Bitcoin place-holder page

Major change happens slowly. People thought the .com boom changed the rules; but the crash at the end of the last century proved that was not the case. Bitcoin proves that "Know your customer" laws are a human rights issue. The average person can possibly console themselves that they are not likely to run into the reporting limits (that are no longer actually hard limits).

Bitcoin is also not ready for mass adoption. At a minimum, multi-party signatures have to be easy enough to use in a privacy-respecting way (meaning with a new address for every transaction). The network is still limited to about 7 transactions per second as well. If it goes "big" as-is: it will replace wire transfers, and not much else.

It took the industrial revolution about 300-400 years to happen after the invention of the printing press made the dissemination of information cheap and efficient. The governments in power fought the change: inventing copyright law to slow the spread of information. The agricultural revolution probably took a similar amount of time, if not longer. The invention of networked computers will lead to the information revolution if we don't kill ourselves first. I don't expect it to complete in my life-time. Sadly, many never learn the new technology. The old generations have to die off before truly revolutionary change is accepted.

Bitcoin is a revolutionary experiment. It is the first secure networked application ever created in the history of computers. (Out-of-context Bruce Schneier quote) Governments and banks will attack it through legal and technical means. It may only have a small niche over the next 50 years. If that happens, it will be OK: because it is just an experiment.

Original Post

Back to James Phillips' personal website.

Valid HTML 4.01 Strict Valid CSS!

Edited: April 15, 2014.