Mike Hearn Resigns and Leaves Bitcoin Permanently

By January 15, 2016Bitcoin Business

Mike Hearn Resigns and Leaves Bitcoin Permanently. newsbtc bitcoin news. On January 15, 2016, Mike Hearn officially resigned as a full time Bitcoin core developer.

Over the past five years, Hearn dedicated himself in contributing to the Bitcoin network and community, writing software that is now used by millions of users and hundreds of developers worldwide. Hearn designed JAVA implementation and libraries, which are now heavily used by many mobile wallets and services in the industry.

Regardless of his significant contributions, Hearn ultimately decided to leave the community because of his strong belief that Bitcoin – as a technology – has failed. The community has become centralized and companies have begun to realize that they have been played.

“It has failed because the community has failed,” said Hearn. “What was meant to be a new, decentralised form of money that lacked “systemically important institutions” and “too big to fail” has become something even worse: a system completely controlled by just a handful of people.”

The Bitcoin network is on the verge of a technical collapse, due to the downfall of various mechanisms that could have saved the network, continued Hearn. He doubted if Bitcoin can actually surpass the technological capabilities and advantages than the existing financial system.

The real commercial issue with Bitcoin as cited by Hearn – and Bitcoin-using businesses like Prohashing – is the number of transactions being stalled and delayed by the network to the point where commercial businesses are struggling to provide Bitcoin as a payment and transaction settlement service.

Prohashing for example, has begun to receive an increasing number of complaints from its users regarding the delayed payments which from time to time, took nearly 14 hours to process. Users expecting to use a decentralized and peer to peer network which supposedly settled transactions instantaneously were disappointed, and begun to […]

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