Joi Ito: Why I’m Worried About Bitcoin and the Blockchain

Joichi Ito is the Director of the MIT Media Lab and Chairman of the Board of PureTech Health. He is on the board of the Sony Corporation, The New York Times Company and others, and has created Internet companies including PSINet Japan, Digital Garage and Infoseek Japan. 

In this opinion piece, Ito looks at the current state of the bitcoin and the blockchain, calling for unity and collaboration amid an uncertain time for the industry.

rope, tension

In a previous post, I wrote that I believe the blockchain has the potential to be as disruptive – and unlock as much opportunity and innovation – as the Internet, and that it could become a ubiquitous, interoperable, reliable, low-cost network for transactions of various kinds.

But along with that enormous potential, the blockchain also faces challenges that are similar to, but in many ways very different from, what we had and continue to have with the Internet and the Open Web.

I’m worried about the current situation of bitcoin and the blockchain.

Partially driven by the over-investment in the space, and partially by the fact that bitcoin is much more about money than the Internet ever was,

Read more ... source: TheBitcoinNews