The Deeper Meaning Behind Mike Hearns Post On Bitcoin And Development. newsbtc The news this past week has been dominated by the announcement of Mike Hearn leaving the Bitcoin scene for good. Hearn posted a very long and detailed explanation of why things are not going the way he thinks they should in the world of Bitcoin, and his words were gratefully picked up by mainstream media. But what is the hidden message behind these words?
Also read: Bitcoin Accepting Payment Platform Adyen Doubles in Revenue Mike Hearn Raised Some Valid Points, With Caveats
Even though a lot of people are on the fence regarding what Hearn said in his post on Medium, there are some valid points to be found in his comments. First of all, there is the problem of intermediary services and people trying to take control of Bitcoin. Although the situation is not necessarily as dire as some people may want you to believe, it certainly is something we all need to be wary of from now on.
Most of the mining power is located in China , Bitcoin users flock to exchanges acting as an intermediary to hold funds, and coming to a consensus decision is very difficult when it comes to matters such as the block size debate . However, this does not necessarily mean Bitcoin has failed; it just means we are coming to a crossroads and need to figure out a proper plan of action the majority of people can agree on.
As one would come to expect, it didn’t take long until Hearn brought up the Bitcoin block size in his Medium post. While this issue has been on everybody’s mind for nearly a full year now, very little action has been undertaken other than putting together a few proposals.
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