4 ms·
It has some unique aspects, they try to introduce ad-hoc version of a monetary system, regulation and so on on top of it. These systems and regulatory instituti
by dgb23 5y ago
It has some unique aspects, they try to introduce ad-hoc version of a monetary system, regulation and so on on top of it. These systems and regulatory institutions (which are private) emerge almost spontaneously, plus there is a huge marketing hype surrounding it, even ethical and political rationalizations.
Another aspect is how quickly it becomes centralized and privately controlled. And then there is a whole story about social media hype and anxiety. It also had recent heavy real world effects: The protestors in Kazakhstan have shut down a large bitcoin facility.
It's an interesting experiment to say the least. Sure there are parallels to previous instances in history, which is why many of us have been very critical of it, but it seems to be a unique blend.