Mike Hearn:Why has Bitcoin failed?

[yvv]

The issue is that it’s now officially impossible to depend upon the bitcoin network anymore to know when or if your payment will be transacted, because the congestion is so bad that even minor spikes in volume create dramatic changes in network conditions

That's great. This means that I can't withdraw my funds from bitshares in reliable way. I can't deposit in reliable way either. Where are those fiat ramps?

[Empirical1.2]

It's pretty much true obviously, but he's been saying it/talking down BTC for ages.

Here he is telling Max Wright similar stuff 16 months ago.

https://www.cryptocoinsnews.com/bitcoin-really-fragile-bitcoin-core-developer-mike-hearn/

Let's get Mike to code for BitShares 

I assume he's a developer on 'Decred', the new crypto-currency Bitcoin developers are creating that pays 10% of each block subsidy to a development organization.

[mike623317]

Let's get Mike to code for BitShares 

 Told you that you were on FIRE  

[Akado]

wow. Thats a stunning read.

I enjoyed it too. Im not too deep into Bitcoin polemics and politics atm but if what he said is true then things definitely don't look any good. How can they expect Paypal (upvoted on r/bitcoin atm) to use bitcoin when transaction might take indefinite time to be confirmed + the potential of reverting transactions lol doesn't even make sense.

Let's get Mike to code for BitShares 

[mike623317]

wow. Thats a stunning read.

[Akado]

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.

https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.uygu5tg3v

    Some customers contacted Chris earlier today asking why our bitcoin payouts didn’t execute …

    The issue is that it’s now officially impossible to depend upon the bitcoin network anymore to know when or if your payment will be transacted, because the congestion is so bad that even minor spikes in volume create dramatic changes in network conditions. To whom is it acceptable that one could wait either 60 minutes or 14 hours, chosen at random?