Our response to Mike Hearn's announcement. For the record, we believe that every developer should operate under a full disclosure where every vested interest bitcoin, blockchain or otherwise and potential conflict of interest should be declared. This is standard practise in finance.
Hi Mike. On behalf of the Magnr team and all of its clients, we thank you sincerely for all the work that you have done in Bitcoin. To have spent much of life’s most precious currency, time, dedicated to furthering the cause, no words can express our gratitude.
Respectfully, the dialogue that bitcoin has failed is one that we would disagree with. We can see the frustrations that you have had to encounter from the often terse nature of online trolls and endless opinion as opposed to an engaging and educated debate. We recognise that this is not easy to put up with.
So why do we think that Bitcoin will still live to fight another day? Well, coming from the world of finance, the forces of market economics will transcend irrational debate. Even with the significant price drop we are currently seeing, an economy with a market cap of US $5 billion shows how strong a vested interest all bitcoin holders have (in finance we call these actors ‘stakeholders’). This is regardless of their role in bitcoin, miner, aspiring startup entrepreneur, hoarder…
With literally billions of dollars invested into Bitcoin infrastructure across the world, if Bitcoin continues to drop in price, a realisation will soon kick in that in order to maintain an economic equilibrium, a decision has to be made by everyone.
Miners, whether Chinese or not, still have bills to pay, roofs to keep over their heads, and mouths to feed. When it comes to crunch time, the block size increase will happen. It is inevitable as everybody universally agrees that it should. The method which it will happen is still out for debate and we see the associated noise as the root of frustration to the core developers.
Regardless, thank you sincerely for your selfless contributions to the often selfish community. We promise you, the community will serve to make you a proud godfather of a technology you helped push forward in years to come.
P.s. We think you should at least keep 1 bitcoin!
Much love, from the Magnr team, London, UK. Peace.
https://medium.com/@Magnr/hi-mike-on-behalf-of-the-magnr-team-and-all-of-its-clients-we-thank-you-sincerely-for-all-the-d12c402fc5e2#.jbo881hr6
