A currency whose time of death has been called at least 93 times since its inception can’t be described as going through a volatile period. Bitcoin’s natural state is volatile, the R. Kelly of money. So when Bitcoin’s biggest investor buys the industry’s paper of record, you have to assume it will do little, oddly, to dissuade its investors/fanboys of the money’s integrity.
Leading Bitcoin news outlet CoinDesk has announced it is now the property of Digital Currency Group, the investment firm of Barry Silbert, who founded SecondMarket in 2004 to allow for private-company stock trading. Yahoo Finance reports DCG bought CoinDesk for roughly $750,000.
The announcement comes just as early adopter and developer Mike Hearn turned his back on Bitcoin, calling it an “inescapable failure” in a lengthy post at Medium:
“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