Posted on 01/15/2016 3:55:40 PM PST by BenLurkin
Bitcoin slid by 10 percent on Friday after one of its lead developers, Mike Hearn, said in a blogpost that 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.
"Despite knowing that bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly," Hearn said in his post on blog-publishing platform Medium.
Along with Gavin Andresen, who was chosen by bitcoin's elusive creator Satoshi Nakamoto as his successor when he stepped aside in 2011, Hearn has been locked for months in a battle with the other lead developers over whether the "blocks" in which bitcoin transactions are processed should be enlarged.
Each block currently has a capacity of one megabyte, which Hearn says is "an entirely artificial capacity cap", and allows a maximum of just three payments to be processed per second.
(Excerpt) Read more at reuters.com ...
I never got bitcoin.
What's the matter with you?
It's as easy to understand as the "carbon" credits...errr scam.
< /s >
Once bitcoin, twice shycoin.
Not surprising that it failed. It was backed by nothing.
Nothing is really backed by anything anymore.
It utilizes something called a blockchain. A public, ever growing list of every bitcoin transaction ever made.
http://www.investopedia.com/terms/b/blockchain.asp
In August, Hearn and Andresen released a rival version of the current software, called Bitcoin XT, which would increase the block size to 8 megabytes, allowing up to 24 transactions to be processed every second. While that is still a fraction of the 20,000 or so that Visa can process, it would increase every year, so that bitcoin could continue to grow.Sounds like doom from the start.
But the new software has not been adopted by the "mining" computers that secure the network, the majority of which are in China, according to Hearn. ...
He announces it’s failed then says he’s going to sell what he has. That’s brilliant!
A moose once bitcoined my sister.
ping
Now that there was funny
“”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,” he wrote. “
Same thing that happened to craigslist.
“I never got bitcoin.”
there was basically nothing “to get”, so you actually “got it”!
“He announces it’s failed then says he’s going to sell what he has. That’s brilliant!”
But honest. If he had sold first, his subsequent claim of failure would have had less credibility.
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