Metaphors and analogies are critical for helping newbies understand Bitcoin, but they are dangerous when taken too far.
This is an opinion editorial by Stephan Livera, host of the “Stephan Livera Podcast” and managing director of Swan Bitcoin International.
There are metaphors and analogies for Bitcoin that you may have heard on podcasts or read from various articles or books — and this is not meant to criticize the entire practice of using metaphors or analogies to pique people’s interest in Bitcoin — but having a bad framework for understanding Bitcoin can cause errors in how we reason about it from there. If people take the metaphors too literally, they inevitably make mistakes in their reasoning about Bitcoin.
First, let’s consider this quotation on whether all metaphors are wrong:
“For it would be an absurd undertaking to banish from the language of economic theory every manner of speaking that is not literally correct; it would be sheer pedantry to proscribe every
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