Businessweek – Bitcoin as Global Economy’s Last Safe Haven

Businessweek – Bitcoin as Global Economy’s Last Safe Haven:

Paul Ford (@ftrain) describes what he sees as the reasons Bitcoin keeps on gaining.  Excerpts:

“When you compound utopian wishfulness with the anxiety of being left behind, you’ll have a bubble. Then again, we may be at the forefront of the coming Bitcoin revolution. There’s no way to be sure.”

“I expected Bitcoins to remain in the background with all of the other anarchist crypto-chatter that makes up an essential substratum of modern network thinking.”

“But Bitcoins didn’t go away. And I’m increasingly convinced there’s one thing that Bitcoins do that’s genuinely interesting. They decentralize trust.”

“Verifying transactions is a brutal problem, which is why PayPal locks down your account when there’s too much money flowing into it.”

“Or allow your banks to fail, causing an entire country to suddenly realize that the value of their deposits, the fundamental integrity of their financial selves, was arbitrary all along.”

“Where you see Bitcoins in action you find a weird and heady mix of speculative angst, a fear of being left behind, and people who appear to have lost faith in institutions, who feel most left behind. These are people who’ll trade in purely arbitrary tokens, willing to forgo the comfort of banking systems for the weight of mathematics and the Internet behind it.”

 – (Further discussion of the article)

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Check out the original source here. subscription, banking systems, businessweek, fnudamental integrity, fundamental integrity, global economy, mail subscription, original source


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