The Argument of Bitcoins v. Gold Laid to Rest, Part II
The reaction to Part 1 of this article, printed on my online blog on March 28, 2013 interestingly illustrated certain aspects of human nature quite well. Though I outlined both significant strengths and serious flaws of the Bitcoin monetary model in Part I, those that support Bitcoin focused only on trying to discredit the flaws I discussed and stated that I should please stop attacking Bitcoin even though I implicitly stated in Part I that I believe Bitcoins should be able to co-exist as a competitive currency, because in the end, as long as gold and silver are allowed to return as competitive currencies as well, the best currency or currencies will always win the battle for the widest acceptance and use. On the contrary, in reaction to Part 1, those that dislike Bitcoins focused only on trying to discredit the positives of Bitcoins I stated, even though I was very careful to point out the flaws of even the positives, including that Bitcoins were open to significant manipulation in price because of susceptibility to control of its nodes and to the common trait it share with all fiat currencies – being a digital currency backed by air. Again, comments surrounding my Bitcoin article were an interesting exercise in human behavior as we tend to seek out facts that only support our point of view while paying no attention to all other facts that discredit our point of view. This is the essence of the human ego.