The resolution of the Bitcoin experiment

#1
The resolution of the Bitcoin experiment - Mike Hearn
The resolution of the Bitcoin experiment
"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 explained at link.

I was surprised to learn:
"the block chain is controlled by Chinese miners, just two of whom control more than 50% of the hash power. At a recent conference over 95% of hashing power was controlled by a handful of guys sitting on a single stage. The miners are not allowing the block chain to grow."
 
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#2
Hi Jim, as they say 'you shouldn't believe everything you hear'. I don't trust Mr Hearns to be unbiased after his XT bid was overturned, but good luck to him in his new role advising a consortium of bankers how to incorporate the blockchain into their backend ops. I shall be disappointed if bitcoin ceases to be borderless P2P money and becomes just a tool for mainstream finance to reduce their costs. As can be seen there is a battle going on to denigrate bitcoin whilst subsuming the technology.