The Emperor Has No Clothes

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The leading bitcoin client and its developers have failed to prevent the stalling of bitcoin's growth, failed to prevent the network from becoming expensive, unreliable and non-inclusive. Fees and average confirmation times are up many times over one year, and only large transactions are worth sending. It is time to call it like it is. Bitcoin is failing at handling increasing interest and is at risk of irrelevance.

The only saving grace of bitcoin is its first-mover advantage, but it will be eroded if it does not work for users and businesses any more.

It is not too late. While the network and the protocol are (and ought to be) leaderless and permissionless, the humans operating the network are still influenced by the leaders. If they do not want to do the job of promoting growth, reliability and universal access to bitcoin, another network will step up to the challenge.

To the people who say this is alarmist nonsense, that the sky is not falling, I agree. This is more like boiling the frog than the sky falling. Our time is not up, but it is about to run out.

submitted by /u/insanityzwolf
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247 Bitcoin

Bitcoin News Search

1 News - 247 News - 247 Bitcoin - 1 Search


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