As usual, Tim has some good insights. But, I wonder how he answers the following questions:
1. When there are no more Bitcoins to mine, who will compensate the miners for managing the system?
2. In an immutable blockchain, how do you address fraud (i.e., the need to correct an inappropriate transaction)?
3. More than 80% of mining companies operate under the rule of authoritarian governments. (Chinese mining companies are more than 60% of all mining companies worldwide). Is it realistic to assume that these governments will not try to control or affect management of a blockchain system as important as Bitcoin?
Don't get me wrong. I'm a huge advocate for blockchain technology. I just think that we have not yet seen the role that governments will eventually try to play in this arena.