Fissures in the Bitcoin community appear to be turning to chasms, with one prominent developer abandoning the cryptocurrency for good.
Mike Hearn, a longtime developer who often speaks about Bitcoin to the press and in presentations, wrote on Medium that he’s sold all his coins and will no longer participate in development.
“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,” Hearn wrote. “Worse still, the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system.”