The resolution of the Bitcoin experiment
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.61sas2ksb, posted 2016 by peter in cryptocurrency finance opinion toread
Why has Bitcoin failed? It has failed because the community has failed. What was meant to be a new, decentralised 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.