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This theme occurs often in software development. Someone sees a system that is very complex, old, difficult to understand, and has some known bugs. They imple
by jzwinck 14y ago
This theme occurs often in software development. Someone sees a system that is very complex, old, difficult to understand, and has some known bugs. They implement a simpler, cleaner, new system with fewer known bugs and a handful of missing features. If it takes off, the missing features are added, often by people less intimately familiar and more likely to introduce a few bugs. The cycle repeats.
- mhartl 14y agoYou're right, of course, but it's worth noting that the current system of national fiat currencies with floating exchange rates isn't very old at all. Commodity currencies (especially metallic standards), in which the money supply is bound to a good of fixed supply, are much older and more thoroughly debugged. Bitcoin, as a virtual fixed-supply commodity, is thus built on a firm theoretical foundation.
- rmc 14y agoWhat? Commodity currencies are not fool proof. If you find more of the commodity, your currency suffers. This happened to Spain after they started colonizing the Americas. They found lots of silver, and their economy tanked.