Quote from: JorgeStolfi on December 31, 2015, 04:40:20 PM

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The only mechanism able to make Bitcoin fullfil its potentialities is the market. The market is a mechanism of agregation of knowledge and no human being can outsmart it, the market is collective intelligence at play.

1 000 000 average people are more knowlegeable than one outstanding genius. 1 000 000 people are more knowledgeable than 20 decently intelligent Blockstream employees.

So you think that 1 000 000 traders could have designed bitcoin? Cheesy

The market is only the average of all the trader hunches. For a purely speculative asset like bitcoin, the hunches cannot contain any intelligence, and the average is still a random value. The bitcoin market is like a headless pig flying in circles, chasing its own tail. (Hm, wait, I think I must work some more on that metaphor.)

The market is a lot more than traders. Financial markets are a subset of the market. Market is the process of voluntary exchange, it's this process which foster the cooperation between people and coordinate all the endeavours through the mediation of the price signals.

Entrepreneurs, free innovation and workers will make Bitcoin what it is suppose to be. Traders only monitors what happens in the market and speculate accordingly, they are just observers of the market.