Bitcoin has a governance problem, no matter who created it

As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency’s lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.

The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin – which allows users to move money across the world quickly and anonymously – but then said on Thursday he could not provide further evidence to back this up.

Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him.

Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto “doesn’t, and shouldn’t, matter”.

“Satoshi’s biggest achievement was to create a system that doesn’t require his participation to run,” said Peter Todd, one of bitcoin’s core software developers. “That’s what makes all this stuff kind of funny. It’s like searching for the creator of a system that’s designed not to require

Read more ... source: TheBitcoinNews