Probably You have read Mike Hearn <https://medium.com/@octskyward> last
post by now, but here it is once more for fresh insight

I would say he is slightly pessimistic
But what is reply to my local LHV bank here who want to get updates on
solid bitcoin future? ?
As it is like last our country own bank, would not wanna let anyone screw
them over.

How is the solutions and what he wrote is something that was told to be
impossible (and on what, was people warned few years ago..)

So what are hes most true points to worry about ?
When we will have complete power to shut of anyone we want and hang them
who stops truth about what is needed to be done.. what Would You Do?




*Here is picks from long post:*
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7


"In the span of only about eight months, Bitcoin has gone from being a
transparent and open community to one that is dominated by rampant
censorship and attacks on bitcoiners by other bitcoiners. This
transformation is by far the most appalling thing I have ever seen, and the
result is that I no longer feel comfortable being associated with the
Bitcoin community."

"From the start, I’ve always said the same thing: Bitcoin is an experiment
and like all experiments, it can fail. So don’t invest what you can’t
afford to lose. I’ve said this in interviews, on stage at conferences, and
over email. So have other well known developers like Gavin Andresen and
Jeff Garzik."

"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."


"In other cases, 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.
Worse, the mining pool that had been offering BIP101 was also attacked and
forced to stop. The message was clear: anyone who supported bigger blocks,
or even allowed other people to vote for them, would be assaulted.
The attackers are still out there. When Coinbase, months after the launch,
announced they had finally lost patience with Core and would run XT, they
too were forced offline for a while."


"Bogus conferences
Despite the DoS attacks and censorship, XT was gaining momentum. That posed
a threat to Core, so a few of its developers decided to organise a series
of conferences named “Scaling Bitcoin”: one in August and one in December.
The goal, it was claimed, was to reach “consensus” on what should be done.
Everyone likes a consensus of experts, don’t they?
The fact that the first conference actually banned discussion of concrete
proposals didn’t help."

"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."

"In case you haven’t been keeping up with Bitcoin, here is how the network
looks as of January 2016.
The block chain is full. You may wonder how it is possible for what is
essentially a series of files to be “full”. The answer is that an entirely
artificial capacity cap of one megabyte per block, put in place as a
temporary kludge a long time ago, has not been removed and as a result the
network’s capacity is now almost completely exhausted."

"You may have read that the limit is 7 payments per second. That’s an old
figure from 2011 and Bitcoin transactions got a lot more complex since
then, so the true figure is a lot lower."

"At a stroke, this makes using Bitcoin useless for actually buying things,
as you’d have to wait for a buyer’s transaction to appear in the block
chain … which from now on can take hours rather than minutes, due to the
congestion.
Core’s reasoning for why this is OK goes like this: it’s no big loss
because if you hadn’t been waiting for a block before, there was a
theoretical risk of payment fraud, which means you weren’t using Bitcoin
properly. Thus, making that risk a 100% certainty doesn’t really change
anything.
In other words, they don’t recognise that risk management exists and so
perceive this change as zero cost"


"If that didn’t convince you Bitcoin has serious problems, nothing will.
How many people would think bitcoins are worth hundreds of dollars each
when you soon won’t be able to use them in actual shops?"


"Conclusions
Bitcoin has entered exceptionally dangerous waters. Previous crises, like
the bankruptcy of Mt Gox, were all to do with the services and companies
that sprung up around the ecosystem. But this one is different: it is a
crisis of the core system, the block chain itself.
More fundamentally, it is a crisis that reflects deep philosophical
differences in how people view the world: either as one that should be
ruled by a “consensus of experts”, or through ordinary people picking
whatever policies make sense to them.
Even if a new team was built to replace Bitcoin Core, the problem of mining
power being concentrated behind the Great Firewall would remain. Bitcoin
has no future whilst it’s controlled by fewer than 10 people. And there’s
no solution in sight for this problem: nobody even has any suggestions. For
a community that has always worried about the block chain being taken over
by an oppressive government, it is a rich irony."



In article the links also, and rest of it..



On Sat, Oct 31, 2015 at 4:36 AM, odinn <odinn.cyberguerrilla@???>
wrote:

> Mike Hearn








Armastusega,
Margus