One of the leading developers of Bitcoin shared an opinion via the blog post where he believes that Bitcoin currency has failed.
Mike Hearn, one of top five Bitcoin developers, who worked more than five years developing Bitcoin crypto currency, says he no longer sees himself as part of the project and has also sold all its own Bitcoins, since he is no longer welcomes cryptocurrency.
As soon as this announcement has been made - the price of a bitcoin plummeted by 10 percent.
"Even though they knew that the currency could fail, and now have knowledge that it actually did – it still made me very sad," Hearn writes in a blog post on the platform Medium.
Hearn has recently been involved in an internal battle and has different point of views with other leading developers on how technical progress related to Bitcoin security can be achieved.
In August Hearn and Andresen launched new version of the currency which increased the number of transactions per second and created space for faster growth and thus higher security but their proposals were not accepted by Chinese "mining" company that stands for security in the currency according to Hearn.
According to Mike Hearn, the bitcoin network hits the ceiling in terms of capacity when number of transactions increases, the security will decrease and payments may not be implemented as it is planned.
"If an IT system like ours hits the ceiling – there is hell on earth," Hearn told in an interview with Reuters recently.
Hearn believes that the currency has failed.
"The idea was that this would be a decentralized form of currency that lacked systemically important parts. But now it has become something much more dangerous, a system which is dependent on a few people."
Bitcoin trading level is around $390, a decline of $40 is probably related to the prior blog post published.