Bitcoin promised a revolution - a decentralised, trustless, censorship-resistant financial system built on mathematics rather than institutions. Instead, it became a speculative juggernaut captured by exchanges, custodians, whales, and eventually Wall Street itself.
In Johnny's Satoshi Paper Version 2.0 - The Demise of Bitcoin, systems engineer Johnny O'Sullivan delivers the definitive autopsy of this collapse. Drawing on years of experience inside global banking, SWIFT, ISO 20022, precious metals markets, and crypto exchange infrastructure, he reveals:
- how Bitcoin's technical design created unavoidable bottlenecks
- how 6,000 altcoins emerged - and why almost none survived
- how exchanges became casinos disguised as infrastructure
- how institutions quietly recaptured the decentralised dream
- how regulation, custody, and synthetic supply hollowed out the network
- how the narrative of "digital gold" masked a slow-motion structural failure
- how the collapse impacted investors, institutions, and vulnerable communities