Why Would Anyone Trust Bitcoin?

Why Would Anyone Trust Bitcoin?

Bitcoin is not reliable because it is an artifact created via software , it is very complex and it hasn’t been around long enough to have the bugs pounded out of it. You can argue about how long it takes to evolve a solid and reliable software process but no one can deny convincingly that Bitcoin’s progress, like so many other complex software projects, has been a series of horrendous disasters. Greed, gullibility and the madness of crowds are factors but we place an unreasonable trust in software because it’s new, still part of a dream world and hasn’t sunk into common human experience the way that a fork has. Only the delusional would buy a fork that wouldn’t pick up food. Nor would a company succeed in selling such a product for long.

I know intelligent people who have tossed away far more money on bitcoin than they ever would on forks. This is dream chasing, the same as gambling, glory and romance and like them requires industrial strength denial to succeed. It may be possible to produce a working medium of exchange by means of cryptograpic math backed up by networking but it isn’t going to happen easily or overnight or without the toll of desperate dreamers taken by every venture into new territory. Anyone who tells you different is selling something, probably you.

People jump into the nightmare of software evolution because they sell themselves the dream. Then they wind up with the bill. You can avoid this by taking a step back, reading some history and buying things you can hold in your hand, put in your stomach or use to improve the fleeting hour rather than dreams.



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s