Coinbase's 'Mission' Violates the Spirit of Bitcoin

Yes, as Dorsey points out, Bitcoin is meant to disrupt the status quo - i.e., the power of banks and the traditional financial system.

At the same time, Bitcoin aims to change the world without pledging allegiance to any political camp.

Unlike Bitcoin, Armstrong's mission is not value-neutral.

Bitcoin makes governments nervous, and for good reason.

In countries like Russia, where political dissidents are targets of bank freezes, Vladimir Putin's opponents use bitcoin to raise funds.

The Kremlin doesn't like it but it doesn't have the ability to shut the Bitcoin network down.

China has cracked down on cryptocurrency exchanges and public sales but has not been able to stop people from buying and selling bitcoin.

While bitcoin is supposed to be a relatively private form of money, setting up a Coinbase account feels a lot like setting up a bank account, and the company knows a great deal about you.

Coinbase has not consistently adhered to Bitcoin's ideals of freedom and privacy.

Some compromises may be necessary for Bitcoin to reach mainstream adoption, but where do you draw the line? At what point does Bitcoin lose the characteristics that made it special in the first place?