2011 essay – contains some early criticisms that ended up being strengths.

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tldr; Bitcoin’s long gestation and early opposition indicates it is an example of the ‘Worse is Better’ paradigm in which an ugly complex design with few attractive theoretical properties nevertheless successfully takes over a niche, survives, and becomes gradually refined. Everything Bitcoin needed was available for many years, including the key ideas. However, the sacrifice Bitcoin makes to achieve decentralization is a profoundly ugly one.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*



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