4 ms·
Here's what I'm constantly failing to understand. In the tech sector, new things come along every day. We see new ideas, approaches, left-field thinking on a s
by etchalon 13y ago
Here's what I'm constantly failing to understand.
In the tech sector, new things come along every day. We see new ideas, approaches, left-field thinking on a steady, almost predictable pace.
We also see that, more often than not, the very first version of the thing is not the thing that lasts. It's a proof. It mostly works. There are problems. It sticks around for a bit, till someone else comes up with a better idea, implementation, etc, which takes hold. And then something else replaces that.
If you believe Bitcoin is Money 2.0, that it is destined to replace the USD, or other global currencies, you clearly accept that a newer, better thing is destined to replace an old flawed thing.
If you don't believe in Bitcoin, you cannot deny that while IT might not be the thing to take down the USD, something else might.
So why does every article treat Bitcoin as a yes/no proposition? Either it is a moonshot success, or tulips? Either it changes the world and creates new millionaires, or it joins the pantheon of quick money schemes that tempted and fooled so many in the past?
I realize we're talking technology here, but it doesn't have to be binary.
Bitcoin, the software, solved a few problems thought unsolvable. It showed that you can decentralize the ledger, with some amount of stability. It showed you can solve the double-spend problem, and create some guarantee of transactional consistency.
But bitcoin has a few obvious issues. It is illiquid, and deflationary. It is slow (unless you just pretend its fast and hope for the best). It is only basically anonymous, though not foolproof. It is easy to steal, and easy to destroy.
Some of these problems are solvable, and some are inherent to BTC itself and cannot be removed from BTC.
But that's not to say something can't come along with all the good properties of BTC and fewer of the bad. Or none of the bad. That's not to say there's not some kid sitting at a computer thinking of a better way.