bitcoin price 2,650.40
Published Friday, January 15th, 2016 in

Mike Hearn Quits Bitcoin

Prominent bitcoin developer Mike Hearn is leaving the ‘bitcoin experiment’.

“I will no longer be taking part in Bitcoin development and have sold all my coins”

– Mike Hearn, Medium.com

Mike’s article on Medium.com talks extensively about the reasons for his leaving. Anyone following bitcoin closely will know that there is currently a turbulent and seemingly deadlocked debate about the block size and how best to futureproof bitcoin technology by allowing for thousands of transactions per second. Mike’s frustrations are apparent in the article, not only citing this deadlock but a plethora of other reasons as to why he’s convinced the technology cannot progress.

While some of the community agree with Mike, particularly around the block size stalemate; the leading Reddit thread on this story leans towards the opinion that Mike is battling personal infighting with a number of other developers and his post is a public account of how he is “throwing his toys out of the pram”.

“This is revisionist history and specious. Mike was polarizing. XT was extreme and polarizing. The 1MB implementation is being routed around as he published this blog post, so he is being disingenuous.”

– /u/2cool2fish

Whether or not Mike Hearn is speaking the truth or not, the subject should be taken seriously. Mike was a leading bitcoin developer and a hole will be left in his place that needs filling. Not only this but BTC/USD fell by 5% early this morning, likely due to a short term sell-off by worried investors and perhaps the realisation that Mike may have sold off hundreds of thousands of coins himself.

The news comes as PayPal hints at a possible bitcoin integration:

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