Bitcoin is a disaster

Ray Dillinger argues that Bitcoin is a failure and a disaster, having been reinvented into a debt-based system like the banks early adopters meant to escape. He says the public block chain allows analysis that undermines pseudonymity, and that the block chain's scarce space has led to features like the lightning network and fractional-reserve-style practices, with Mt.Gox cited as an example. He also argues that proof-of-work mining has become centralized through specialized ASIC hardware, concentrating activity in one country and making Bitcoin less scalable, ultimately resembling a credit card processor.