170914 One More Brick in the Foundation


Unlike other paradigm shifts brought about by technological change, Bitcoin was invented by one person, Satochi Nakamoto, but it thrives all on its own.  Bitcoin has no person(s) or company behind it that rise or fall with Bitcoin success or failure.  It has no government body nor state championing its cause.  There are many people who, at this point, have a vested interest in it, but should it falter, it is Bitcoin’s own intrinsic nature that fosters its survival.  ($3350) Is it time to sell and buy back in at a lower price?  It’s hard to know.  China has just put the brakes on Bitcoin at a time when 25% of the total investment in Bitcoin is by the Chinese.  There are also huge Bitcoin mining operations in China.  So the Chinese would be reluctant to walk away from the technology altogether. But China does not like anything going on within its border that is not under its strict control.

Bitcoin represents one of the finest examples of decentralized, distributed, democratic technologies.  The original Bitcoin design was set up to have a governing body but only to deal with matters of the technology itself.  The governing body, if it can be called that, has nothing to do with politics.  Jamie Dimon is wrong when he says that Bitcoin is a fraud and he will rue the day that he forbid JP Morgan Chase employees from investing in it.

Every day that goes by is one more brick in the foundation of Bitcoin.  There are now so many businesses and people invested in Bitcoin that it would be hard to imagine Bitcoin failing or going away altogether. If you would like to get some inkling of the size of the Bitcoin community today, Google “Bitcoin visualizations”. Since all of the transactions are public through the blockchain, coders take that data and create some beautiful constructions to demonstrate the frequency, size, and geography of the Bitcoin trading community.