It's also failing as a mechanism for efficient p2p small value transactions - as a currency.
Consider, from the white paper (with regards to mediated digital transfers): ` The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions,
and there is a broader cost in the loss of ability to make non-reversible payments for non-
reversible services. `
Nobody is doing 'small casual transactions' with Bitcoin, which was evidently one of the goals.
Consider, from the white paper (with regards to mediated digital transfers): ` The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non- reversible services. `
Nobody is doing 'small casual transactions' with Bitcoin, which was evidently one of the goals.