⸺ Obituary · February 7, 2019 ⸺
“Bitcoin Inefficient As Large-scale Payment System”
Carlos Conesa
“Decentralization requires a process of intensive validation in the consumption of resources, which reduces system efficiency. In contrast, centralized systems with an intermediary trusted by the parties allow the design of much simpler and cheaper systems.”
Price at death
$3,386
Today
$61,577
Resurrection
×18.2
On 2019-02-07, Carlos Conesa (Deputy General Director, Spain's Central Bank) declared Bitcoin dead via Bitcoinist. Bitcoin was trading at ~$3,386 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on February 7, 2019, when one Bitcoin traded for approximately $3,386. Since then, Bitcoin has appreciated by 18.2× relative to the price on the day Bitcoinist pronounced it finished.