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The resolution of the Bitcoin experiment

2016-01-18 17:22:48.316623+00 by Dan Lyke 3 comments

I lurk on a couple of mailing lists where people who haven't thought much about identity regularly propose "the blockchain" as a solution to identity problems. And, of course, I've also scoffed at Bitcoin, not for the concept, but because it's too unstable to work as a currency rather than a speculative investment vehicle, and because transactions don't complete fast enough to make it a reasonable payment vehicle. And that's only gotten worse recently.

Anyway, Larry​ pointed to this article on why the current path of Bitcoin is going a direction that makes it less usable: Mike Hearn: The resolution of the Bitcoin experiment

Later addendum: I'm as up for the point and laugh at Bitcoin as anyone, but here's a counter: Point-by-Point Response To Mike Hearn’s Final Bitcoin Post.

[ related topics: Weblogs Work, productivity and environment Currency Economics ]

comments in ascending chronological order (reverse):

#Comment Re: The resolution of the Bitcoin experiment made: 2016-01-19 18:16:55.857155+00 by: Ben Williams

You might be interested in Bram Cohen's response. I don't have a horse in this race but I find the debates fascinating.

#Comment Re: The resolution of the Bitcoin experiment made: 2016-01-19 18:42:55.387492+00 by: Dan Lyke

Yeah, I'd love a decent virtual currency, but I'm skeptical on Bitcoin and love to read the debates. Bram Cohen's response is... well... kind of dismissive without getting technical enough to suggest to me that he understands it as deeply as Mike Hearn went into. It's like "yeah, Mike was wrong, you should trust me on this".

And he definitely doesn't address the fears I've heard before that as soon as one party or coalition can control 50% of the mining, they can shut out any other miners...

#Comment Re: The resolution of the Bitcoin experiment made: 2016-01-19 20:56:09.962716+00 by: Dan Lyke

I like this refutation of the original: https://fixingtao.com/2016/01/...=twitter.com&utm_campaign=buffer

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