Published on November 14th, 2017 | by bitcoin0
Bitcoin Plummets Exposing Basic Flaw
Already, Bitcoin mines stacked high with customized machines whir away in Inner Mongolia, hinting at the crypto-currency’s “Mad Max” problem, as ING’s Teunis Brosens puts it.
But this is a problem only as long as people are desperate for new Bitcoin, and only as long as its rules remain fixed.
Although Bitcoin was designed to be a functional payments network, it has failed to live up to those expectations.
Given the obstacles to spending Bitcoin like a currency, the incentive has been to hoard it like a commodity.
Bitcoin remains Bitcoin.