The motto “In God We Trust” has appeared on U.S. This would be an immaterial form of money in which there is no need for mediation with, or trust in, traditional financial institutions. The motivation behind the design and development of the digital currency and its software, was to utilise the Internet to establish a form of “peer-to-peer electronic cash system” (Nakamoto, 2009). Peers can connect and make financial exchanges within a network without the need for mediation with a central node (a bank, financial institution, or government). With Uber, peers can connect and make travel arrangements within a network without the need for mediation with a central node (a regulated taxi firm, for instance). To put it simply to begin, in what was once considered a positive attribute in the rhetoric of the digital economy, bitcoin Footnote 1is the Uberfication Footnote 2of money. Finally, the paper offers a discussion of the possible progressive uses of the digital technology bitcoin has facilitated. The rise and fall of bitcoin, in terms of its original ambition, serves as a cautionary tale in the digital age-it reveals how ingenious innovations that might challenge power and the consolidation of capital become co-opted and colonised by capital. The failure of bitcoin as a currency (rather than as a hoarded commodity in an emergent bubble) and as an idea might be attributed to the failure to see how ultra-modern digital networks conceal very traditional consolidation of power and capital. It proposes that a form of network fetishism operates here. The paper analyses the hype behind the celebration of decentralised digital networks. The hyperbole of bitcoin discourse is deemed to be an expression of the Californian Ideology, which itself often conceals a right-wing agenda. currency-“In God We Trust”-to trust in software and networks-“In Digital We Trust”. There is a move from conventional trust in the gold standard-“In Gold We Trust”-to the trust announced on U.S. Trust moves from trust in banks or states to trust in algorithms and encryption software. However, with bitcoin trust does not dissipate, rather it shifts.

Bitcoin was conceived in 2008 as an attempt to alleviate trust in government and banks which was at a low during this period of financial crisis.

This paper outlines how the digital currency and network technology of bitcoin functions and explores the context from which it emerged.

Tor project hopes complex fragile code