Many of the inventions we take for granted today were once silent revolutions. Remember how much smartphones have altered our way of life and work. People used to be gone as they left the office because a telephone was attached to a spot rather than an individual. Global nomads are now launching new companies directly from their tablets. To think that smartphones have only been available for a decade.
Another silent movement is underway: blockchain, a distributed ledger that keeps track of a constantly growing collection of organized documents known as “blocks.” …
It has failed because the community has failed. What was supposed to be a modern, decentralized type of money stripped of “systemically significant institutions” and “too large to fail” has devolved into something much worse: a system entirely dominated by a small group of people. Worse, the network is on the verge of technological failure. The processes that should have stopped it from happening
The processes that should have avoided this outcome have broken down, and as a result there’s no longer any reason to believe Bitcoin would potentially be better than the current financial system.