The Resolution of the Bitcoin Experiment — A Rebuttal to Mike’s Lengthy Obituary

The resolution of the Bitcoin experiment by Mike Hearn is a lengthy funerary diatribe on his failed view of the most important and most successful financial technology experiment in history.

In short, the Bitcoin experiment has just begun, and it does have challenges. To say the least, Bitcoin has its ups and downs — BIG ups and downs! Because Bitcoin is open architecture with unlimited programmers who have stake in Bitcoin’s value, the challenges have been, and will continue to be resolved. I have no doubt that Mike feels that Bitcoin failed him in his views at this time. Much of the technical information that he provides, and some of the political views are very helpful to foster the improvement of Bitcoin. Mike sold his Bitcoin, and no doubt would like the rest of us to join is pessimistic views. For the rest of the world, however, the Bitcoin roller coaster ride is just beginning.

First of all, I follow many of the great leaders of Bitcoin, Satoshi Nakamoto, Gavin Andreson, Andreas Antonopoulos, Andreas Antonopolous and many others. Mike is not a Bitcoin guru.

Bitcoin is the internet of money, and it is simply not true that a tiny handful of people control Bitcoin. Bitcoin is getting more pervasive and more diversified every day. Just because some Chinese entrepreneurs have been more entrepreneurial than the rest of the world recently does not mean that China controls Bitcoin. China’s infractructure is still largely dilapidated and otherwise stymied compared to many countries. China will face greater hurdles in the next few years as its ruse of the most powerful powerhouse economy is currently deflating down to its alter ego of paper tiger.

The mechanisms of improvement for Bitcoin have not broken down. Bitcoin is already beginning to affect Wall Street in many ways.

Bitcoin can and alreay does move money between individuals, businesses and across borders with the lowest price, most security, greatest privacy and fastest speed. Fees are low, and yes, unpredictable as most humans are not good at predicting anything.

Buyers should not necessarily always be able to take back payments without the permission of the payment receiver. Bitcoin already facilitates refunds just fine like cash does, but improvements in refunds are already on the slate. Growing pains are expected and should always be expected. Some of them may occasionally affect speed and performance.

China does not constrol Bitcoin. Americans control it in many ways, including Gavin Andresen and others who hold the most powerful development keys. Satoshi Nakamoto controls the largest pile of Bitcoin. He is probably not Chinese.

The blockchain is not full. Transactions are being processed at this moment. More transactions are getting processed every day. Mike is obviously exhausted, but Bitcoin capacity is absolutely not exhausted. The bitcoin network is the largest distributed computing network in the world, and it is growing extremely fast every day. While Mike gives some very helpful information and criticism on how Bitcon can impr0ve, the improvements can and will be done rapidly when necessary and when they are to the advantage of the majority of Bitcoin users.

Bitcoin is very open to the public. We can see it, hear it and, best of all, own it!

See the creation and management of the Bitcoin open architecture:

See diverse worldwide developers improving Bitcoin continuously:
https://www.youtube.com/watch?v=cVGEbtIBxIE

Bitcoin wallet users grow every day:
https://blockchain.info/charts/my-wallet-n-users

Bitcoin value growth surpasses nearly anything else in history:
https://blockchain.info/charts/market-price?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

What Mike said is true that Bitcoin has entered exceptionally dangerous waters. But it entered dangerous waters a long time ago, as soon as it was invented. Bitcoin is so powerful, so alluring and so predictable in so many ways, yet the people using it are so unpredictable. Bitcoin and blockchain power, combined with unpredictible humans who use them, are likely to create the greatest combination of financial windfall and upheaval since Tulip Mania. It will likely surpass Tulip Mania by far, and on a global scale. The blockchain ledger power will weaken and possibly topple government controls. It could even cause World War 3.

Thank you for your work and your input Mike! Best Wishes!

In the mean time, the rest of us have a lot of work to do to implement the power of Bitcoin while mitigating its powerful negative side.