"Bitcoin is Dead" - Mike Hearn

[luckyboys]

Bitcoin Classic rolls out, and days later there is no word about it in the News Media.

Mike Hearn declares Bitcoin dead and within hours it is in the New York Times.....
http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html

Mark my words: Bitcoin is getting ready to be in a fight for it's life.

On one side are the Blockstream/Core players.  Liars, manipulators, shill, not afraid to destroy the fabric of Bitcoin with every bit of FUD they can dredge up - even if it kills bitcoin, but if they can't have total control, no one can.

On the other side you have Mike Hearn w/R3CEV/Hyperledger/Banks (AND Mainstream Media & Govt backing - don't forget that!)

We are at the start of a foot race to see who gets ready forst for the upcoming global financial meltdown. 

It's pretty clear that Bitcoin Classic will prevail in the upcoming March Fork given the huge amount of support / concensus for it.  But Blockstream seems to wat to make this a do or die fight, and they appear to be willing to destroy the good name of bitcoin if they don't get their way.  The looming battle may be the perfect backdrop of confusion and chaos for a Fiat Coin to rise from the shadows, and with the help of Gov't & Media nods - be introduced to the masses.

Fasten your seatbelts kiddies.... this is going to be a wild ride.  Right now I am betting 50% on Classic / 50% on Fiat Coin.  Current 1mb Blockstream/Core Coin not even worth mentioning in my opinion.  I see 0.001%.

When one of the most important people in Bitcoin states something like that you have to listen. I read his entire post a couple times. And I generally agree with his description of what has happened and, more importantly, what has not happened. I’m not ready to declare that Bitcoin has failed. But I’ve always viewed Bitcoin as an experiment that could fail and I still do. I personally own a material amount of Bitcoin, but in our personal asset allocation it is at the very bottom, below our wine collection. And I’m not a wine collector.

In every Bitcoin investment we’ve made at USV, and we’ve made four with multiple rounds in one, we have identified the failure of Bitcoin as a core risk element. We haven’t stopped including that in our risk factors. So we have our eyes wide open about the fragility of Bitcoin. But we also have our eyes wide open about the potential and the importance of this technology.

I personally believe we will see a fork accepted by the mining community at some point this year. And that will come with a new set of core developers and some governance about how decisions are made among that core developer team. But it could well take a massive collapse in the price of Bitcoin, breakdowns in the Bitcoin network, or worse to get there. And all of that could cause the whole house of cards to come crashing down. Anything is possible. Even the return of Satoshi to fix things as an AVC regular suggested to me in an email this morning.

The Bitcoin experiment is six years old. There has been a significant amount of venture capital investment in the Bitcoin ecosystem. There are a number of well funded companies competing to build valuable businesses on top of this technology. We are invested in at least one of them. And the competition between these various companies and their visions has played a part in the stalemate. These companies have a lot to gain or lose if Bitcoin survives or fails. So I expect that there will be some rationality, brought on by capitalist behavior, that will emerge or maybe is already emerging.

Sometimes it takes a crisis to get everyone in a room. That’s how the federal budget has been settled for many years now. And that may be how the blocksize debate gets settled to. So if we are going to have a crisis, let’s get on with it. No better time than the present.

[Bitcoinpro]

Bitcoin Classic rolls out, and days later there is no word about it in the News Media.

Mike Hearn declares Bitcoin dead and within hours it is in the New York Times.....
http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html

Mark my words: Bitcoin is getting ready to be in a fight for it's life.

On one side are the Blockstream/Core players.  Liars, manipulators, shill, not afraid to destroy the fabric of Bitcoin with every bit of FUD they can dredge up - even if it kills bitcoin, but if they can't have total control, no one can.

On the other side you have Mike Hearn w/R3CEV/Hyperledger/Banks (AND Mainstream Media & Govt backing - don't forget that!)

We are at the start of a foot race to see who gets ready forst for the upcoming global financial meltdown.  

