Bitcoin has failed ??

[marvykkio]

Mike Hearn, Google engineer and one of the major contributors of the project Bitcoin, announced in a posting online his departure from the development of the note platform cryptocurrency and the sale of all its bitcoin. The developer, active for five years in the comunity of Bitcoin, came to the "inescapable conclusion that Bitcoin has failed." Why Bitcoin has failed? He failed because his community has failed. What was supposed to be a new form of currency decentralized, without the control of the institutions and "too big to fail" has become something even worse: a system completely controlled by a handful of people. Moreover, the network is on the verge of collapse. The mechanism that was supposed to prevent these consequences has been destroyed, and therefore there is no reason to think that Bitcoin could be better than the current financial systems.
In the tragic description Mike Hearn gives the current state of Bitcoin, are some characteristics that would undermine the future of the currency, such as the excessive ease of obtaining refunds, taxes imposed on its use, are rapidly taking off and developing "controlled from China "and led by companies and developers at war with each other.
Mike Hearn, along with Gavin Andresen, chosen by the mysterious creator of Bitcoin Satoshi Nakamoto as his successor, clashed for several months-without success-with the developer community to widen the "blocksize". The ability of the blocks of Bitcoin, or blocks in which they are packaged transactions made with criptomoneta, is limited to one megabyte. Last August, the two have launched a parallel version, called "Bitcoin XT", with blocks of up to 8 megabytes, which, however, has found little success by users around the world.
The lack of this feature in the original framework, has led, according to Mike Hearn, the complete saturation of blockchain: the current configuration allows you to process up to three payments per second, compared to 24 of Bitcoin XT, nothing in comparison of 20,000 payments each managed according to Visa or other traditional networks. According to Hearn, just Bitcoin will become more spread, the system is more reliable, with slow payments to be processed and more vulnerable to scams.
Statements by Mike Hearn did not go unnoticed during the last trading day of cryptocurrency: the value of Bitcoin has dropped from $ 430 to $ 360 immediately after the publication of the blog post. "The current value of bitcoin is powered exclusively by people who speculate on its future value. If the system starts to collapse, these people will begin to understand that maybe they have made some mistakes in calculation."
Only a few months ago, the Google engineer had declared that even if Bitcoin XT had not taken hold, the currency would survive. It is not clear what he did change his mind. But we know that Mike Hearn is already working on another project together with a consortium of more than R3 CEV 40 banks (including Unicredit and Intesa Sanpaolo), is trying to adapt the technology of blockchain to the financial market of traditional currencies.
Many supporters of Bitcoin not given yet for losers. Fred Wilson, came the American capitalists, is not yet ready to declare the project Bitcoin failed and calls for a round table to discuss about his future: "Sometimes I need a crisis to get everyone around the table. And so perhaps materializes for debate on blocksize. So if it is true that we have a crisis, so be it. There is no better moment could happen. "

 

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[adaseb]

This is old news. We heard about this 3 days ago.

[BTC LOVER]

no risk no fun

Aint Visa has the possibility to hold BTC asap to change it

Think about this either there regating looses haha

[Amph]

no only bitcoin xt has failed, bitcoin is here to stay for a very long time if not forever, every one declaring its departure, just dumped previously his coins, and his argument is invalid as a result, mike is not an exception

[marvykkio]

I'm glad I was wrong

[notlist3d]

Mike Hearn, "

 trimmed

I trimmed it down to all you need to see.  Anyone watching news on bitcoin likely has him in part (in addition to cryptsy) to thank for some of the downturn.

Him making such a public exit was childish.  To want to hurt the project hes been working on.... again childish.  Also he sold coins before he sent out his rant so in a way I view him as trading with inside knowlege as he knew what would happen after it.  Did he warn friends? Could others of profited knowing they should sell and buy back? We likely will never know.

But this news is old and is slowly dying.  It's just hard to get it to die quickly with his dramatic words.

[RichBC]

But this news is old and is slowly dying.  It's just hard to get it to die quickly with his dramatic words.

Just another reminder that however great you think you are we are all replaceable.... Yes Bitcoin is still sufficiently fragile that the market reacted, however we are already recovering, and people have very short memories.


Rich

[notlist3d]

But this news is old and is slowly dying.  It's just hard to get it to die quickly with his dramatic words.

Just another reminder that however great you think you are we are all replaceable.... Yes Bitcoin is still sufficiently fragile that the market reacted, however we are already recovering, and people have very short memories.


Rich

I would agree we are in mid 380's again.. so slow road back up to 400+'s.  But at least did not dip as bad as it could.

I think him making the comment around Cryptsy news added more credibility to him, then he deserved.  He could not have picked a much better time to come out and try to hurt BTC.