Why has Bitcoin failed? It has failed because the community has failed. What was meant to be a new, decentralised form of money that lacked “systemically important institutions” and “too big to fail” has become something even worse: a system completely controlled by just a handful of people. Worse still, the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system.
Mike Hearn
A protocol pretending to be a currency while not actually meeting the economical requirements, an experiment shunning proper decision structures in favor of anarchy and short-term interests – is there any wonder it stands at the brink of collapse?
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