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.
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.
As of January 18, Bitcoin prices have dropped by another 10%, since their on-time break of $1,000 in November 2013, the digital currency has continued to drop in value.
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.
Is Bitcoin dead or just having a crisis?
There is trouble in paradise and the ideals have been lost, however people have been declaring Bitcoin dead since 2010, and it’s been declared dead twice already in 2016.
So what are investors doing with their holdings in this and other digital currencies?