The title of the post refers to the
King James Version of the Bible:
I say unto you, that likewise joy shall be in heaven over one sinner that repenteth, more than over ninety and nine just persons, which need no repentance.
Luke 15:7
In the throes of 2008's
Global Financial Crisis Satoshi Nakamoto published
Bitcoin: A Peer-to-Peer Electronic Cash System. It inspired a large group of enthusiastic advocates who asserted that Bitcoin would possess the following attributes:
- It would be decentralized.
- It would be trustless.
- It would be censorship resistant.
- It would be securely encrypted.
- Users would be anonymous.
- Users could transact without intermediaries.
- Users could transact cheaply.
In short, it would enable users to escape the clutches of the TradFi (traditional finance) system that had so obviously failed. It has been obvious for many years that it doesn't, and in July there appeared a truly excellent
mea culpa from a former advocate, Peter Ryan's
Money by Vile Means. Below the fold I comment on it, and a couple of other posts describing how TradFi has obliterated Nakamoto's vision.
