The price and the system are really inseparable from each other. If bitcoin was worth $0, there would be no computers running it and so it wouldn't exist as a system. So the system does require faith to work.
Re:10 years of whatever this has been
by anonporridge on Thursday November 18, 2021 @01:34PM
(#29268792)
Fair enough.
It requires a bare minimum of 2 people to really work.
But that's literally true of any network protocol you can possibly imagine.
Bitcoin "the price" is fundamentally different from the system, and really just serves to operate as a signal for how much collective human attention and trust it is gathering. It's incredibly volatile because it's still so young and finding it's place.
I also don't think the religious element of bitcoin is likely to be a long term thing, but a kind of bootstrapping mechanism to both draw attention, and nurture a core foundation of devotees who are committed to working diligently to integrate "the system" more and more into the real world.