The assumptions made around Bitcoin being "programmable cash" are debatable. It is not moving in that direction - some thoughts on what is going wrong with the Bitcoin economy:
http://statspotting.com/bitcoin-economy-one-big-issue-with-t...
http://statspotting.com/bitcoin-economy-one-big-issue-with-t...
https://news.ycombinator.com/user?id=npguy
https://news.ycombinator.com/user?id=newnpguy
https://news.ycombinator.com/user?id=newernpguy
https://news.ycombinator.com/user?id=newestnpguy