoin, he claims it's the same, but it's simply not.<p>Quick calculations on bare avalon chips with a 100k investment gives a current ROI of <i>4 days</i>, this does not account for risk, does not account for setting up the chips, etc etc etc. However, it is indicative of the idea that the pursuit would be "unprofitable" is pretty insane.<p>The 90+ bitcoin mining accounts giving you the ability to game the system is even worse, it's like he doesn't have the faintest idea of how bitcoin mining even works. I should go hook up 1000 fake SETI@home accounts and reap the massive kudos for my epic performance this will surely provoke. What the hell?<p>In 3, he goes back to cheerlead for litecoin, even though in 1 he proved the mining of litecoin wasn't even profitable. Simultaneously acknowledging that any state attempts to ban bitcoin in a given jurisdiction won't actually be effective at any rate.<p>And 4 basically says "Because I'm a keynesian". Well, that's nice, go buy freicoins or some other cryptocurrency that supports your pet economic theory, there are likely dozens by now. Nobody else wants to be forced onto an inflationary store of value and will not accept your McBucks? You don't say, maybe there's something to be learned from that.