Is bitcoin broken? Prominent developer cashes out
http://www.marketwatch.com/story/is-bitcoin-broken-prominent-developer-cashes-out-2016-01-17
Quote
A prominent bitcoin developer has labeled the currency a failed experiment, widening the rift over an arcane but critical technical issue that has divided the community for nearly a year.
“The fundamentals are broken, and whatever happens to the price in the short term, the long-term trend should probably be downwards,” developer Mike Hearn wrote on the blogging platform Medium. “I will no longer be taking part in bitcoin development and have sold all my coins.”
The fight stems from growing congestion on the bitcoin network caused by size limits within the currency’s ledger of transactions. If the limits aren’t raised, the result could be debilitating bottlenecks. But fixing it requires altering a system that has been profitable for those that use heavy computer power to record transactions.
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“The fundamentals are broken, and whatever happens to the price in the short term, the long-term trend should probably be downwards,” developer Mike Hearn wrote on the blogging platform Medium. “I will no longer be taking part in bitcoin development and have sold all my coins.”
The fight stems from growing congestion on the bitcoin network caused by size limits within the currency’s ledger of transactions. If the limits aren’t raised, the result could be debilitating bottlenecks. But fixing it requires altering a system that has been profitable for those that use heavy computer power to record transactions.
...