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by mcantelon 5354 days ago
Bitcoin it ahead of its time. Bitcoin is has a lot of potential uses and these uses haven't gone away because a bubble burst.
4 comments

Moreover, the network (and thus Bitcoin) will continue to exist so long as one individual keeps mining.
Yes, but that doesn't guarantee demand.
Indeed. In the long term this is just statistical noise, as long as the underlying tech and theoretical foundations are solid.

People weened on CNBC and other breathless, 24/7 financial news give way too much credence to short-term market flutterings and twitterings.

Of course, the complement to this is that people whose knowledge of currency comes largely from Neal Stephenson novels give way too much credence to stories breathlessly championing Bitcoin as the future.

Something that can trace its ancestry in a vague way to Bitcoin? Maybe. Bitcoin itself? Exceedingly unlikely.

I've been wondering about that too. The chances that version 1.0 got it all exactly right is less than perfect. The SolidCoin fork has some interesting criticisms of Bitcoin:

http://solidcoin.info/faq.php

Still some calibration and iteration for Bitcoin to do as new lessons are learned about P2P currency. But the Bitcoin protocol and implementation are under active development, so I wonder to what extent it can still evolve without a reboot.

Deflationary currency is an oxymoron.
A deflationary currency might be considered undesirable but it is not an oxymoron any more that "inflationary currency" is.
Deflation - good for you, bad for the state. http://www.youtube.com/watch?v=a6E1k2YO9qU
Mild deflation is the natural state of things - over time, most tasks should take less labor to accomplish because of improvements in technology and organization. Are we to prefer that a man who labors enough to buy four gallons of milk can only purchase a one if he chooses to do so 30 years later, even though the cost of producing milk in real terms (and indeed the price of milk in real terms) has decreased?
It’s ahead of its time socially but not technologically or even politically. We need bitcoin now, it’s just consumers don’t realize it yet.