{"id":613,"date":"2018-03-15T23:45:23","date_gmt":"2018-03-15T23:45:23","guid":{"rendered":"https:\/\/blockchain-society.science\/?p=613"},"modified":"2018-03-15T23:45:23","modified_gmt":"2018-03-15T23:45:23","slug":"bitcoin-blockchain-demonstrates-the-value-of-anarchy-bloomberg","status":"publish","type":"post","link":"https:\/\/blockchain-society.science\/?p=613","title":{"rendered":"Bitcoin Blockchain Demonstrates the Value of Anarchy &#8211; Bloomberg"},"content":{"rendered":"<blockquote><p><a href=\"https:\/\/www.bloomberg.com\/view\/articles\/2018-03-14\/bitcoin-blockchain-demonstrates-the-value-of-anarchy\"><img src=\"https:\/\/blockchain-society.science\/wp-content\/uploads\/litho\/f2456ea523e790b14e6844d13f3a63fd1aa8dcedc821c572ee18e4cc69e62da2.png\" class=\"image-treated\" data-original=\"https:\/\/blockchain-society.science\/wp-content\/uploads\/2018\/03\/800x-1.jpg\" data-treated=\"https:\/\/blockchain-society.science\/wp-content\/uploads\/litho\/f2456ea523e790b14e6844d13f3a63fd1aa8dcedc821c572ee18e4cc69e62da2.png\" \/><\/a>The fact that Bitcoin was designed to confound human decision-making is a feature, not a flaw. The core protocol is tasked with enforcing the single rule most crucial to the cryptocurrency\u2019s value: no counterfeit spending. By contrast, the U.S. dollar is burdened with effecting monetary policy, enforcing sanctions, fighting crime and much more. The more functions a currency has, the more things there are to argue over, and the more likely the community will be to fracture. Bitcoin\u2019s uncompromising focus allows it to serve a broader user base.In blockchains, anarchy is the worst form of governance except for all the others. That said, it\u2019s still possible that Bitcoin didn\u2019t get things right the first time around. As more people get involved, coordinating decisions will become even more difficult, and Bitcoin\u2019s inflexibility may prove too limiting. 1 Even Ethereum, which once executed a\u00a0$55 million\u00a0loss recovery on three days\u2019 notice, is finding it difficult to repeat the procedure 18 months later. Any decentralized cryptocurrency has a limited window in which to coordinate decisions. So let the creative experiments begin.<\/p><\/blockquote>\n<p>Source: <em><a href=\"https:\/\/www.bloomberg.com\/view\/articles\/2018-03-14\/bitcoin-blockchain-demonstrates-the-value-of-anarchy\">Bitcoin Blockchain Demonstrates the Value of Anarchy &#8211; Bloomberg<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fact that Bitcoin was designed to confound human decision-making is a feature, not a flaw. The core protocol is tasked with enforcing the single rule most crucial to the cryptocurrency\u2019s value: no counterfeit spending. By contrast, the U.S. dollar is burdened with effecting monetary policy, enforcing sanctions, fighting crime and much more. The more [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[8,43,44,5],"tags":[],"_links":{"self":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts\/613"}],"collection":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=613"}],"version-history":[{"count":1,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts\/613\/revisions"}],"predecessor-version":[{"id":615,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts\/613\/revisions\/615"}],"wp:attachment":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}