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Random Discussion / Re: Mike Hearn:Why has Bitcoin failed?
« on: January 15, 2016, 04:44:29 am »why has every negative prediction about Bitcoin failed , including "pow is waste" ?
because .... Bitcoin is not about transaction time , cost , etc . It's about the price/marketcap . When the price is high enough , people will find solution to go around that . Gold production is toxic to the environment , and human still support gold because the cost will also be enormous otherwise .
I'll say this . Bitcoin as a crypto may never fail , because it's a perfect object for capital . And capital always beats words and text and logical reasons .
(Woman pay high price for a handbag is weird and il-logical , but who cares ? capital already convinced them they should have one . )
"Bitcoin has no future whilst it’s controlled by fewer than 10 people."be practical . Not a lot of Chinese people will like to be exposed to a crypto token that's rely on several people(I'm referring to those who give people the impression that if they walk away and BTS will go to zero ) to keep it running , or lack of liquidity .
It's a fun experiment .
Soooo when it's about Bitshares, the core devs are a problem and nobody wants to be exposed. When it's about Bitcoin though, the core devs don't matter.. all the problems don't matter.. its perfect object for capital.. whatever that means.
you'll know what it means when BTS has 0.00001 second conformation time while people still choose to hold bitcoin regardless of how many flaw it has .
bitcoin devs don't matter because bitcoin's value was never coming from the development . It come from the capital . The capital picked up a software/protocol and convinced people that's gold .
"Hot money follows hot investments until it doesn't"
What you are describing is the formation of a bubble... bubble can last for a long time, but they all end eventually. Then that hot money has to search for a new bubble to blow (here's to hoping its BTS).
for the captial, currenlty crypto world is a nice place to blow the bubble. and seems now it's far from the bubble brust.
after all, this is a game about money. we imagine that the problem can be solved by crypto in fact is not so urgent but it's a perfect chance to boast of a good vision to the people.