Bitcoin: Is the crypto-currency doomed?

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Oblivion
Oblivion Posts: 20,248 Forumite
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in Techie Stuff
http://www.bbc.co.uk/news/technology-35343561

"A high-profile Bitcoin developer has said the crypto-currency has failed and he will no longer take part in its development.
Mike Hearn, a Zurich-based developer and long-time proponent of Bitcoin, surprised many this weekend when he published a blog calling Bitcoin a "failed" project. "

I've never been remotely interested in using the 'currency' ... how about you?
... Dave
Happily retired and enjoying my 14th year of leisure
I am cleverly disguised as a responsible adult.
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Comments

  • bod1467
    bod1467 Posts: 15,214 Forumite
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    Me neither ... never saw the point in it.
  • Fightsback
    Fightsback Posts: 2,504 Forumite
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    A big ponzi scheme that Bernie Madoff would have been proud to put his name to.

    There are going to be a lot of mugs holding worthless electrons when this finally collapses and the only ones who are rich from it bailed out long ago.

    Never give a sucker an even break.
    Science isn't exact, it's only confidence within limits.
  • RobTang
    RobTang Posts: 1,064 Forumite
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    Fightsback wrote: »
    A big ponzi scheme that Bernie Madoff would have been proud to put his name to.

    There are going to be a lot of mugs holding worthless electrons when this finally collapses and the only ones who are rich from it bailed out long ago.

    Never give a sucker an even break.


    Ponzi schemes are very very very different and its worth not miscategorising it because you'll be less able to actually spot a real Ponzi scheme.


    Bitcoin is more like a regular speculative precious commodity, as with all speculation you take your chances. However to view it only as a speculative resource is a mistake.

    Its been quite useful in countries in currency controls where having physical alternate currency is a bit of a problem, here however anti money laundering measures make it difficult to use as a currency, although its not impossible to legally buy something with it if you happen to have some.
  • Strider590
    Strider590 Posts: 11,874 Forumite
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    The govt and their mates at the BBC have been trying their best to demonise bitcoin from the outset. Just as they did with the internet when they wanted free reign to start filtering/censoring our access to free information and then they started attacking TOR and VPNs because people were bypassing the censorship.

    Bitcoin is just money that the govt cannot tax and that's why they're doing their best to stop people using it.
    “I may not agree with you, but I will defend to the death your right to make an a** of yourself.”

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  • Fightsback
    Fightsback Posts: 2,504 Forumite
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    RobTang wrote: »
    Ponzi schemes are very very very different and its worth not miscategorising it because you'll be less able to actually spot a real Ponzi scheme..........

    In essence it is a Ponzi scheme, very much like the entire capitalist system. Those at the top are left holding the money and others (late comers) are left holding worthless bits of paper after those at the top of the tree have been paid out. Didn't credit default swaps teach you anything ?

    Fundamental economics isn't hard, it's that those in economics who like to apply pseudo-scientific jargon to differentiate essentially the same problem.

    You see in this world there's two kinds of people my friend - those with loaded guns, and those who dig. You dig. ;)
    Science isn't exact, it's only confidence within limits.
  • paddyrg
    paddyrg Posts: 13,543 Forumite
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    Bitcoin isn't really 'money' in the traditional sense, and there's no reason why it cannot be taxed - a transaction can taxable even if in any other currency or barter. The government and BBC have actually been a lot more neutral on BTC than many (including many techies).

    BTC brought us the blockchain, the technology behind which is brilliant and will likely be repurposed and developed in itself.

    A part of the problem is that people ramped it and speculated in it much as they did gold, tulips, pork bellies. That speculation and bubble caused more damage than anything else - it set unreasonable expectations, caused a lot of press for the wrong reasons, and meant people were all watching its continual slide from the unrealistic $1000+ valuations.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    paddyrg wrote: »
    BTC brought us the blockchain, the technology behind which is brilliant and will likely be repurposed and developed in itself.

    Exactly, whether Bitcoin goes belly up and a few speculators lose a lot of money isn't the key issue, it's ensuring that more research is done and applications found for the blockchain process.
  • Fightsback
    Fightsback Posts: 2,504 Forumite
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    paddyrg wrote: »
    Bitcoin isn't really 'money' in the traditional sense, and there's no reason why it cannot be taxed - a transaction can taxable even if in any other currency or barter. The government and BBC have actually been a lot more neutral on BTC than many (including many techies).

    BTC brought us the blockchain, the technology behind which is brilliant and will likely be repurposed and developed in itself.

    A part of the problem is that people ramped it and speculated in it much as they did gold, tulips, pork bellies. That speculation and bubble caused more damage than anything else - it set unreasonable expectations, caused a lot of press for the wrong reasons, and meant people were all watching its continual slide from the unrealistic $1000+ valuations.

    I agree 100% with Warren Buffett:

    "It's a method of transmitting money. It's a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view."

    Don't hold them or you will be at worst penniless and most likely out of pocket.
    Science isn't exact, it's only confidence within limits.
  • John_Gray
    John_Gray Posts: 5,824 Forumite
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    Fightsback wrote: »
    I agree 100% with Warren Buffett...
    Thank heaven for that - it will enable him to sleep easier at night!
    :rotfl:
  • Fightsback
    Fightsback Posts: 2,504 Forumite
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    John_Gray wrote: »
    Thank heaven for that - it will enable him to sleep easier at night!
    :rotfl:

    Well he needs something as your snoring keeps him awake ;)
    Science isn't exact, it's only confidence within limits.
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