By Rob Wile
If you think Bitcoin has devolved into a warren of overly zealous programming and profiteering, we’ve got the guy for you.
Alex Payne is a former Twitter engineer who now works for Simple.com, a personal banking startup.
In a new post on his personal blog, titled Bitcoin, Magical Thinking, and Political Ideology, Payne blasts the culture of wide-eyed optimism and do-gooder-ism that’s been used by some to justify the enormous investment — Payne calls it greed —Bitcoin has received in the past few months.
“With its influx of finance mercenaries, the Bitcoin community is a grim illustration of greed running roughshod over meaningful progress,” he writes.
For instance, mega investment firm Andreessen Horowitz just put $25 million into Coinbase, one of the largest Bitcoin “wallet” services in the world. Andreessen’s Chris Dixon called out the press for portraying Bitcoin as a bubble mostly used to buy drugs online. In Silicon Valley, Dixon said, “Bitcoin is generally viewed as a profound technological breakthrough.”
For Payne, this is an example of “nerds-do-it-better paternalism.”