The resolution of the Bitcoin experiment
medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.dnffaextz
From the page
Saved with the link. Notes from 2007 to 2016 are mostly the page's own words, so this is probably an excerpt.
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.