These don’t sound like good days for Bitcoin. In the New York Times, Nathaniel Popper writes a long article in Sunday Business about the tribulations of British developer Mike Hearn, “A Bitcoin Believer’s Crisis of Faith”. Hearn explains his self-ouster in a piece “The resolution of the bitcoin experiment” Jan. 14.
Then in the Washington Post Vivek Rdhwa writes “R.I.P. Bitcoin, it’s time to move on”.
It would be hard to summarize Hearn’s argument any better than he can write it. A system that was supposed to be free of political control ironically fell under limitations imposed by short-term motivations of some of the players (apparently a lot of this in China, which is not our friend, as Donald says). It reminds me of a parallel paradox of social media: in the beginning, the emergence of user-generated content gave speakers unprecedented opportunity to be heard for what they had to say, and now we have morphed into a society where employers monitor social media as if it could monitor people for social conformity.
There is a lot of animosity against Hearn on YouTube.