Let’s start by saying recent trends are not in favour of bitcoin. To cap things off, the media has been all over Mike Hearn’s exit, branding it quite a rage quit, but have left a lingering disruptive question – “Is bitcoin a failure?”
Claiming that bitcoin is a failure can be considered a tad one sided. However, as Mike Hearn put it,
“Why has Bitcoin failed? It has failed because the community has failed. What was meant to be a new, decentralised 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. 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.”
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