Meet Gavin Andresen, The Most Powerful Person In The World Of Bitcoin | Mit Technology Review

4 Risks Bitcoin Must Overcome – Yahoo Finance

I am not Satoshi Nakamoto; I have never met him; I have had many e-mail conversations with him, he said after giving a talk in April. Nobody knows who he is, I think. If that was a lie, Andresen is a remarkable con man. Throughout hundreds of forum posts, e-mail messages, and lines of code, his style has been distinct from that of Nakamoto. Andresen has had and maintains more influence than anyone else on the code that determines how Bitcoin operatesand ultimately whether it can survive. Andresen dedicated himself to Bitcoin out of what he calls enlightened self-interest, but without the promise of anything in return.

However, this creates massive risk for investors. Just like with Napster, if bitcoin is put under onerous regulations like those proposed in New York, bitcoin investors will incur heavy losses. Better Technology Things move fast in the technology space There are already hundreds of bitcoin competitors. Bitcoin does have a huge lead right now, as venture capital money, brand recognition and entrepreneurship have given bitcoin what seems to be an insurmountable edge. However think about AOL, Netscape, BlackBerry and MySpace — all these companies dominated their space and then quickly ceded their dominance. The same risk exists for bitcoin. If a better digital currency was created and bitcoin couldn’t compete, there is the possibility that a newcomer could overtake bitcoins lead.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s