kaal:claim:3782205-018

Bitcoin proved that a decentralized digital representation of value is possible, but it is not efficient enough for wide use because the rest of a decentralized economic environment does not yet exist around it.

Source quote, verbatim

Bitcoin proved it was possible to create a decentralized digital representation of value. Because this proof of concept technology doesn't have the rest of a decentralized eco- nomic environment to exist in, it is not efficient enough to use widely.

From

Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021), Chapter 9. Eight institutions, p. 3
https://ssrn.com/abstract=3782205 · source PDF

Cite as

Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782205

Holds when

Bitcoin as a proof of concept lacking a surrounding decentralized economy

Classification

failuresupport: arguedfailure: Isolated protocol inefficiencyfamily: interoperability-and-fragmentationtokenomicseconomicsinstitutional-design

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