Bitcoin Fails, Blockchain Full And Fundamentals Broken—Mike Hearn

By January 17, 2016Bitcoin Business

In what could be a major shock for the Bitcoin community, Bitcoin core developer Mike Hearn has claimed that “ Bitcoin has failed ”, and has given a number of reasons why he believes so in a fairly detailed blog post on Medium. Not only this, he also said that he will no longer participate in Bitcoin development and has sold all my coins.

“From the start, I’ve always said the same thing: Bitcoin is an experiment and like all experiments, it can fail. So don’t invest what you can’t afford to lose… But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly. The fundamentals are broken and whatever happens to the price in the short term, the l ong term trend should probably be downwards . I will no longer be taking part in Bitcoin development and have sold all my coins ”, he said.

Explaining the reasons for bitcoin’s failure he said that the system has come to completely controlled by just a “handful” of people and is on the brink of technical collapse .

The revelations come after Bitcoin XT or BIP-101 (Bitcoin Improvement Proposal -101), put forward by Gavin Andresen and Hearn failed to get 75% consensus of all the bitcoin node owners on the set date 11 January. The proposal aimed at increasing the block size from the present 1MB up to 8MB, and doubling every two years until a block size of 8GB was reached.

“The block chain is full…An entirely artificial capacity cap of one megabyte per block, put in place as a temporary kludge a long time ago, has not been removed and as a result the network’s capacity is now almost completely exhausted ”, Hearn said.

He pointed out that […]

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