Monday, August 14, 2017 by Martin Mavis
Through the August 1st hard fork and the changing of the Bitcoin software, the Bitcoin ecosystem just PROVED the crypto currency is NOT a reliable store of value.
Why not? Because they can change it at any time, wiping out coins, shutting out miners, creating more coins, etc.
These are not properties of things that have actual scarcity.
Podcast Transcript: “It is now proven, by Bitcoin itself, that bitcoin’s days are numbered. Bitcoin has managed to survive it’s hard fork of August 1st, 2017, where it split the blockchain into two. We now have BTC versus BCC, or bitcoin cash. So, we have two different blockchains now. What it proves, is that bitcoin is not a permanent store of value. It proves that bitcoin can be altered at anytime. It proves that bitcoin is not actually limited by the laws of mathematics – as it has ridiculously been claimed. But rather that bitcoin can be altered at anytime by a consensus of developers or miners who are all benefiting from the bitcoin scheme. In other words, bitcoin is a scheme. It can be changed. It’s not permanent. It’s not real. People who have been describing bitcoin as the future of money have no idea what they are talking about…” Listen to the full podcast below: