The resolution of the Bitcoin experiment

despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly. The fundamentals are broken and whatever happens to the price in the short term, the long term trend should probably be downwards. I will no longer be taking part in Bitcoin development and have sold all my coins.

It has failed because the community has failed. … the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system.

When misinformed investors lose money, government attention frequently follows.

Source: The resolution of the Bitcoin experiment, by Mike Hearn