Hearn believes Bitcoin's network is in urgent need of mediation

In 2015, the concept of Bitcoin was very popular, but many people did not know what Bitcoin was. Bitcoin was originally a kind of online virtual currency, similar to the Q coin we know.

Compared with legal tender, Bitcoin does not have a centralized issuer, but is generated by the calculation of network nodes. Anyone can participate in the creation of Bitcoin, and it can be circulated around the world and traded on any computer connected to the Internet. No matter where they are, anyone can mine, buy, sell or receive Bitcoin, and outsiders cannot identify user identity information during the transaction process. In 2009, Bitcoin, which is not controlled by the central bank or any financial institution, was born. Bitcoin is an electronic currency composed of a series of huge codes generated by computers. New Bitcoins are created through preset methods. As the total amount of Bitcoin increases, the speed of new currency creation slows down until the total upper limit of 21 million is reached in 2140, and the total amount of Bitcoin mined has exceeded 12 million.

Recently, Bitcoin expert and core developer Mike Hearn declared that Bitcoin will fail completely and has sold all his Bitcoins. He believes that Bitcoin has consumed too much energy in various wars, political struggles and agendas, and its foundation has collapsed. Hearn said that Bitcoin may not be different in the near future, but from a long-term perspective, its death is inevitable.

Hearn believes that the Bitcoin network is in urgent need of adjustment, but some people's efforts are basically ineffective due to infighting and disagreements. Faced with this situation, he can't help but feel powerless.

There is no reason to think that Bitcoin can be better than the existing financial system. Hearn wrote in a long article that its foundation has collapsed, and no matter how the short-term value changes, the long-term trend is downward. I will no longer participate in Bitcoin development, and I have already liquidated my position.