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The bitcoin 1.0 experiment is over. Originally posted 1 Apr 2016 by
But here, I will argue and most probably you will agree that bitcoin and the related technologies are not an experiment any more than HTML or TCP/IP were an experiment. Just like first webpages looked quite ugly, presently bitcoin is at a similar position. Such technologies point towards the future, but we are letting the future to be controlled by the ones who will be the quickest to destroy it.
Death by Distraction: Revolut, Transferwise and banks with the “blockchain-like contracts” are consuming the oxygen that is necessary to move forward with true Internet of Value. As we people are talking about block size and about different issues, some powers are mercilessly and quickly tearing in to everything which we’ve worked hard to create.
We have watched the industry move from great optimism towards a world in which huge banks pay the lip service to Satoshi Nakamoto (bitcoin creator) even as these banks strip out best parts of the work done by Satoshi Nakamoto for themselves and leave uncertainty for those idiots who still think of bitcoin as a currency.
Also, the incumbent FinTech plays have joined hands with the banks and are trying to replicate the benefits of bitcoin through the financial trickery.
False Hopes: In all this mess, there are bitcoin 1.0 companies. These are the dozens of different startups that are simply different crypto wallets. Basically these are the software layers which allow the companies to go around the regulations by claiming to be the software solutions. Simply Crap. These companies should put up or they should simply shut up.
To sum it up, there are banks trying to steal the ideas and there are the nervous CEOs refusing to release real products which can be used by humans. The old time bitcoin companies are shouting out loud in order to get the focus of the world even as they are fumbling with the general adoption of bitcoin.
The question is why are we allowing them? I am all in support of a happy cooperation between bitcoin and the existing financial institutions. This is of vital importance in order to move forward.
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