A chosen excerpt from the highly educative article about BitCoin.
Bitcoin has entered exceptionally dangerous waters. Previous crises, like the bankruptcy of Mt Gox, were all to do with the services and companies that sprung up around the ecosystem. But this one is different: it is a crisis of the core system, the block chain itself. More fundamentally, it is a crisis that reflects deep philosophical differences in how people view the world: either as one that should be ruled by a “consensus of experts”, or through ordinary people picking whatever policies make sense to t
The fundamental question raised by the article’s author, is quite relevant in many other contexts than BitCoin. It is well worth reflecting on.