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Invasor
Moderator
Posts: 7638
Location: On the road
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 Posted: Fri, 15th Jan 2016 17:31 Post subject: Is Bitcoin on the verge of collapse? |
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| Quote: | I’ve spent more than 5 years being a Bitcoin developer. The software I’ve written has been used by millions of users, hundreds of developers, and the talks I’ve given have led directly to the creation of several startups. I’ve talked about Bitcoin on Sky TV and BBC News. I have been repeatedly cited by the Economist as a Bitcoin expert and prominent developer. I have explained Bitcoin to the SEC, to bankers and to ordinary people I met at cafes.
From the start, I’ve always said the same thing: Bitcoin is an experiment and like all experiments, it can fail. So don’t invest what you can’t afford to lose. I’ve said this in interviews, on stage at conferences, and over email. So have other well known developers like Gavin Andresen and Jeff Garzik.
But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly. The fundamentals are broken and whatever happens to the price in the short term, the long term trend should probably be downwards. I will no longer be taking part in Bitcoin development and have sold all my coins.
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.
Think about it. If you had never heard about Bitcoin before, would you care about a payments network that:
Couldn’t move your existing money
Had wildly unpredictable fees that were high and rising fast
Allowed buyers to take back payments they’d made after walking out of shops, by simply pressing a button (if you aren’t aware of this “feature” that’s because Bitcoin was only just changed to allow it)
Is suffering large backlogs and flaky payments
… which is controlled by China
… and in which the companies and people building it were in open civil war?
I’m going to hazard a guess that the answer is no.
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https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.5y7unxlxt
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| Posted: Fri, 15th Jan 2016 17:42 Post subject: |
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I know practically nothing about Bitcoin. But I had seen the news of that chinese company getting hacked or whatever and people lost millions, right? Could that have happened with a legit bank?
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| Posted: Fri, 15th Jan 2016 19:48 Post subject: |
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| VGAdeadcafe wrote: | | I know practically nothing about Bitcoin. But I had seen the news of that chinese company getting hacked or whatever and people lost millions, right? Could that have happened with a legit bank? |
yes, sure, it happened on an even bigger scale with real banks in 2008. until today many people worldwide, many EU countries still suffer from the financial heist which was carefully executed by mobsters in white suits and ties back then.
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| Posted: Fri, 15th Jan 2016 20:24 Post subject: |
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I guess it was a great scheme for rich people, with money to buy supercomputers, to get even richer during the hype period.
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Morphineus
VIP Member
Posts: 24883
Location: Sweden
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| Posted: Fri, 15th Jan 2016 21:46 Post subject: |
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Well it set out to do what it needed to do: get some chosen few to make some good bucks and now it's time to toss it and create something new. 
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| Posted: Sun, 17th Jan 2016 03:50 Post subject: |
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| VGAdeadcafe wrote: | | Could that have happened with a legit bank? |
If it can be programmed or made, it can be undone. Nothing's safe. The difference here is banks and shit are usually insured by the government.
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garus
VIP Member
Posts: 34200
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| Posted: Mon, 18th Jan 2016 11:19 Post subject: |
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snip
Last edited by garus on Tue, 27th Aug 2024 21:37; edited 1 time in total
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| Posted: Mon, 18th Jan 2016 14:52 Post subject: |
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Well, friend of mine bought into this very early, started farming and ended up with a rather large 11000 eur profit.
Clown Fiesta
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garus
VIP Member
Posts: 34200
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| Posted: Mon, 18th Jan 2016 15:03 Post subject: |
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