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I pose this as a question as much as a statement: Bitcoin does not have to solve the governance problem. It need merely perform some functions better than a fia
by kbuchanan 9y ago
I pose this as a question as much as a statement: Bitcoin does not have to solve the governance problem. It need merely perform some functions better than a fiat currency.
Consider economists' Taylor Rule. It represents an effort to impost constraints on a bureaucratic institution and how people manage the dollar. Cool, we pass a law called the Taylor Rule. Now just don't enforce it. People who want stuff are hard to constrain.
In other words, the Bitcoin community doesn't have to be uncompromising and immutable, like its technology, for the currency to succeed—it just has to do better than its alternative (even in narrow applications).
Thoughts?