bitcoin

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AARP definition of Bitcoin.Cartoon about Bitcoin, patient and doctor, doctor says:“Insomnia eh? Have you tried listening to a guy try to explain Bitcoin?”

bitcoin is something that does not actually exist, what does exist is a 2-bits coin, AKA a quarter, worth 25¢.

Criticism

Monoculture

From https://twitter.com/patio11/status/682663933941952512 via Ben Werdmüller

[@patio11] Bitcoin is a single C++ codebase, Bitcoin core, not a protocol that anyone can independently interoperate with. It's IE6, not HTTP.

Numerous unresolvable scaling issues

See:

Related:

Spambots

Casual mention of Bitcoin on social media bring out the spam bots in force

Mining Wastes Electricity At Loss

Quotes from https://pthree.org/2016/01/30/bitcoin-mining-rate-and-waste/ tweeted:

"$609 spent on electricity per Bitcoin mined. Bitcoin is currently trading at $376/BTC"
[1]
So, according to those numbers, unless using renewable energy, cheaper electricity, or Bitcoin trading goes north of $610 USB/BTC mining for Bitcoin is a net loss. This comes at the expense of 1.3 million pounds of CO2 released into the atmosphere every hour.
[2]
"I would argue that Bitcoin is the worst idea to come out of Computer Science in the history of mankind."
[3]

Enables ransomware

Difficult to Sell

Insecure Wallet Services

See Also