A few Years ago I wanted Bitcoin to be a successful alternative to the fractional reserve banking currencies; but unfortunately the evidence is that it is merely another captured technology for the current global financial system to manipulate the masses.
For details see these reports:
Meanwhile Stormcloudsgathering.com reports this news that I was not aware of:
Bitcoin: What You’re Not Being Told
Published on Dec 5, 2013
Bitcoin has a fatal design flaw that almost no one is talking about. The current bubble is just the tip of the iceberg.
The official bitcoin website admits you would need 14 terabytes of hard drive space every 85 days to handle as many transactions as Visa. https://en.bitcoin.it/wiki/Talk:Scalability#Disk_space
The blockchain explained: https://en.bitcoin.it/wiki/Blockchain
Script and sources:
[…] Optimists like to compare the current bitcoin bubble to the dot com bubble of the late 90s. After all, the dot com bubble may have burst but the internet survived. Bitcoin could do the same thing right? On the surface it sounds like a reasonable comparison however there is a variable in this equation that almost no one is talking about: Bitcoin has a fundamental design flaw, and fixing that design flaw will require completely changing the way the Bitcoin network operates.
In its current form the Bitcoin system is able to facilitate transactions without a centralized database by requiring each client on the network to download a copy of the blockchain. What’s the blockchain? The blockchain is a record of every transaction ever made using bitcoin from 2009 to present. With every transaction this file gets bigger. You can find a record of the blockchain size over time at blockchain.info.
At first the file size was negligible. It stayed below 1 gigabyte until mid 2012. However with increased interest in the currency the blockchain began to grow exponentially. By September of 2012 it had jumped to 2 gigabytes, in September of 2013, just one year later, the file was over 9 gigabytes, and by the end of November it had passed 11 gigabytes. If interest in the currency continues to increase and the number of transactions continues to grow at its current rate the blockchain will easily reach 50 gigabytes within a year and 250 gigabytes within 2 years.
Security expert Dan Kaminsky’s analysis of the scalability problem: