Bitcoin: The Other Crash?

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UnknownPeople are grappling with market turmoil after Friday’s equity slide, but there was a good deal of action in another financial instrument: Bitcoin.

Bitcoin moved down some 10 percent on Friday after one of its significant developers, Mike Hearn, claimed in a startling blogpost that the cryptocurrency was now a failure.

Hearn used a publishing platform, Medium, to make his announcement, writing, “Despite knowing that bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly.”

Hearn’s views are reportedly aligned with Gavin Andresen, another famous developer. The controversy pits Hearn and Andresen against other developers over the issue of whether – and how – processing speed for bitcoin “blocks” should be expanded.

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