Bitcoin is a cult – Adam Caudill

This article from Adam Caudill, Director of Security at 1Password, is all you need to know about Bitcoin & crypto-purveyors.

imageThe Bitcoin community has changed greatly over the years; from technophiles that could explain a Merkle tree in their sleep, to speculators driven by the desire for a quick profit & blockchain startups seeking billion dollar valuations led by people who don’t even know what a Merkle tree is. As the years have gone on, a zealotry has been building around Bitcoin and other cryptocurrencies driven by people who see them as something far grander than they actually are; people who believe that normal (or fiat) currencies are becoming a thing of the past, and the cryptocurrencies will fundamentally change the world’s economy.

Every year, their ranks grow, and their perception of cryptocurrencies becomes more grandiose, even as novel uses of the technology brings it to its knees. While I’m a firm believer that a well designed cryptocurrency could ease the flow of money across borders, and provide a stable option in areas of mass inflation, the reality is that we aren’t there yet. In fact, it’s the substantial instability in value that allows speculators to make money. Those that preach that the US Dollar and Euro are on their deathbed have utterly abandoned an objective view of reality.

I read the Bitcoin white-paper the day it was released – an interesting use of Merkle trees to create a public ledger and a fairly reasonable consensus protocol – it got the attention of many in the cryptography sphere for its novel properties. In the years since that paper was released, Bitcoin has become rather valuable, attracted many that see it as an investment, and a loyal (and vocal) following of people who think it’ll change everything. This discussion is about the latter.

Yesterday, someone on Twitter posted the hash of a recent Bitcoin block, the thousands of Tweets and other conversations that followed have convinced me that Bitcoin has crossed the line into true cult territory.

Read the essay here:

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