One of the digital currency developers has left the project stating that the experiment is a failure and cannot recover.
Mike Hearn, one of Bitcoin’s oldest developers quit the project citing irreconcilable differences with the software team and in a recent blog post he explained that the alleged peer-to-peer electronic cash system created by Satoshi Nakamoto has developed into “a system completely controlled by just a handful of people.”
In his public declaration Hearn exposes the topics that according to his beliefs have wrecked the Bitcoin concept. “Worse still, the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system,” he wrote.
He also added: “The issue is that it’s now officially impossible to depend upon the bitcoin network anymore to know when or if your payment will be transacted because the congestion is so bad that even minor spikes in volume create dramatic changes in network conditions.”
Furthermore, Hearn said that “the fundamentals are broken, and whatever happens to the price in the short term, the long-term trend should probably be downwards.” His statement hit bitcoin community, causing the price of the digital currency to drop 20 percent to US$358.