Bitcoin is in trouble. What’s the matter? We can answer that: the matter is that there is a flaw affecting Bitcoin and threatening to shut down the entire business.
The digital currency system is being used as a publishing tool that can spread Wikileaks cables and pedophile porn links through Bitcoin’s block chain. This chain is constituted by several random transmission channels that generate a huge database able to store data forever. And by data, we mean illegal content or spam that is then sent to other users.
Some bad guys are exploiting this flaw and this isn’t pleasing several governments that can take the ultimate decision.
The question that remains is this: can Bitcoin repair this flaw and carry on or it will only get worse? To get an answer, the blog Global Guerrillas contacted Jeff Garzik, from the Bitcoin software team, and the general conclusion is that it’s virtually impossible to prevent the use of Bitcoin as a data storage.
One of the main problems is that the Bitcoin community is completely anti-censorship, but they might change their mind if spam or illegal content started threatening Bitcoin’s life.
So, something else has to change. Otherwise, we can end up without Bitcoins. After getting used to it, could we survive?