Circle Founder: Governance is More Difficult as Bitcoin Matures

By January 18, 2016Bitcoin Business

Circle Founder Governance is More Difficult as Bitcoin Matures. newsbtc Amid the controversy surrounding Mike Hearn and mainstream media, an increasing number of individuals are beginning to be convinced by the statements of the former lead Bitcoin developer in his blog post released on January 14, 2016.

Hearn raised several main points which he mentioned as the factors of the Bitcoin network’s demise. His exact words were , “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.”

However, many leading Bitcoin startups, experts, and core developers strongly disagree with the arguments of Hearn, stating that he is too pessimistic and ignorant of the actual issues of Bitcoin. Massachusetts-based Bitcoin Core developer Gavin Andresen further emphasized , “Yes, Mike is too pessimistic.”

Regardless of the overly pessimistic claims of mainstream media and Mike Hearn, prominent Bitcoin startups such as Circle reasserts that current events and small technical issues of Bitcoin are natural in the development of Bitcoin as a technology and protocol.

The Bitcoin network, which currently processes around 150,000 daily transactions have experienced an unexpected rate of growth over the past year, surprising its users and community. The increase in demand and interest towards the technology however does not mean that technology has failed, but it has simply reached another technological milestone and needs to be scaled appropriately to match the economic demands of the community.

“Bitcoin has long experienced extreme debates and misunderstandings, and it’s another misunderstanding that blockchain technology can fail simply because governance and technical debates grow more difficult as Bitcoin matures,” says Circle co-founder PS Neville.

Neville further explained that Bitcoin, like any other technology should be discussed and debated about to improve, enhance, and scale the technology as it continues to evolve. Thus, […]

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