Lead bitcoin developer Mike Hearn quits, says Bitcoin has failed

Announcements | January 18, 2016 By:

Bitcoin slid by 10 percent last week after one of its lead developers, Mike Hearn, announced he was ending his involvement with the cryptocurrency and selling all of his remaining holdings because it had “failed”.

Hearn, one of five senior developers who has spent more than five years working on the web-based currency, said he would no longer be taking part in development.

“The fundamentals are broken and 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. It has failed because the community has failed,” said Hearn.

Hearn also notes that the Bitcoin system itself is on the verge of technological collapse, as the network capacity supporting the technology is now “completely exhausted”, and the Blockchain itself is full.