What Bitcoin really needs is a central bank to stabilize its value. When the demand for Bitcoin goes up, they need to print more to keep it from skyrocketing. That is, they need to decide whether they want Bitcoin to be a Ponzi scheme for techno-libertarians or an actual medium of exchange. See, the technology of Bitcoin really is revolutionary, but the currency of Bitcoin is holding it back. In other words, Bitcoin really could have use as a payments system if it had a stable value. But it doesn’t, so it’s just a dotcom stock. And one that could be co-opted by banks that take its technology and use it with dollars instead.
Because the Internet is a nobly expansive attempt at plumbing the catacombs of social media for meaning and exploring the gap between the performative avatars we present as our online selves and the offline realities of our lives, but like the Twitter hounds and comment section warriors it speaks to and about, it could ultimately do well with a little less multitasking.
Jim VandeHei, “Wonks on Broadway,” Bloomberg Businessweek