As many have observed, it is not as if conventional currencies are free from this sort of problem either. But I do not draw an equivalence between the two types of crisis. What matters is that BitCoin faces the exact same question conventional currencies face when some sort of disaster strikes... what comes next? It should have been obvious to all, skeptic and advocate alike, that this sort of thing would happen in the "early days" of BitCoin. (Assuming of course that it survives long enough for this to be the "early days".) The question that determines whether it lives or dies is what emerges in reaction to solve this problem.
Don't chortle gleefully at the fact some disaster struck; it is a true and valid observation that conventional currencies still have disasters strike. Chortle if it proves that there's no practical solution to this sort of problem.
I have been and remain broadly skeptical. However, rationality forces me to concede that BitCoin has already gotten further than I would have predicted. The reaction to this crisis, moreso than the crisis itself, will be another interesting test of whether it has true staying power.
BTW... should BitCoin survive this, more disasters are absolutely sure to come. And when that happens, the question will be, what happens next?
Comments
As many have observed, it is not as if conventional currencies are free from this sort of problem either. But I do not draw an equivalence between the two types of crisis. What matters is that BitCoin faces the exact same question conventional currencies face when some sort of disaster strikes... what comes next? It should have been obvious to all, skeptic and advocate alike, that this sort of thing would happen in the "early days" of BitCoin. (Assuming of course that it survives long enough for this to be the "early days".) The question that determines whether it lives or dies is what emerges in reaction to solve this problem.
Don't chortle gleefully at the fact some disaster struck; it is a true and valid observation that conventional currencies still have disasters strike. Chortle if it proves that there's no practical solution to this sort of problem.
I have been and remain broadly skeptical. However, rationality forces me to concede that BitCoin has already gotten further than I would have predicted. The reaction to this crisis, moreso than the crisis itself, will be another interesting test of whether it has true staying power.
BTW... should BitCoin survive this, more disasters are absolutely sure to come. And when that happens, the question will be, what happens next?