Any Bitcoin miners out there? Yeah, you might want to reconsider that.

From comes a disturbing story on the current state of Bitcoin, and why the cyber-currency is quickly headed towards a crash:

Think about it. If you had never heard about Bitcoin before, would you care about a payments network that:

  • Couldn’t move your existing moneybitcoin-logo-3d
  • Had wildly unpredictable fees that were high and rising fast
  • Allowed buyers to take back payments they’d made after walking out of shops, by simply pressing a button (if you aren’t aware of this “feature” that’s because Bitcoin was only just changed to allow it)
  • Is suffering large backlogs and flaky payments
  • … which is controlled by China
  • … and in which the companies and people building it were in open civil war?

I’m going to hazard a guess that the answer is no.

Read it all here.

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