BitShares Forum
Main => General Discussion => Topic started by: James212 on September 17, 2014, 11:59:50 pm
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Interesting note. The Boston Federal Reserve, in an article today on Coindesk agreed with BitShares stating that Bitcoin Mining is flawed
http://www.coindesk.com/boston-fed-bitcoin-revolutionize-payments/ ....see section "mining process flawed" half way through the article
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The wall Street Journal also posted the story yesterday.
http://blogs.wsj.com/moneybeat/2014/09/17/bitbeat-boston-fed-sees-bitcoin-flaws-but-cryptocurrency-potential/
Paragraphs 5,6,7 are most interesting regarding their negative opinion on mining and the conclusion that in there opinion Bitcoin "will probably not survive in the long run" due to this issue. (is that why bitcoin is going down??)
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The wall Street Journal also posted the story yesterday.
http://blogs.wsj.com/moneybeat/2014/09/17/bitbeat-boston-fed-sees-bitcoin-flaws-but-cryptocurrency-potential/
Paragraphs 5,6,7 are most interesting regarding their negative opinion on mining and the conclusion that in there opinion Bitcoin "will probably not survive in the long run" due to this issue. (is that why bitcoin is going down??)
thanks for pointing out the articles! i don't think this is the reason behind current BTC weakness. "as originally designed, and especially its associated digital currency, will probably not survive in the long run." also BM pointed out repeatedly at PoW flaws. BTC devs have some time yet to react to the weaknesses, and who knows there might be other developments helping BTC in the short or medium term, while "in the long run we are all dead". still, Boston FED research sounds even more encouraging for Ripple and Bitshares!
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Hilarious that the Fed agrees with what Bytemaster has said all along about mining. So far the IRS and now the Fed agree with some of our basic beliefs about Bitcoin. B