15 Jan '16, 11am

Prominent Bitcoin developer declares the digital currency a failure

Chris Ratcliffe—Bloomberg/Getty Images A Bitcoin is held for an arranged photograph in Danbury, U.K., on Dec. 10, 2015. Infighting, politics, and technological challenges have rendered Bitcoin a failed experiment, says the developer One of digital currency Bitcoin’s long-time supporters and developers has decided to walk away from it. His reason: Bitcoin has failed. Mike Hearn, devoted long-time Bitcoin enthusiast who eventually quit a job at Google to work on Bitcoin’s technology full-time, wrote a long blog post on Medium on Wednesday outline why he’s lost faith in it. “The fundamentals are broken and whatever happens to the price in the short term, the long term trend should probably be downwards. I will no longer be taking part in Bitcoin development and have sold all my coins,” he said. Hearn offers a detailed and lengthy explanation of his gripes with Bitcoin and its...

Full article: http://time.com/4182120/bitcoin-developer-digital-currenc...

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