“Satoshi Nakamoto,” The Prophet.
An archetype figure: a Santa Claus or Moses or even a Jesus-type figure. “He” came, gave us a gift (and behold! it was perfect in every way!); upon the Redemption, he was Assumed and thus disappeared. No one is sure who “he” was or if “he” really existed. Whether “he” existed at all is not important to those of The Faith. “He” has no childhood friends or contemporaries who knew “him.” All we have are “his” writings, enshrined in the Wayback Machine and conspiracy theory discussion forums. Maybe “he” really was from The Future; maybe “he” really was sent by our descendants to prevent a Greater Evil, as was foretold in multi-part Hollywood hit movie, The Terminator. Maybe The Blockchain is itself “The Skynet” as was prophesied. No one knows. But, HURRY, INVEST NOW!
tl;dr → 4500 words. The Bitcoin culture is & was corrupt. Now it is failing. The technology “doesn’t scale” anyway. The long con is folding up. Mike Hearn exits, stage left.
<quote ref=”NYT“>currently “on salary,” Andreessen Horowitz; towards Bitcoin development</quote>
<quote ref=”NYT“>R3, is developing Bitcoin-like networks for banks to enable cheaper and faster ways to trade assets of all sorts. The start-up aims to take advantage of the less-centralized record-keeping methods of Bitcoin, but still allow for someone to be in charge, to handle the software and to manage access to the system.</quote>
Think about it. If you had never heard about Bitcoin before, would you care about a payments network that:
Couldn’t move your existing money
Had wildly unpredictable fees that were high and rising fast
Allowed buyers to take back payments they’d made after walking out of shops, by simply pressing a button (if you aren’t aware of this “feature” that’s because Bitcoin was only just changed to allow it)
Is suffering large backlogs and flaky payments
… which is controlled by China
… and in which the companies and people building it were in open civil war?
I’m going to hazard a guess that the answer is no.
Some customers contacted Chris earlier today asking why our bitcoin payouts didn’t execute …
The issue is that it’s now officially impossible to depend upon the bitcoin network anymore to know when or if your payment will be transacted,because the congestion is so bad that even minor spikes in volume create dramatic changes in network conditions. To whom is it acceptable that one could wait either 60 minutes or 14 hours, chosen at random?
It’s ludicrous that people are actually writing posts on reddit claiming that there is no crisis. People were criticizing my post yesterday on the grounds that I somehow overstated the seriousness of the situation. Do these people actually use the bitcoin network to send money everyday?
a.k.a. The Good Guys, who support the block size increase, Bitcoin XT
<quote>entire datacenters were disconnected from the internet until the single XT node inside them was stopped. About a third of the nodes were attacked and removed from the internet in this way.</quote>
Satoshi Nakamoto created Bitcoin, then disappeared [not died, killed, or disavowed, but he disappeared; c.f. indeed, the Monomyth]
<quote>When Satoshi left, </quote>
2015-12 → Scaling Bitcoin, Hong Kong
2015-08 → Scaling Bitcoin, Montreal
2015-08 <quote><snip/> due to severe mismanagement, the “Bitcoin Core” project that maintains the program that runs the peer-to-peer network wasn’t going to release a version that raised the block size limit.</quote>
Search Query ‘site:economist.com, Mike Hearn’; Google
In support of the statement <quote>[Mike Hearn has] been repeatedly cited by the Economist as a Bitcoin expert and prominent developer</quote>
tl;dr → Mike Hearn is an expert.
Exhibit: A graph of the timeline 2014-10-01 → 2016-01-01
yellow, right → bytes, block sizes
blue, left → XBT, transaction value
Exhibition: 95% of bitcoin mining capacity is <quote>a handful of guys sitting on a single stage</quote>. in Hong Kong, at Scaling Bitcoin, 2015-12-06.
Source: Gavin Andresen, New York Times (NYT)
Is Bitcoin Breaking Up?; Paul Vigna; In The Wall Street Journal; (WSJ); 2016-01-17.
Teaser: Rift widening over how to deal with the size limits within the virtual currency’s ledger of transactions Mentions
Fred Wilson, Union Square Ventures
is quoted for color, background & verisimilitude
Something about how Dorian Nakamoto talks about “disk space” and “Moore’s Law” in the paper (and in real life?) so therefore he’s an old guy. And by quote, the youngs don’t utter these words any more for they are free of those concerns in the digital nativity.
“The idea of conserving any kind of resources, and this is part of my formation, my long background in systems testing, that was a critical issue. But those are very very old-time concerns. To even mention disk space, things like that — disk space is cheap! And Moore’s Law is an old maxim that computing power will double. We’ve gone exponentially away from Moore’s law, but that was what it was all about in that interim period.” attributed to Sharon Sergeant.