Man who promoted Bitcoin says Blockchain is a bust

posted almost 6 years ago
Stefan Thomas, who introduced millions of people to bitcoin, has had a change of heart.

Blockchain is too rigid to gain wide adoption, he wrote in an essay titled “The Subtle Tyranny of Blockchain.” The technology’s backers think it can revolutionize a wide range of industries including finance, international trade and health care. But tweaking the software requires consensus from a huge collection of software developers and miners who make up the BTC network.

“Blockchains are a pain to work with,” wrote Thomas, the chief technology officer of Ripple Labs. “Harmony and consensus are valuable,” he added. “But harmony taken to the extreme becomes a detriment. In the Lego Movie utopia, ‘everything is awesome’ only on the surface. Behind the scenes, there is tremendous diversity and a rapidly changing world, which doesn’t match the established consensus.”

It’s a stark departure for Thomas, who five years ago helped make bitcoin easier to use and whose website bills itself as “a single resource” where the currency is “explained for the average non-technical user.”
Tags: news, bitcoin, opinion, blockchain