Bitcoin Obituaries

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..

Nick walks Ben through what exactly Bitcoin is, answering whether the platform is really a financial opportunity of historic proportions, the massive criminal problem law enforcement officials have suggested, or something else entirely: a waste of everyone’s time and money. He also outlines some of the design flaws he sees in Bitcoin and why those flaws, which many in the Bitcoin..

So spare a thought for the companies scrabbling to jump off the bitcoin ship before it sinks. The currency’s value has been static for months (except for a brief boom and bust in early November when it was caught up in a Chinese ponzi scheme), but perhaps more damningly still, the hype has all but..

Bitcoin is a non-thing. It will never be able to have an independent, sovereign value on its own, because it is a non-thing, just like all currencies in the world today are non-things, including the (temporarily) Almighty Dollar, which became an absolute non-thing precisely on Sunday, August 15, 1971. The creators and promoters of the..

Intuitively, bitcoin’s shortcomings as a currency thus far would stem from issues like the absence of government backing, low interest from the broader public and high volatility. Weber approached it from a different angle, essentially saying that bitcoin cannot by printed by governments in times of need- a morally repugnant notion for many hardline Bitcoiners…

Although Bitcoin prices moved above $400.00 this week, another crash in the Bitcoin market is on the horizon. Investors are getting bullish on Bitcoin this week, but the reasons make no sense. In fact, the entire premise of Bitcoin mining is deeply flawed…. No merchant will risk accepting Bitcoin if it can’t be transferred back..

Speaking at the Fortune Global Forum, Dimon said people were wasting their time with digital currencies such as bitcoin. He added: “This is my personal opinion, there will be no real, non-controlled currency in the world. There is no government that’s going to put up with it for long … there will be no currency..

“I’ll be surprised if bitcoin is here in five years,” he has told Fortune. “The value of bitcoin isn’t the currency, but the technology. I think once the world becomes more accustomed and attuned to the platform of bitcoin, the noise will go away, and the currency will go away too. The real transformation is the..

“The main thing is that bitcoin network spends much more resources (electricity, hardware, human efforts) per transaction than current centralized systems,” Maclin wrote. “Bitcoin exists now, because of bubble-ponzi scheme.” source

Fortunately, it’s unlikely that Bitcoin will survive long enough to generate the environmental disaster that would arise if it became a major part of the financial system. The same design feature that requires the use of so much electricity is the fatal flaw in Bitcoin as a currency. source

It does not solve a single problem that anyone, anywhere has – unless you are a criminal and need an anonymous currency to pay or be paid. That is bitcoin’s most prevailing use case. It’s not a substitute for cash digitally, and it’s not a solution for developing economies. There is no business case anywhere..

After analyzing the facts, it becomes apparent that Bitcoin is not destined to grow and mature beyond what it is today. Without a major overhaul of Bitcoin’s system and values, it is naïve to think that there will be widespread adoption. There are too many inherent problems and general complexities with the currency for it..