Bitcoin’s fundamental problem

As many of my friends know I am not a fan of bitcoin. At the heart of Bitcoin is the notion that governments should not mess with monetary policy. The notion that the rules and institution (money being a very important one) we establish should be build and never changed. They should exist above governments. Transaction history cannot be revised, contracts should be automatically executed with no possibility to change them.

I profoundly disagree with this notion. If we don’t design change into our institutions they will break at one point or another. If laws and rules could not change we would still consider gay sex a capital crime. Imagine if such a law was inserted onto the ethereum blockchain?

Napoleon tried to build such a set of rules in the form of his famous codex. That codex contained provision detailing how bastards would receive less inheritance than children born inside wedlock. Thanks god these laws have been changed. And thanks god not everyone needs to agree.

Of course the government should not be able to do whatever it wants. Checks and balances are crucial but removing governing institutions is not the solution.