Bitcoin developer and supporter Mike Hearn has given up on the new currency.
In a blog post last week, he said, “Bitcoin is an experiment and like all experiments, it can fail […] Whatever happens to the price in the short term, the long-term trend should probably be downwards. I will no longer be taking part in Bitcoin development and have sold all my coins.”
One reason for Bitcoin’s failure, says Hearn, is too few people control it. He explains, “What was meant to be a new, decentralized 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. Worse still, the network is on the brink of technical collapse.”
Find out more out how Bitcoin is failing.
Also read: