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Author Topic: 2016-01-15 Guardian - Senior bitcoin developer says currency "failed experiment"  (Read 294 times)
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January 15, 2016, 05:22:43 PM

Senior bitcoin developer says currency "failed experiment"

A senior bitcoin developer has declared the cryptocurrency a failed experiment, blaming the end of the currency on the refusal of the community to adopt new standards which would allow it to grow consistently while maintaining stability. Mike Hearn, a longtime senior developer on bitcoin and the former chair of the bitcoin foundation's law and policy committee, announced in a blogpost that he would be selling his coins and quitting development on the project. "Despite knowing that bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly", he wrote.

Hearn's objections to the current state of bitcoin are varied and frequently technical in nature, but at heart there are two failures: the section of the bitcoin community with power over the future of the currency is overly centralised and overly resistant to change. Hearn writes that: "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."

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