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Tim Wu, who coined "net neutrality", has written an op-ed on the New York Times called "
The Bitcoin Boom: In Code We Trust". He is wrong is wrong about "code".
The wrong "trust"
Wu builds a big manifesto about how real-world institutions aren't can't be
trusted. Certainly, this reflects the rhetoric from a vocal wing of Bitcoin fanatics, but it's not the Bitcoin manifesto.
Instead, the word "trust" in the Bitcoin paper is much narrower, referring to how online merchants can't trust credit-cards (for example). When I bought school supplies for my niece when she studied in Canada, the online site wouldn't accept my U.S. credit card. They didn't
trust my credit card. However, they
trusted my Bitcoin, so I used that payment method instead, and succeeded in the purchase.
Real-world currencies like dollars are tethered to the real-world, which means no single transaction can be trusted, because "they" (the credit-card company, the courts, etc.) may decide to reverse the transaction. The manifesto behind Bitcoin is that a transaction cannot be reversed -- and thus, can always be trusted.
Deliberately confusing the micro-trust in a transaction and macro-trust in banks and governments is a sort of
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