It's pretty clear that Bitcoin Classic will prevail in the upcoming March Fork given the huge amount of support / concensus for it.  But Blockstream seems to wat to make this a do or die fight, and they appear to be willing to destroy the good name of bitcoin if they don't get their way.  The looming battle may be the perfect backdrop of confusion and chaos for a Fiat Coin to rise from the shadows, and with the help of Gov't & Media nods - be introduced to the masses.

Fasten your seatbelts kiddies.... this is going to be a wild ride.  Right now I am betting 50% on Classic / 50% on Fiat Coin.  Current 1mb Blockstream/Core Coin not even worth mentioning in my opinion.  I see 0.001%.

When one of the most important people in Bitcoin states something like that you have to listen. I read his entire post a couple times. And I generally agree with his description of what has happened and, more importantly, what has not happened. I’m not ready to declare that Bitcoin has failed. But I’ve always viewed Bitcoin as an experiment that could fail and I still do. I personally own a material amount of Bitcoin, but in our personal asset allocation it is at the very bottom, below our wine collection. And I’m not a wine collector.

In every Bitcoin investment we’ve made at USV, and we’ve made four with multiple rounds in one, we have identified the failure of Bitcoin as a core risk element. We haven’t stopped including that in our risk factors. So we have our eyes wide open about the fragility of Bitcoin. But we also have our eyes wide open about the potential and the importance of this technology.

I personally believe we will see a fork accepted by the mining community at some point this year. And that will come with a new set of core developers and some governance about how decisions are made among that core developer team. But it could well take a massive collapse in the price of Bitcoin, breakdowns in the Bitcoin network, or worse to get there. And all of that could cause the whole house of cards to come crashing down. Anything is possible. Even the return of Satoshi to fix things as an AVC regular suggested to me in an email this morning.

The Bitcoin experiment is six years old. There has been a significant amount of venture capital investment in the Bitcoin ecosystem. There are a number of well funded companies competing to build valuable businesses on top of this technology. We are invested in at least one of them. And the competition between these various companies and their visions has played a part in the stalemate. These companies have a lot to gain or lose if Bitcoin survives or fails. So I expect that there will be some rationality, brought on by capitalist behavior, that will emerge or maybe is already emerging.

Sometimes it takes a crisis to get everyone in a room. That’s how the federal budget has been settled for many years now. And that may be how the blocksize debate gets settled to. So if we are going to have a crisis, let’s get on with it. No better time than the present.

u didnt write this crap who are you working for

[hitchingAride]

for those that think bitcoin is "Dead" here is some history -> https://99bitcoins.com/bitcoinobituaries/

[Luqman]

That is just his point of view. He is not the only one controlling it, He think he have a lot. It didnt even moved that much what bitcoin price is, It is still there 380-450. Say what he want but I dont really believe him. We have our own opinions.

But people are scared of what his opinion about bitcoin, he is one of senior developer of bitcoin so his though can effect bitcoin.

[iefken]

That is just his point of view. He is not the only one controlling it, He think he have a lot. It didnt even moved that much what bitcoin price is, It is still there 380-450. Say what he want but I dont really believe him. We have our own opinions.

But people are scared of what his opinion about bitcoin, he is one of senior developer of bitcoin so his though can effect bitcoin.

The only thing this whole commotion does show, is the 'immaturity' of bitcoin/bitcoin community. Not saying that that is a bad thing, a lot of things are still possible to improve bitcoin as a stable means of payment, BUT there will always be more speculation than certainty considering the price or even the survival in general of bitcoin. As I am sure (my opinion) that bitcoin will never die (atleast not in my lifespan), I am also sure that this kind of payment system will always remain a bit 'immature' compared to USD/EUR/...

As this system makes it possible to stay completely anonymous, to make complete anonymous transactions, it will always remain somewhat in a 'dark' corner of society. Because, let's be honest, when you want a payment system to be completely anonymous, there are some things you want to be kept private. Otherwise you would not even think of coming up with something like bitcoin (do correct me if I'm wrong).

But well, all this discussion is in fact just speculation aswell. If tomorrow WW3 commences (if it has not already), what will happen then? Don't think bitcoin will be a profitable means of payment when nobody has got a way to access them. And I know, if ... if... if ...

