1/ I follow Bitcoin like some people follow Nascar crashes. Some quick thoughts in tweetstorm format:
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Replying to @patio11
2/ It is an open secret in the Bitcoin community that merchants who adopt it see virtually no meaningful transaction volume.
5 replies 21 retweets 33 likes -
Replying to @patio11
3/ Western Union spends roughly 1/2 of revenue on local offices by both ends of the transactions. Bitcoin remittances don't solve this.
2 replies 12 retweets 19 likes -
Replying to @patio11
4/ Bitcoin presently costs on the order of $6.5k per megabyte of data added to the block chain.
3 replies 12 retweets 20 likes -
Replying to @patio11
5/ The entire market cap of Bitcoin as of 4/1/2015 is a fee paid to someone for work already done between 2009 and 4/1/2015.
2 replies 14 retweets 20 likes -
Replying to @patio11
6/ Most advantages of Bitcoin which matter are captured by, and improved upon by, a LAMP app which simply holds account balances.
6 replies 15 retweets 22 likes -
Replying to @patio11
7/ Bitcoin's Internet cheering squad is a spontaneously organized boiler room. This is Bitcoin's #1 engineering and marketing achievement.
4 replies 21 retweets 49 likes -
Replying to @patio11
8/ The cheering squad improves upon techniques used to make Ross Perot and Rand Paul seem like serious contenders for the US presidency.
2 replies 6 retweets 28 likes -
Replying to @patio11
9/ Bitcoin is not a protocol in any meaningful sense of word. It is a single C++ codebase that you have to be bug-for-bug compatible with.
10 replies 63 retweets 56 likes
10/ Bitcoin's disaster recovery plan is a) get a cabal of people together in IRC, b) shut down the entire payment network, c) sort things.
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Replying to @patio11
11/ No, seriously, the decentralized nobody-needs-to-trust-anybody payments network *was shut down by an IRC channel's consensus* for 8 hrs.
15 replies 59 retweets 79 likes -
Replying to @patio11
12/ Time between Bitcoin blocks is not guaranteed (follows a Poisson distribution). Sometimes all pending transactions just stop for a while
6 replies 11 retweets 17 likes - 9 more replies
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