Bitcoin has 'failed,' says one of its most prominent developers
Not long ago, venture capitalists were talking about how Bitcoin was going to transform the global currency system and render governments powerless to police monetary transactions. Now the cryptocurrency seems to be fighting for survival.
The new reality came to light on January 14, when an influential Bitcoin developer, Mike Hearn, declared the cryptocurrency a failure and disclosed that he had sold all of his Bitcoins. The price of Bitcoin fell 10% in a single day on the news — a sad result for those who lost money on it.
Bitcoin did have great potential, but now it is damaged beyond repair and a replacement is badly needed.