It seems you can't click anywhere on the Web today without a "Bitcoin Has Failed" article quoting Mike Hearn.
First of all, Bitcoin is not the VISA Payments System. It will never process millions of transactions per second on Black Friday while simultaneously juggling chainsaws and making love to your best friend's wife. That's not what it was designed to do. The fact that it lacks the capacity to do this isn't a bug.
The megabyte block size limit is an important parameter of the Bitcoin protocol, and the unintended consequences of changing it need to be more carefully considered. That a couple of developers, who shall remain nameless, went off and did their own version, designed to fight with Bitcoin Core for ownership of the blockchain, was the height of foolishness. Of course, no one should run their code.
If there is no consensus on bumping the block size, and it remains at a megabyte forever, Bitcoin will be fine. Transaction space in blocks is a finite resource for which we charge fees. As those fees rise, Bitcoin will slowly and seamlessly transition to a model where tiny transactions are handled by exchanges such as Coinbase, and transaction space in blocks is used primarily for settlement between exchanges and parties making larger trades. This will happen so slowly, you'll barely notice it.
It is the height of hubris for the former developers, having failed to impose their vision of the code on the rest of us, to run around telling the press "Bitcoin Has Failed." They have failed. Bitcoin is fine.
Like most things in the P2P world, Bitcoin will last as long as at least two people are running a client, and it does something useful. ed2k hasn't gone away, and will probably be here forever, along with Bitcoin.
Huge minus man, you're blinded.
