from the Boston Fed:
The Bitcoin network as originally designed, and especially its associated digital currency, will probably not survive in the long run. Some serious design flaws of the current Bitcoin system have been identified, and some of them may eventually prove fatal.
First, realistic growth projections of the scale of the blockchain indicate that it will likely become infeasible for individual users to store the data on their personal computers, and this may happen as soon as within a year or two. Currently, it already requires nearly 10 gigabytes of hard drive space to store the entire blockchain.
Second, the resource cost of mining is becoming increasingly unaffordable, not to mention the inefficiency associated with this aspect of the system design. Again, it is possible that within a few years it will become infeasible to rely on this distributed model, however consolidated, to verify transactions.
clearly, i don't agree with this. their concerns have been addressed many times here in the forums. plus, i think the Fed seriously underestimates the drive of the ppl to regain control of their money (wealth and capital).
in fact i'll go as far as to repeat what i've said before:
The blockchain may only ever be applicable to Bitcoin as Money-cypherdoc
this is why we're all here in the first place.
http://www.bostonfed.org/economic/current-policy-perspectives/2014/cpp1404.pdfSo childish those non-arguments!
That really does not sound like the initial results the fed got from their analysts..
http://www.reddit.com/r/Bitcoin/comments/2cpew8/game_changer_bitcoin_research_at_the_federal/Probably buried the real deal. ^^
ps: reddit source, not sure if true, although the guy wrote in a very good english and puts relative efforts into proving his point and identity.
thanks for reminding me of that.
i find it interesting that
all the negative pronouncements we are getting from different countries come from their CB's. the other gvt agencies seem to be sufficiently confused enough to go along. the most striking example was out of China last year. several gvt agencies actually had issued somewhat positive reports on Bitcoin. only several months later when the PBOC weighed in did the negative propaganda start coming out of their mouths. what do you expect?
the binary proposition with Bitcoin is so huge and the potential for so much disruption for positive good remains so high that if there is ANY chance that it can work makes it worthwhile to get involved.
and the fact of the matter is that Bitcoin looks like it is NOT going anywhere.
