Jan 17, 2016

Is Bitcoin a Failure?

Posted by in categories: bitcoin, cryptocurrencies

Bitcoin Failure

Let’s start by saying recent trends are not in favour of bitcoin. To cap things off, the media has been all over Mike Hearn’s exit, branding it quite a rage quit, but have left a lingering disruptive question – “Is bitcoin a failure?”

Claiming that bitcoin is a failure can be considered a tad one sided. However, as Mike Hearn put it,

“Why has Bitcoin failed? It has failed because the community has failed. What was meant to be a new, decentralised form of money that lacked “systemically important institutions” and “too big to fail” has become something even worse: a system completely controlled by just a handful of people. Worse still, the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system.”

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