Author: Troy Benjegerdes 2014-04-30 17:06:38
Published on: 2014-04-30T17:06:38+00:00
In an email conversation between Mike Hearn and Gareth Williams, Hearn argues that Bitcoin being an elegant embodiment of natural mathematical law is not true. In response, Williams states that Bitcoin is the elegant embodiment of artificially contrived mathematical rules, which happen to be useful in their current configuration. Williams further argues that introducing imprecise and unpredictable elements such as human politics may undermine these rules. However, as an end-user of Bitcoin, Benjegerdes believes that the value of Bitcoin has become trashed by the unpredictable behavior of buyers and sellers. If the rules are not responsive to real human needs, Bitcoin is worthless as a long-term store of value because individual ideas of value change over time. Therefore, it is necessary to gather some useful signal from the human political noise to determine what that signal is so that the rules and mathematics can make more sense. This implies dealing with politics, one way or another.
Updated on: 2023-06-08T20:52:21.615763+00:00