It is a fact that alot of criminal activity goes along with anonymous payments, but would that be a reason to banish bitcoin? The criminal activities would just adopt, as they always will. As long as there are people profiting of these activities, there will be means to make them possible.

As for Mike Hearn's statement, everyone has a right to his own opinion, and as you said, if one of the senior developers publicly claims to have lost trust in 'his' system, then it is normal for people to start wondering or even panicking (immaturity, once again) about the investment(s) they made. But as with everything in life, profit and risk go hand in hand, so if youre not willing to risk any of your preciously earned money, then put them in your safebox at home. No money is ever truly safe. You just have to make out for yourself whether the risks are worth the (possible) earnings.

We'll see where this goes, and I think the next milestones that will happen are the following: increase of blocksize, and the halving of mining revenue. Not sure when these will happen exactly (and too lazy to check atm) but I do think we will have gone through some decent price changes in 4-6 months from now when these events have passed.

Nobody can force anyone to believe or vouch for anything other than he would like himself, but I am sticking to the bitcoin society for a while (I am still quiet the noob at the moment in the btc world so I too will have to see what will or will not happen). But I do like the idea behind bitcoin. And in the end, that's what counts, no?

[hv_]

To put it short:

Mike really tried to fix bitcoin's biggest issues:

 Scalability & Dezentralization

So he saw it's not really easy to do and some say it is impossible (and so no consensus will be ever found) ...

R3 has same issues ( I suppose ) - but now listens to him & pay.

Done!

[gravitate]

I wonder if ETH will reach the price of Bitcoin.

[IgnorantBitCoin]

Follow the world economy, when world economy coming down Bitcoin rises and vice verse. Note that Jan-14 the economy was glad of an oil rise and other details. Bitcoin is a place where investors go when the economy is bad, but fled as soon as the economy improves.

[pneumatic5]

He was wrong...

Bitcoin is clearly still going strong

Yeah, he is totally wrong, bitcoin is getting more and more popular so there are no chances that it will be dead sooner or latter, bitcoin is here to survive and it will survive for many years, negative news will not have any impact on the life of bitcoins.

[IgnorantBitCoin]

This is daily variation. confirm this: Today the world economy was not good, tomorrow Bitcoin show a trend up


understand: if Bitcoin to be weak would not be a viable escape for days of bad economy . When the economy improves , exist something better than Bitcoin to invest.

[BlindMayorBitcorn]

This is daily variation. confirm this: Today the world economy was not good, tomorrow Bitcoin show a trend up

You have a funny user name.

[Minecache]

I wonder if ETH will reach the price of Bitcoin.

Worth hedging your bets.

[IgnorantBitCoin]

This is daily variation. confirm this: Today the world economy was not good, tomorrow Bitcoin show a trend up


understand: if Bitcoin to be weak would not be a viable escape for days of bad economy . When the economy improves , exist something better than Bitcoin to invest.

Realized that 9-Feb the bitcoin started at $ 377 and ended the day at $ 379 ? Bad day for the world economy , Increases Bitcoin value .

[hv_]

I wonder if ETH will reach the price of Bitcoin.

In terms of fiat- sure, some day....

[mtnsaa]

Hearn's statement is still completely valid in many points and we as bitcoiners should not lose our cool mind just because it went up a couple of dollars. Adoption from the mainstream is terrible and we still have the same issues. What I didn't agree with Hearn is that Bitcoin was done, I think Bitcoin has a lot of upside as a storage of wealth (and I think this was the original idea) and not as a payment system. If Bitcoin continues to prove year after year that it's safe and works, that's not a small thing. It means it can truly become virtual gold for our current generation.

[the_poet]

[Buffer Overflow]

I love a classic "Bitcoin is dead" thread. 

[hv_]

It is... but the price is very high.

[the_poet]

This thread should never fall into oblivion

[FabioDelcatto]

Bitcoin isnt bad and that is bad to see that there are a lot of people that is saying that and to see that there are a lot if people that is negative about the Bitcoin.
People that have already Bitcoin must just to wait for a higher value and they must know that it can takes a long time until the value will be higher.