Home / Press Release / Lead developer of Bitcoins quits by saying it “has failed”

Lead developer of Bitcoins quits by saying it “has failed”

Bitcoin share slid by approx 10 percentages last week, as a result of Mike Hearn, a lead developer in Bitcoin project, stated that “it failed”. After he has announced that the Bitcoin as a digital failure, the share of Bitcoin slid by solid 10 percentages. 

Hearn, who involved in developing the cryptocurrency, mentioned that he has involved in developing several software, which is currently used by millions of users. He also added that he has been working in the sphere of Bitcoin for past 5 years and admitted that he stopped in involvement of developing Bitcoin further.

Mike Heam mentioned in his detailed analysis referred “The resolution of the bitcoin experiment” as

“Bitcoin is an experiment and like all experiments, it can fail. But even knowing it, the inescapable failure that has already happened still saddens me greatly.” “It has failed because the community has failed. What was meant to be a new, decentralized form of money that lacked “systemically important institutions”
Even though Hearn offers tons of work to the Bitcoin program, he stopped all of his participation in development and also sold all of his Bitcoins. He explains that the failure will become too worse and will be a “too big one to fail”. Mr. Hearn finally say a solid “No” to Bitcoin firm and came out completely from the Bitcoin program.

Unfortunately the efforts made by Mr. Hearn to remove the block size of the Bitcoin, which is basically 1 MB in size, results in starting a civil war inside the Bitcoin firm. The entire firm is categorized into two – one who maintains status quo and the other who implements new technologies for future usage. Mr. Hearn belongs to the secondary group developed a new program entitled “Bitcoin XT”, which allows the users to vote for increasing the block limit of the Bitcoin. But, the program is being hacked by a group of hackers paid by Third parties – to kill the project. Identity of them is still unknown, which forced Mr. Hearn to leave from the firm.

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