Between last Thursday and Saturday, Bitcoin lost over 13% of its value to settle at below $365 for the first time since early December last year. That’s a long fall from the net gain of 35% last year that made it the “best performing currency of 2015.”
This is despite the fact that global stock, derivatives, and financial markets were all at that same time moving in the negative due to the effects of the Chinese economic downturn, a situation that would normally have sent the price of Bitcoin on an upward trajectory.
What sent the currency into a dive was the news last week that Mike Hearn, one of the core developers of the software that runs the system, had decided to quit. And not only that, he had issued a scathing attack on the cryptocurrency in the process.
That the British computer programmer, who worked for Google before joining Bitcoin, was getting frustrated over the back and forth arguing within the Bitcoin community on the best way to scale the Bitcoin system, could not be further from news.
The current block size is growing smaller as the number of transactions per second increases. Early in 2015, Mike Hearn and