But then when we compare this to something we supposedly understand, the muddle gets even deeper. Actual economies also fail, or at least get close to failing before being bailed out. Argentina was the poster-child of the International Monetary Fund before defaulting on 75% of its debt. The Euro, a real-world, actual currency, is currently unraveling the economies of several European countries because use-case scenarios that were deemed “highly unlikely” actually occurred. If there is anything that convinces me, at least at face value, that Bitcoin is not only a virtual currency, but a real currency and monetary system, it is that the amount of distrust, paranoia, misunderstanding, and general hand-wringing about Bitcoin rivals the same that is targeted towards the Federal Reserve. Adam Smith wrote The Wealth of Nations in 1776. Since then, have we come any closer to understanding how to run a national economy correctly? If we have, how would we know? Economics is only data analysis in the past-tense, and as such, it’s all a bit virtual. If we have to withhold judgement on Bitcoin until we actually see it either succeed or fail, then we’d only be in the same boat as the entire history of economic theory.