2012: The Year of the Great Media Correction

Dear Mr. and Mrs. Media,

I understand, you know, where you're coming from, but if you could just do us a favour and wait a few more years before making anymore bold statements about Bitcoin, it would be good for all of us, and hey, it might make you look a little more credible.

It's harder and harder to come by people who still value patience. We've gone from hand-written letters and phone calls to emails, status updates, and tweets. More information, compacted, faster, and now. So, Mr. and Mrs. Media, I understand. You're now working in an era where your audience isn't going to wait for the cameraman to record and edit the footage and for the reporter to produce his piece. By the time that's done, we've already seen the footage on YouTube and read 100 tweets from eye-witnesses. The old way of doing things is just too slow.

It's the reason why television is going the way of the dinosaur. At first, we covered up our impatience with the television by using PVRs that cut out the commercials and allowed us to fast-forward to get to the point; now, we don't even have patience for that. Why would we listen to a news anchor ramble on when we can read the story online, twice as fast?

We don't have patience for anything, anymore. We no longer cook or eat meals together. Worker productivity is higher than it's ever been, and we work longer hours than ever. We also don't give anyone a chance to prove themselves before moving on to the next big thing. Roll it out now, make it work, or you're going to be steam-rolled by the next idea. The whole world is one giant gong show, and *GONNNNNGG*, oops, guess I was too slow.

Unfortunately, you, the impatient media, egged on by its impatient audience was forced, in 2011, to make a call. It couldn't wait any longer. Bitcoin rolled out in late 2009 and by mid-2011 with its valuation popping through the roof, the doctor had to make it official, with the consensus being, "dead."

There's a reason why Satoshi Nakamoto coded Bitcoin the way he did - he's a smart guy, and he got it right. Ironically, even some of Bitcoin's proponents don't have the patience for Bitcoin; that's why they "invented" their own currencies:

- "Ixcoin will reach its 21 million IXC maturity in 2015, ~18 years before Bitcoin does;"

- I0coin is equally as fast as Ixcoin;

- Solidcoin is based on the premise of quicker difficulty adjustments (within hours instead of weeks);

- Litecoin generates its blocks four times faster than Bitcoin;

These "alternative" cryptocurrencies are all about doing things faster than Bitcoin, yet, they have all either failed or will fail, because the speed of Bitcoin's evolution is not a flaw, it's a virtue.

To judge Bitcoin now is to judge the Internet in 1995; nothing more than a pre-mature, uneducated guess.

Unlike the "Flooz" and "Beenz" that you enjoy comparing to Bitcoin, Bitcoin isn't subject to the fallibility of humans - it is governed by mathematics and has already proven itself useful. At best, Bitcoin will thrive as a new currency on the world-stage, responsible for hundreds of billions of dollars worth of transactions. At worst, it will live as an underground currency for the black market.

Either way, it will not die; by design, it cannot. There is no company to go bankrupt, no employees to fire, nor any loans to pay back. If would take the tens of thousands of globally-distributed Bitcoin miners to suddenly decide to simultaneously turn off their machines. That's tens of thousands of people deciding to throw away their hardware investments and their hope for a new kind of payment processor. Mr. and Mrs. Media, if you're paying any attention at all, then you will realize that the one thing people want right now is the ability to control their own money supply. Many of us have lost faith in our governments to do it on our behalf. These machines are not going to be turned off.

Inevitably, in 2012, as Bitcoin adoption marches on, its applications will expand, and its value will increase. One-by-one, those of you in the media who spoke of Bitcoin's demise will be forced to reverse your opinions - it will be the Year of the Great Media Correction.

Reuters: "Bitcoins are appealing but probably doomed." (May 27, 2011)

NY Times: "Bitcoins could be doomed after bubble pops." (May 30, 2011)

Forbes: "It's difficult to see what the currency has going for it." (Oct 18, 2011)

Wall Street Journal: "Things have gone wrong." (Nov 28, 2011)

It's okay, everyone makes mistakes. You don't have to apologize, but you will have to report the truth. That truth will inevitably be that Bitcoin has succeeded.

Sincerely,

GoWest

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