Re: <nettime> de Jong, Lovink, and Riemens: 10 Bitcoin Myths #ANON

[morlockelloi@yahoo.com]

Here ( 
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7 
) is a proper requiem for Bitcoin, written by the insider:

...
Why has Bitcoin failed? It has failed because the community has failed. 
What was meant to be a new, decentralized 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.
...


> Bitcoin mining is currently reduced to less than 10 operators. There is
> relatively small number of people involved, and none of these seem to have a
> standing army or a navy. How much would it cost to coerce/subvert 51% of these

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