Bitcoin has failed
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. 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: Moreover, the network is on the verge of collapse.
The mechanism that was supposed to prevent these consequences bitcoin has failed 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 bitcoin has failed 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 bitcoin has failed 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 bitcoin has failed. 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: 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: If the system starts to collapse, these people will begin to understand that maybe they have made some mistakes in calculation.
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 Sanpaolois trying to adapt bitcoin has failed technology of blockchain to the financial market bitcoin has failed 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 bitcoin has failed future: And so perhaps materializes for debate on blocksize.
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After completing his Masters of Engineering in Software Engineering for Embedded systems from Fraunhofer IESE, he teamed up with his brother Benji to set the bitcoin has failed for ANCHOVY.