Author: Justus Ranvier 2015-08-31 20:27:53
Published on: 2015-08-31T20:27:53+00:00
In a message posted to the bitcoin-dev mailing list, Monarch expressed their belief that Bitcoin is an "awkward, unprivate and damaging currency" that is "terribly slow for general use." They argue that it is difficult for users to overcome the technical hurdles required to use Bitcoin safely, and that it is simultaneously the least private payment system ever conceived for general use while consistently helping terrorists and pedophiles. Additionally, over half a gigawatt of power is used to power miners which timestamp the network, causing hundreds of millions of tonnes of CO2 and radioactive particles to be spewed into the atmosphere.Monarch suggests that if decentralization as an ultimate goal is seen as unachievable or unrealistic, it would be more sensible to replace the entire Bitcoin network with a couple of geographically distributed SQL servers. However, they assert that without decentralization as an ultimate goal, Bitcoin is "an abomination that is best dismantled. "Justus Ranvier, founder of the Open Bitcoin Privacy Project, responds by saying that Monarch doesn't understand the value proposition of Bitcoin and cannot make a defensible statement about it. He argues that Monarch assumes nobody else can understand Bitcoin's value proposition either and therefore suggests sweeping the problem under the rug, which he believes is not a successful long-term strategy.
Updated on: 2023-06-10T21:33:24.862936+00:00