morlockelloi on Fri, 15 Jan 2016 04:29:04 +0100 (CET)

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

Here ( ) 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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