Mike Hearn, Bitcoin Dev: Bitcoin Had Already Failed by steem-buzz

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bitcoin · @steem-buzz · Jul 21 '17 (edited)

$4.30

Mike Hearn, Bitcoin Dev: Bitcoin Had Already Failed

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Mike Hearn on of the Bitcoin dev, quoted many times by BBS News, Sky News, The Economist and others as a Bitcoin expert wrote in a post on medium a few reasons why he thinks bitcoin is broken and even if the price goes upwards on short term, on long term is doomed to go downwards.  The main reason is that the fundamentals are broken.

He's mentioning a few reasons:
* unpredictable transaction fees that are raising fast
* companies and people building it are in civil war
* allowing buyers to take back payments(seems to be a feature pushed by the companies controlling bitcoin nodes).
* couldn't move existing money(I didn't get why he's mentioning that right now bitcoin doesn't suffer of it).
* is controlled by a few big nodes, most of them located in China. They constantly blocked Bitcoin changes and this is the reason for which Bitcoin suffers for so many problems.

The Mike is describing a few episodes from bitcoin history and how the devs were forced not to make changes and the community to know about those changes.

Useless to say Mike is leaving Bitcoin. Full post here:  https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7

👍 steem-buzz, randowhale1, randowhale, randowhalebonus, me-tarzan, maarnio, heymattsokol, greenerz, thesloth, holoz0r, cryptos, poppy.poppers, xe1on, sbrys, prodigyk, bedroomshaman, randowhaletrail, cutrahma

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@arckrai · Jul 21 '17 (edited)

It seems like there are many problems with bitcoin they are hopefully resolved in the future to keep bitcoins integrity and keep it decentralised.
Hopefully the BIP and SegWit will drastically reduce the transaction fees so that is one problem mitigated.
We'll just have to see @steem-buzz

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@garthfreeman · Jul 21 '17

$0.20

Mike sounds like a banker.

👍 garthfreeman, steem-buzz

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@steem-buzz · Jul 21 '17

I'm afraid the new bankers are not devs like him, but the big miners and pools. From what he said a few people that can fit in the room control 95% of the network. They control the bitcoins they don't own. What the bankers do?

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@garthfreeman · Jul 21 '17

$0.17

I'm not sure I understand in what sense they control bitcoins they don't own.  Sure, they mine blocks, but they cannot create demand for BTC.  If the miners decided to take everyone's BTC, the price would drop to zero and they wouldn't get squat.  

I said he sounds like a banker because he's only telling the downside of the story, not the upsides.  Sure, BTC isn't going to replace the current financial system, but it has still been successful as a store of value.  Allowing people to store value independent of the corrupt financial institutions is still a very big accomplishment.  

Not to mention that there are now multiple currencies competing to take over as a "digital cash."  The genie is out of the bottle now, and it won't be put back in.  BTC isn't going away because there's too much demand for it, and if the miners don't play it smart, the money will move into ETH, or LTC, or DASH, XMR, etc.

👍 garthfreeman

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@heymattsokol · Jul 21 '17

He's been saying this stuff for a while, but so far none of his complaints have translated to slower bitcoin growth.

The question is - does a correction/long term price correction loom, or do Mike's points simply not matter in the scheme of things?

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@randowhale · Jul 21 '17

This post received a 1.2% upvote from @randowhale thanks to @steem-buzz!  For more information, [click here](https://steemit.com/steemit/@randowhale/introducing-randowhale-will-you-get-the-100-vote-give-it-a-shot)!

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@wekkel · Jul 21 '17

And now, back to Ripple?

👍 steem-buzz

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@steem-buzz · Jul 21 '17

Not now and not ripple. I think bitcoin will rise in the next month, maybe months. Just wait and see if the nodes and pools voting for changes will hijack bitcoin. If so we need another reference coin.

Long term I'd put my money in eth and eos.

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