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Big Trouble for Bitcoin (medium.com)
TheCoop1984 writes: A blog post by ex-Bitcoin developer Mike Hearn has highlighted dysfunctional management right at the top of Bitcoin development. He says it is clear Bitcoin is on the verge of collapse, and lays out several compelling reasons why. Quoting: "What was meant to be a new, decentralized 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." Is the end of Bitcoin on the horizon?
Whew? Not yet. Anyone wanna buy my bitcoins?
I'd be happy to buy your bit coins even exchange for $1 dollar/coin. Cash!
Some drink at the fountain of knowledge. Others just gargle.
Who thinks this reads like a "Netcraft Confirms" post? Besides, Bitcoin's not going anywhere as long as folks are using it to buy drugs
Bitcoin as a unit of exchange is only worthwhile to those that aren't enthusiasts if it actually holds its value. If Bitcoin crashes, drug dealers will simply switch to a fiat currency again. It was used because it was convenient, not because it was special.
Do not look into laser with remaining eye.
If it is centralized and subject to controls similar to SWIFT wires and credit card processing, my continued existence would no longer be feasible.
Forgive me for not believing that in the slightest. Government fugitives have existed for many many years before bitcoin. I think you'd find a way of surviving. Mind you given that you seem to imply your continued existence is entirely dependent on international wire transfers I'm not entirely sure if I should be cheering for you or calling a CIA hotline.
Quite frankly humans have had no problems trading cash for centuries and if you're really having that much of a problem dealing with something other than bitcoin I suggest next time you fill out some bank paperwork and there's a checkbox saying "are you a terrorist" tick no. It'll make it easier.
Sold my stash a years ago after the big plunge.
You're doing it wrong.
"Our two-party system is like a bowl of shit looking at itself in a mirror." - Lewis Black
Their control over wire transfers between all countries with Rothschild banks is complete.
Yea, the minute someone brings up the Illuminati, I largely write them off...
The world is a bit bigger and more complex than you're suggesting. It isn't perfect, but there isn't a group of 10 people sitting around deciding it all.
The human project has been on the verge for close on to sixty million years now.
The entire Africa phase was a close-run affair, and we've been witnessing the longest, slowest improvement in recorded history ever since. Of course, the fatal wings of Armageddon flit past faster now than they once did, almost to where they have blended into a smooth hum.
In modern times, spotting "the" verge is a lot like trying to read posters affixed onto telephone poles while you're zooming past on the highway, except when you're not paying enough attention to the steering wheel causing you to subconsciously veer into the object that fixates your attention—at which point the fine print on the poster becomes momentarily all too clear.
Moral of the story: rubberneck verge spotting is not a good long term survival strategy.