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Bitcoin disagreements

Despite the high sounding rhetoric about preventing fraud and conflict, It appears that Bitcoin is suffering the human problem. Luboš Motl: Uro, the ultimate virtual cryptocurrency.  

The Bitcoin’s ledger, tens of gigabytes, is too long and some people disagreed with each other so it’s likely that the currency will split into two, Bitcoin and Bitcoin cash, on August 1st. You may keep your Bitcoins happily and wait to see whether they become the more valuable among the two or the worthless one. Good luck! A similar, “real” test will arrive on November.

Handling growth is a problem and Motl provides a parody. He summarizes”

More seriously, the purpose of this exercise was to show that the fans of cryptocurrencies as a solution to anything who see nothing wrong about the chaotic growth of the “value” are just communists who don’t distinguish – and don’t want to distinguish – someone’s being wealthy from his being poor in the real terms. People who believe that the wealth may be created out of thin air – because most of them are Millennials who got their money without any efforts and they think that it’s normal and it’s how the world economy may work and should work. The Bitcoin movement is a branch of hardcore communism defended by spoiled kids.

Some may thing it’s the greatest thing since Pacioli but then again, some may be a bit blinded by the flash. Such fantasies are only possible by those who can afford them.