The following is a summary and analysis of a graduate thesis paper written by Michael Russo. It’s titled, “Satoshi’s Broken Promise: Conflicting Rhetorics In The bitcoin Ecosystem.” Russo calls bitcoin, “…yet another digital artifact promising revolution while at the same time instituting its own brand of control.” He claims bitcoin fails in its principles of decentralization, bitcoin as property, and anonymity. That being said, the following is highly critical of bitcoin, but not a dismissal of the technology. I only request that you keep an open mind in considering the points below, as I believe they are worth the attention.
Bitcoin was, and is, the response to a financial disaster, as indicated by Satoshi’s referencing the following headline from the Financial Times: “Chancellor on brink of second bailout for banks” (“Genesis Block”). -Russo
I once argued that bitcoin is not and should not be held to libertarian principles. If we are to accept it as an open technology, as a true alternative to the current banking system, we need to accept creative uses of the blockchain that are both apolitical, and pro-establishment. Limiting the currency to a specific ideal and infighting about its adoption and use can only stagnate its rise.