Mike Hearn, after spending at least five years in developing a software for Bitcoin, has decided to sell all his coins and back out due to one reason: It has failed.
An article published on Medium enumerates and explains the several reasons as to why Bitcoin has failed. Some of these reasons are a warring community, a dominating minority, and lack of necessary improvements and communication.
However, Hearn explains that like all other experiments, Bitcoin has the possibility to fail. "Bitcoin is an experiment and like all experiments, it can fail. What was meant to be a new, decentralized 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 said.
Bitcoin, which began in 2009, is a software that acts as a decentralized digital alternative to currency. Unlike banks and government-run institutions, Bitcoin has no central holding entity. Thus, all transactions are run and controlled by the community.
According to the New York Times, developers have been receiving death threats and service attacks in the last six months. However, despite these attacks, Hearn says that there are still those who try to develop alternatives to Bitcoin Core.
Bitcoin Core is considered to be the project that maintains the program that runs the Bitcoin network. However, this network is also on the verge of a technical collapse because the methods to prevent it from happening 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."
Hearn furthermore points out one questionable recent decision by Bitcoin in response to the traffic-deterring fees. This is where users can pay an amount in order to reach the front of the queue. "The stated intention is to let people adjust the fee paid, but in fact their change also allows people to change the payment to point back to themselves, thus reversing it," Hearn writes. "At a stroke, this makes using Bitcoin useless for actually buying things, as you'd have to wait for a buyer's transaction to appear in the block chain ... which from now on can take hours rather than minutes, due to the congestion."
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