'It has failed,' Bitcoin software developer says

After developing software for Bitcoin for five years, Mike Hearn has sold his coins and is backing out.

In an article on Medium, Hearn details the multitude of reasons why Bitcoin has ultimately failed, such as a warring community, lack of necessary improvements on a system that has reached its limits, a dominating minority and lack of communication.

"Bitcoin is an experiment and like all experiments, it can fail," Hearn writes. "What was meant to be a new, decentralized 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." Read more...