There is so much misinformation below it’s nearly unbearable to read. He is simply parroting Hearn’s screed and doesn’t understand a bit about what he talking about.
“Payment fees are rising fast, and payments themselves are fast becoming unreliable. New Bitcoins are created through complex mathematical calculations (called “mining” in the trade), which now require so much computing horsepower that the new coins can barely pay for the electricity required to create them. The result is miner centralization, mostly in China. Now, a handful of Chinese miners effectively control the block chain, which is running out of space for new transactions. They refuse to increase the file size to ease a payments backlog, because it would threaten their control of the system. Making everything worse, the bandwidth limitations of the China’s Great Firewall have further clogged the system. “
$400 of electricity to mine a new bitcoin?
wow...