US attempts to categorise hybrid collective process

Posted on May 11, 2013



The government doesn’t know what Bitcoin is because nobody has a thing just like it. It reminds me of the Borges story of a Chinese classification system:

The list divides all animals into one of 14 categories:

– Those that belong to the emperor
– Embalmed ones
– Those that are trained
– Suckling pigs
– Mermaids (or Sirens)
– Fabulous ones
– Stray dogs
– Those that are included in this classification
– Those that tremble as if they were mad
– Innumerable ones
– Those drawn with a very fine camel hair brush
– Et cetera
– Those that have just broken the flower vase
– Those that, at a distance, resemble flies

Pick a category, any category…

Bitcoin is a collaborative effort to store value using a techno-crypto process. It doesn’t neatly fall into our usual way of dividing the world up into “currencies”, “technology”, “protocols”, and “organisations”. We make things to fit easily into those things to make it easier to define, describe and manage them.

But we’re not limited to them. Or by them.

Posted in: Finance, Shorts, Tidbits