Distributed Ledgers Part I: Bitcoin is dead

“What awaits us is never what we were awaiting” French Fintech Investor, circa July 2015, Washington DC.

I uttered the words “Bitcoin is Dead” at FintechStage in Barcelona a few months ago, see previous post here. Strong words for a non-techie who has a limited understanding of the subtleties of all things crypto. BTW, this is your cue to mock me.

Other than the pure pleasure of shock and awe and the weak ego driven desire to win an Oxford debate, what possessed me to utter such words and what exactly do I mean by these words.

Let me clarify.

First, I am in awe at whoever came up with Bitcoin. Simply brilliant in its simplicity and theory. Second I wish the currency itself was less volatile and the protocol tweaked so the blockchain could deliver on its promises. Third, I never lose sight of the facts, see my previous post of First Principles, here.

And the facts are:
– Although proof of work is the best there is out there crypto-security wise, it is very energy intensive and not optimized to scale. It is a massively inefficient protocol by design. Further the forward state of the Bitcoin blockchain, even if using proof of work,

Read more ... source: Bitcoin Warrior