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After twelve years of writing about Bitcoin, here's how my thinking has changed


What follows is an essay on how my thinking on bitcoin has changed since I began to write on the topic starting with my first post in Octob...

Second, prior to 2012 I had read a fair amount of free banking literature—the study of private money—so I was already primed to be receptive to a stateless payments system, which is what Bitcoin's founder, Satoshi Nakamoto, originally meant his (or her) creation to be. The alternative view, which I explored in a 2013 post entitled Milton Friedman and the mania in copy-paste cryptocoins, was that "the earliest mover has superior features compared to late moving clones," including name brand and liquidity, and so its dominance was locked-in via network effects. Nor has it gone to Vegas to bet billions to tax payer funds on roulette or built a strategic Powerball ticket reserve, but it appears to be genuinely entertaining the idea of rolling the dice on Bitcoin.

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