Man Who Introduced Millions to Bitcoin Says Blockchain Is a Bust

By Matthew Leising, Bloomberg News

Stefan Thomas, who introduced millions of people to bitcoin, has had a change of heart.

Blockchain, the ledger software that makes the digital currency possible, is too rigid to gain wide adoption, he wrote in an essay titled “The Subtle Tyranny of Blockchain.” The technology’s backers think it can revolutionize a wide range of industries including finance, international trade and health care. But tweaking the software — as will inevitably be necessary as pioneers bring it to new areas — requires consensus from a huge collection of software developers and so-called miners who make up the bitcoin ...