I understand your skepticism and the collective fiction of Bitcoin may still end as a failed experiment, but it remains the best hedge I’ve seen against bad monetary policy and the existing financial infrastructure. The most poignant use cases currently are not in stable monetary regimes under the Fed or ECB, but rather in unstable regimes like Venezuela or Zimbabwe’s.
This article started with the assumption that we need an alternative system and was focused on why proof of work (PoW) as a consensus mechanism has proved resilient relative to other consensus mechanisms. Indeed, whether Bitcoin is needed at all was not the focus of this article.
Thank you for your critique, it’s important that the assumptions of “Bitcoiners” are questioned.