Bitcoin lead developer calls his brainchild a "failed experiment"

Mike Hearn, the leading developer of the Bitcoin payment system, unexpectedly announced in his blog that his brainchild is "a failed experiment."

At one time, Bitcoin (launched in 2009) was created as a system of irreversible transactions of two parties in the form of an electronic payment without the participation of any intermediaries in the face of banks, tax, judicial and government agencies capable of blocking these transactions. Cryptographic methods are used to protect the system, while all information about transactions is in the public domain.

“Why did Bitcoin fail? - asks Mike Hearn, - The fact is that she was not accepted by society. A form of money that could have become a new financial institution and seemed massive enough to go bankrupt has turned into something worse: the system is currently controlled by only a small group of people.

Moreover, Bitcoin is on the verge of a technical failure. The mechanisms to prevent this have broken down. As a result, there is no reason to think that Bitcoin can become more progressive than the current financial system. "

In 2014, Bitcoin executives were heavily criticized after account hacks and the theft of several million dollars in a hacker attack. And after the publication of the revelations of Mike Hearn, its cost fell immediately by 15%.