While I think bitcoin might not go the distance, It's clear that crypto currencies have a place in the world. Looking back through history, practically every ma

While I think bitcoin might not go the distance, It's clear that crypto currencies have a place in the world. Looking back through history, practically every major technology has it's initial boom, catastrophic bust and gradual rise back to stability phase. In the first half of the 20th century there were thousands of car manufacturers. Then came the shakedown which reduced that number to a fraction, then slowly, bit by bit, stability and diversity returned to the auto making industry. Most people on HN probably remember the dot com bubble, and the sentiment that came with the burst; That the internet was a non starter, that it had failed. But then came the step by step rebuilding process and look at where we are now. I think the same is true of crypto currencies. We're learning the merits, the risks and the pitfalls. Bit coin may not survive (or maybe it will) but I think long term, crypto currencies are here to stay and we'll look back on this time and marvel at how badly we handled the whole thing. Life is always dangerous for pioneers, and everyone in the bitcoin business right now is a pioneer. Pioneers serve an important role and while the rewards can be great, the price of failure is often deadly. One thing I will add in Bitcoins defense: People need to start using the contracts feature that was built into bitcoin from he start. There's no need for people to hold bitcoins in escrow. Keep that stuff in the blockchain where it's safe.