Recently, bitcoin value slid back over 10% due to an interesting event, when Mike Hearn, one of the cryptocurrency’s lead developers, decided to end his involvement with the digital currency, and sell all of his current holdings.

According to him, bitcoin has failed. To put things better into perspective, Hearn was one of the five senior developers, and he has spent over five years working on the currency. The announcement was made via a blog post, over on Medium, where he also stated that: “Despite knowing that bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly”.