Back to blog overview


The resolution of the Bitcoin experiment

The resolution of the Bitcoin experiment

Very interesting read (and a sad loss for Bitcoin), Mike Hearn:

I will no longer be taking part in Bitcoin development and have sold all my coins.

One of the core developers shares his concerns and frustrations about Bitcoin and the general progress in this article on Medium.

The quote that hit home for me:

Why has the capacity limit not been raised? Because the block chain is controlled by Chinese miners, just two of whom control more than 50% of the hash power.

What do you think, are these issues real? and how do you see the future of Bitcoin?

Already many think Bitcoin will be fine, as you can see in this discussion on Reddit.

One good point made by siffinleex:

the one thing it can't survive is network stagnation by not being allowed to grow, which is exactly the problem Mike is pointing out and the reason he's not putting any more time and thought into this.
Networks only get as big as the amount of users and for a long time now, small block bitcoin has been destined for failure.

Even more opinions about this on the site of the New York Times: A Bitcoin Believer’s Crisis of Faith

(Edit) A in depth response from Bit Legder can be found here.


Back to blog overview