Bitcoin is NOT a failure, despite claims from prominent developer
Bitcoin is NOT a failure, despite claims from prominent developerThe news this morning is filled with stories about Mike Hearn, an early adopter and developer of Bitcoin. He's made statements to the effect that Bitcoin has failed.
His underlying complaint is related to this post some months ago—Hearn was the developer who first raised questions about the size of the "blocks" in the blockchain, and proposed increasing them.
Hearn was also the developer of the alternate software intended to address the issue, Bitcoin-XT.
So what we have is an interesting media storm-in-a-teacup.
The headlines say things like "Bitcoin developer declares Bitcoin dead", which is what he's doing. However, remember he's certainly not the only Bitcoin developer, and other early adopters continue to work on and with the Bitcoin protocol.
The software he released to be the next-big-thing in Bitcoin didn't take off, and this could be seen as sour grapes.
Also worth considering is that by his own admission he sold all his coins yesterday. The effect of all this media coverage is a very predictable slight drop in the value of BTC, and Hearn does now have a nice little nest-egg to reinvest should he choose to.
It is fascinating to watch just how much the media can effect world markets, and the effect on the somewhat volatile BTC exchange is nothing short of incredible.
Source: https://btcpro.net/news/bitcoin-is-not-a-failure-despite-claims-from-prominent-developer
