Mike Hearn:

But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly. The fundamentals are broken and whatever happens to the price in the short term, the long term trend should probably be downwards. I will no longer be taking part in Bitcoin development and have sold all my coins.

I’ve never trusted Bitcoin and sold all of mine a while ago. I didn’t understand it, if we’re being honest, but I never planned on using Bitcoin in “real life” and brushed it off as a nerdy experiment that would eventually go away.

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