Bitcoin offers an alternative to a universal security system backed by men with guns. It creates a new model of security based on cryptographic proof that can resist unlimited applications of violence, making a bulletproof network.
Last year, growing problems of Bitcoin mining centralization came to light with the controversy of an AsicBoost scandal. As a largely centralized hash rate began to threaten the software’s magical property, concerns were raised that incentives at the crux of Bitcoin’s game theory had broken away.
This year brought a climax in the prolonged Bitcoin block size debate. Heated disputes over scaling that have become toxic in the ecosystem have overshadowed the technology. The cancelation...