Is Bitcoin a Failure? Reactions over the Mike Hearn Exit

Bitcoin FailureLet’s start by saying recent trends are not in favour of bitcoin. To cap things off, the media has been all over Mike Hearn’s exit, branding it quite a rage quit, but have left a lingering disruptive question – “Is bitcoin a failure?”

Claiming that bitcoin is a failure can be considered a tad one sided. However, as Mike Hearn put it,

“Why has Bitcoin failed? It has failed because the community has failed. 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. 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.”

Despite the ardent reactions of Bitcoiners, who have supported the cryptocurrency despite the erratic ride with the crazy fluctuations of price and issues of security and usage as Hearn pointed out,

“In the span of only about eight months, Bitcoin has gone from being a transparent and open community to one that is dominated by rampant censorship and attacks on bitcoiners by other bitcoiners. This transformation is by far the most appalling thing I have ever seen, and the result is that I no longer feel comfortable being associated with the Bitcoin community.”

There is a growing concern that the unique traits of the cryptocurrency make it highly susceptible to extortion, and there is no denying that the finance and banking sectors are viable targets. However, with regard to the recent exit, the so called failure of bitcoin is speculated to be another agenda to cover up the issues of Bitcoin XT. Lots of other well-researched citations have surfaced in defense of bitcoin,…

Other points essentially focused upon more adoption which willake the currently congested Chinese Bitcoin activity dilute itself worldwide. Another point would be that a community given an open source technology is guaranteed to make innovations that eventually push bitcoin as valuable monetary asset. The tech exists and much of its advancement lies on its application.

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