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Author Topic: Bitcoin: Is the crypto-currency doomed?  (Read 52 times)
dakmokong
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January 23, 2018, 01:54:42 AM
 #1

As per BBC News:

A high-profile Bitcoin developer has said the crypto-currency has failed and he will no longer take part in its development.

Mike Hearn, a Zurich-based developer and long-time proponent of Bitcoin, surprised many this weekend when he published a blog calling Bitcoin a "failed" project.

Mr Hearn, who had until recently been working on new software for the currency, says he has now sold all of his own bitcoins and will no longer take part in the crypto-currency's development.

So, is Bitcoin doomed?

First of all, Who is Mike Hearn? - Mike Hearn is a software developer who has worked on Bitcoin technologies for over five years. In 2014, he left his job at Google to focus on Bitcoin full time. He has worked closely with Bitcoin chief scientist Gavin Andresen on alternative software for Bitcoin called Bitcoin XT, which aims to address capacity issues facing the network. Mr Andresen is generally thought of as next in the chain of influence over the currency's development after Bitcoin's mysterious founder, Satoshi Nakamoto.

What are the problems?
The biggest issue most bitcoin users acknowledge is how quickly new transactions can be processed.

The size of blocks being added to the blockchain has been increasing steadily with the rise of Bitcoin.

As a result, the rate at which transactions can be processed has been slowing.

Indeed, some transactions face significant delays, hampering payments.

Some fear the network will eventually become oversaturated and cease to be usable.

Me: "I hope not!"
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Polipog
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January 23, 2018, 02:53:46 AM
 #2

Once for all, bitcoin destruction is unpredictable matter, it is a situational problem that only the founder or the author of bitcoin can answer correctly, and I'm just praying that bitcoin will not totally comes to doomed.
dakmokong
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January 23, 2018, 03:02:04 AM
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Once for all, bitcoin destruction is unpredictable matter, it is a situational problem that only the founder or the author of bitcoin can answer correctly, and I'm just praying that bitcoin will not totally comes to doomed.

Thanks!! We are all praying that bitcoin will not come to an end since it helps a lot to everyone!  Smiley Smiley Smiley
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January 23, 2018, 03:18:39 AM
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$200,000,000,000 can come to Silver and the price will go to $60/ounce. For all the live updates, fastest price rates, news, information for bullion see my twitter link.  Smiley
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January 23, 2018, 04:15:34 AM
 #5

I think not, this is old news afaik the price dipped a little bit after he made the announcement of quitting his plans with bitcoin. A couple of weeks or almost a month later the price of bitcoin recovered. One solution that we can use to help the miners is to get a segwit address or use a wallet that supports those kind of address.

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Muramasa
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January 23, 2018, 04:33:49 AM
 #6

He is someone from the crypto world and it someone of that profile makes a statement, their are many things behind that his statement. We are just from the lower class so we are just having a blind faith on how the real bitcoin works. Because the volume is bitcoin is already having its near. Almost 16 million has been mined if many more miners will come, then in no time btc would all be mined.
mrtryonebiggums
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January 23, 2018, 04:53:12 AM
 #7

Maybe he had enough of working and had enough bitcoins that he could retire early and never have to think about it again? Just because he left bitcoin doesn't mean he thought bitcoin was doomed or wouldn't work. There are tons of other reasons why you wouldn't want to continue to be associated and that is nobodys business except his. Another death, another day life goes on bitcoin has died 152 times now.

Elkafi
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March 23, 2018, 08:46:54 AM
 #8

As per BBC News:

A high-profile Bitcoin developer has said the crypto-currency has failed and he will no longer take part in its development.

Mike Hearn, a Zurich-based developer and long-time proponent of Bitcoin, surprised many this weekend when he published a blog calling Bitcoin a "failed" project.

Mr Hearn, who had until recently been working on new software for the currency, says he has now sold all of his own bitcoins and will no longer take part in the crypto-currency's development.

So, is Bitcoin doomed?

First of all, Who is Mike Hearn? - Mike Hearn is a software developer who has worked on Bitcoin technologies for over five years. In 2014, he left his job at Google to focus on Bitcoin full time. He has worked closely with Bitcoin chief scientist Gavin Andresen on alternative software for Bitcoin called Bitcoin XT, which aims to address capacity issues facing the network. Mr Andresen is generally thought of as next in the chain of influence over the currency's development after Bitcoin's mysterious founder, Satoshi Nakamoto.

What are the problems?
The biggest issue most bitcoin users acknowledge is how quickly new transactions can be processed.

The size of blocks being added to the blockchain has been increasing steadily with the rise of Bitcoin.

As a result, the rate at which transactions can be processed has been slowing.

Indeed, some transactions face significant delays, hampering payments.

Some fear the network will eventually become oversaturated and cease to be usable.

Me: "I hope not!"


Bitcoin is a very profitable crypto-currency. and maybe in the future could be a usd replacement
boyshx
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March 23, 2018, 08:55:55 AM
 #9

Who cares really? Bitcoin is still working for me and I can still pay my bills with it or at least I can pay EMI for my new car. Who cares if some developer from the bitcoins team come out of it and puts a blog calling it as failed project. Dont you see billion dollar market around us? What do you think is making the progress in that one? Who runs the business then and why people are enrolling themselves into different projects everyday. The kind of money that is flowing into the bitcoin is sufficient enough to prove that bitcoin is not failed projects and neither it will be ever. In fact the project will keep developing itself day by day as we progress through the time. You will see that incoming soon.

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