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Bitcoin Plunge Exposes a Fundamental Flaw
- thisisit 9y agoI am confused - What is the flaw exactly? Voting through mining hashrates has been the hallmark feature of cryptocurrencies - the "decentralized" network.
- sillysaurus3 9y agoThe flaw is that people are nervous their basis for wealth is tied to a democratized system. There's never been anything like it in history. Maybe it will prove to be a strength. But the BTC/BCH war makes it less than clear. If your net worth can evaporate overnight, people are inherently less trusting of the system. It's a nice tulip farm though. I think it will top out in the 5 digit range.
- jfoutz 9y ago> The flaw is that people are nervous their basis for wealth is tied to a democratized system. There's never been anything like it in history. Isn’t stock like this? Shares get votes and stuff. Or maybe you’re being ironic?
- chatman 9y agoLol, people from Citi and ING are cited as experts. ;-) Big financial corporations are threatened by Bitcoins.
- chatman 9y agoIts like people from energy companies being interviewed as experts on solar energy.
- _nalply 9y agoIt's not mentioned in the article, but one flaw is that it makes a 51% attack easier. If many miners switch to BCH then it takes one big mining pool to get above 51%. And then what?
- bmcusick 9y agoWeaknesses identified by Bloomberg: [1] It's decentralized; there's no CEO [2] It's open source software people can copy [3] It's subject to competition from new coins Ha ha ha. These are only problems to institutional people who are investing in Bitcoin as an asset. For people who want a decentralized, censorship resistant medium of exchange, these are all features.