Forking Bitcoin

Bitcoin might well still be the currency of choice for criminals, be it cyber or ordinary.There’s no telling how long this will be the case, however. Strange things seem to be happening, trouble is afoot and Bitcoin is doomed. Or is it? Mike Hearn most definitely thinks it is, or at least thought so last January: ‘The resolution of the Bitcoin experiment‘.

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.

In his conclusion he says:

Bitcoin has entered exceptionally dangerous waters. Previous crises, like the bankruptcy of Mt Gox, were all to do with the services and companies that sprung up around the ecosystem. But this one is different: it is a crisis of the core system, the block chain itself.

As is often the case when people try to leave a religion, Mike Hearn came in for severe critisism: ‘Mike Hearn “Bitcoin is dead” coverage fails to note that he’s a paid shill for Blockchain company R3‘.

For normal people, who are not interested in the internal squabbles of the Church of Bitcoin, it’s only marginally interesting, if at all. Forking Bitcoin and creating Bitcoin XT, Bitcoin Classic and Bitcoin Zero is no more than a rearguard battle in a war that’s already been lost, but only if you concede there was a war in the first place.

3-05-2016 10.18 | Door: Fish Finger P. (with a P that stands for Plastered) | Categorie: China, Gekte en oplichterij, IP-vanger en aanverwant, Loggers gelogd, Techniek

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