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Bitcoin "the system" doesn't require faith to work. It works by pure cryptographic rigor that is provably infeasible to cheat, along with an adaptive ruleset th
by anonporridge 5y ago
Bitcoin "the system" doesn't require faith to work. It works by pure cryptographic rigor that is provably infeasible to cheat, along with an adaptive ruleset that responds to changes in external conditions to keep running as designed. It just works, and I don't need any faith to know that. I just need a solid understanding of math and computer science.
Bitcoin "the price" is fundamentally different from the system, and really just serves to operate as a signal for how much collective human attention and trust it is gathering. It's incredibly volatile because it's still so young and finding it's place.
I also don't think the religious element of bitcoin is likely to be a long term thing, but a kind of bootstrapping mechanism to both draw attention, and nurture a core foundation of devotees who are committed to working diligently to integrate "the system" more and more into the real world.
- shrimpx 5y agoThe price and the system are really inseparable from each other. If bitcoin was worth $0, there would be no computers running it and so it wouldn't exist as a system. So the system does require faith to work.
- anonporridge 5y agoFair enough. It requires a bare minimum of 2 people to really work. But that's literally true of any network protocol you can possibly imagine.